# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-046666
**Filing Date:** 2023-2
**Character Count:** 3953802
**Document Hash:** dbca7446466ca6c7d1e76d4d58af428f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046666.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046666

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 23682906

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs High Yield Municipal Fund (Series ID: S000009255)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025270 | Institutional   | GHYIX           |
| C000025272 | Class A         | GHYAX           |
| C000025274 | Class C         | GHYCX           |
| C000090757 | Investor Shares | GYIRX           |
| C000195492 | Class R6 Shares | GHYSX           |
| C000202030 | Class P Shares  | GGLPX           |

## Nport-Ex

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

## Schedule of Investments
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – 97.7%** | **Municipal Bonds – 97.7%** | **Municipal Bonds – 97.7%** | **Municipal Bonds – 97.7%** |
| **Alabama – 1.8%** | **Alabama – 1.8%** | **Alabama – 1.8%** | **Alabama – 1.8%** |
| Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A2/A-) | Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A2/A-) | Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A2/A-) | Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A2/A-) |
| 5000000 | 4.000% | 09/15/2033 | $5001467 |
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> |
| 22955000 | 4.000 | 12/01/2025 | 22702013 |
| Black Belt Energy Gas District Gas Supply RB Series 2021A<br>(Aa1/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Supply RB Series 2021A<br>(Aa1/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Supply RB Series 2021A<br>(Aa1/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Supply RB Series 2021A<br>(Aa1/NR)<sup>(a)(b)</sup> |
| 11770000 | 4.000 | 12/01/2031 | 11470203 |
| County of Jefferson AL Sewer Revenue (NR/NR)<sup>(c)</sup> | County of Jefferson AL Sewer Revenue (NR/NR)<sup>(c)</sup> | County of Jefferson AL Sewer Revenue (NR/NR)<sup>(c)</sup> | County of Jefferson AL Sewer Revenue (NR/NR)<sup>(c)</sup> |
| 14875000 | 0.000 | 10/01/2050 | 15193044 |
| Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) |
| 4600000 | 5.750 | 10/01/2049 | 4744497 |
| Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+) | Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+) | Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+) | Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+) |
| 1000000 | 5.000 | 10/01/2024 | 1021603 |
| 1000000 | 5.000 | 10/01/2025 | 1036496 |
| Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 225000 | 2.000 | 10/01/2024 | 216508 |
| Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 225000 | 2.000 | 10/01/2024 | 216508 |
| Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 1750000 | 2.000 | 10/01/2024 | 1683952 |
| Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA) | Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA) | Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA) | Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA) |
| 740000 | 5.000 | 10/01/2044 | 759235 |
| Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA)<sup>(c)</sup> | Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA)<sup>(c)</sup> | Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA)<sup>(c)</sup> | Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA)<sup>(c)</sup> |
| 4420000 | 0.000 | 10/01/2046 | 4491960 |
| Jefferson County Senior Lien Sewer Revenue Current Interest Warrants Series 2013-A (NR/AA) | Jefferson County Senior Lien Sewer Revenue Current Interest Warrants Series 2013-A (NR/AA) | Jefferson County Senior Lien Sewer Revenue Current Interest Warrants Series 2013-A (NR/AA) | Jefferson County Senior Lien Sewer Revenue Current Interest Warrants Series 2013-A (NR/AA) |
| 6780000 | 5.500 | 10/01/2053 | 6977016 |
| Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) |
| 13500000 | 6.000 | 10/01/2042 | 14393507 |
| 17015000 | 6.500 | 10/01/2053 | 18172011 |
| Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) | Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) | Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) | Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) |
| 200000 | 3.875 | 11/01/2027 | 179698 |
| 500000 | 4.250 | 11/01/2032 | 419205 |
| Southeast Alabama Gas Supply District Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> | Southeast Alabama Gas Supply District Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> | Southeast Alabama Gas Supply District Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> | Southeast Alabama Gas Supply District Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> |
| 5500000 | 4.000 | 06/01/2024 | 5480725 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Alabama – (continued)** | **Alabama – (continued)** | **Alabama – (continued)** | **Alabama – (continued)** |
| Southeast Energy Authority Commodity Supply RB Series 2022A-1 (NR/NR)<sup>(a)(b)</sup> | Southeast Energy Authority Commodity Supply RB Series 2022A-1 (NR/NR)<sup>(a)(b)</sup> | Southeast Energy Authority Commodity Supply RB Series 2022A-1 (NR/NR)<sup>(a)(b)</sup> | Southeast Energy Authority Commodity Supply RB Series 2022A-1 (NR/NR)<sup>(a)(b)</sup> |
| 6000000 | 5.500% | 12/01/2029 | $6351602 |
| The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A1/NR) | The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A1/NR) | The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A1/NR) | The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A1/NR) |
| 3820000 | 4.000 | 06/01/2024 | 3812135 |
| The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)<sup>(b)(e)</sup> | The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)<sup>(b)(e)</sup> | The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)<sup>(b)(e)</sup> | The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)<sup>(b)(e)</sup> |
| (1M USD LIBOR + 0.85%)  | (1M USD LIBOR + 0.85%)  | (1M USD LIBOR + 0.85%)  |  |
| 10000000 | 3.777 | 06/01/2024 | 9838511 |
|  |  |  | 134161896 |
| **Alaska – 0.0%** | **Alaska – 0.0%** | **Alaska – 0.0%** | **Alaska – 0.0%** |
| Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-) |
| 1900000 | 4.000 | 06/01/2050 | 1848239 |
| Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+) |
| 140000 | 0.500 | 06/01/2031 | 138733 |
|  |  |  | 1986972 |
| **American Samoa – 0.0%** | **American Samoa – 0.0%** | **American Samoa – 0.0%** | **American Samoa – 0.0%** |
| American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)<sup>(f)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)<sup>(f)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)<sup>(f)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)<sup>(f)</sup> |
| 1790000 | 2.470 | 09/01/2024 | 1693748 |
| American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)<sup>(f)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)<sup>(f)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)<sup>(f)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)<sup>(f)</sup> |
| 1500000 | 3.720 | 09/01/2027 | 1338010 |
|  |  |  | 3031758 |
| **Arizona – 1.7%** | **Arizona – 1.7%** | **Arizona – 1.7%** | **Arizona – 1.7%** |
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> |
| (3M USD LIBOR + 0.81%)  | (3M USD LIBOR + 0.81%)  | (3M USD LIBOR + 0.81%)  |  |
| 21670000 | 3.995 | 01/01/2037 | 20128342 |
| Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(f)</sup> | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(f)</sup> | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(f)</sup> | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 8000000 | 6.500 | 11/01/2053 | 7496087 |
| Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) | Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) | Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) | Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) |
| 425000 | 3.375 | 07/01/2041 | 353075 |
| Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) |
| 1400000 | 5.000 | 11/01/2044 | 1422708 |
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) |
| 570000 | 5.000 | 01/01/2043 | 379877 |
| 3250000 | 4.500 | 01/01/2049 | 1875029 |
| 2095000 | 5.000 | 01/01/2054 | 1289817 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

## Schedule of Investments (continued)
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** |
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) |
| 1565000 | 5.000% | 01/01/2037 | $1008270 |
| 1105000 | 5.000 | 01/01/2038 | 699053 |
| 300000 | 5.000 | 01/01/2043 | 176682 |
| 2125000 | 5.000 | 01/01/2049 | 1207460 |
| 600000 | 5.125 | 01/01/2054 | 329158 |
| Arizona Industrial Development Authority RB for Kipp New York, Inc. Jerome Facility Series 2021 B (NR/BBB-) | Arizona Industrial Development Authority RB for Kipp New York, Inc. Jerome Facility Series 2021 B (NR/BBB-) | Arizona Industrial Development Authority RB for Kipp New York, Inc. Jerome Facility Series 2021 B (NR/BBB-) | Arizona Industrial Development Authority RB for Kipp New York, Inc. Jerome Facility Series 2021 B (NR/BBB-) |
| 620000 | 4.000 | 07/01/2041 | 537514 |
| Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-) | Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-) | Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-) | Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-) |
| 875000 | 4.000 | 07/01/2041 | 758588 |
| 1000000 | 4.000 | 07/01/2051 | 801555 |
| Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Baa3/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Baa3/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Baa3/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Baa3/NR) |
| 365000 | 5.000 | 05/01/2024 | 338489 |
| 300000 | 5.000 | 05/01/2029 | 255290 |
| 650000 | 5.000 | 05/01/2031 | 532958 |
| Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)<sup>(f)</sup> | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)<sup>(f)</sup> | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)<sup>(f)</sup> | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)<sup>(f)</sup> |
| 530000 | 3.000 | 12/15/2031 | 458798 |
| City of Chandler IDA Industrial Development RB Series 2007 (A+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | City of Chandler IDA Industrial Development RB Series 2007 (A+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | City of Chandler IDA Industrial Development RB Series 2007 (A+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | City of Chandler IDA Industrial Development RB Series 2007 (A+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 10000000 | 2.700 | 08/14/2023 | 9934339 |
| City of Chandler IDA Industrial Development RB Series 2019<br>(A+/NR)<sup>(a)(b)</sup> | City of Chandler IDA Industrial Development RB Series 2019<br>(A+/NR)<sup>(a)(b)</sup> | City of Chandler IDA Industrial Development RB Series 2019<br>(A+/NR)<sup>(a)(b)</sup> | City of Chandler IDA Industrial Development RB Series 2019<br>(A+/NR)<sup>(a)(b)</sup> |
| 7300000 | 5.000 | 06/03/2024 | 7416384 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A) |
| 1375000 | 3.000 | 07/01/2049 | 1011353 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A) |
| 2290000 | 3.250 | 07/01/2049 | 1710334 |
| 7750000 | 5.000 | 07/01/2049 | 7849903 |
| City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+) | City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+) | City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+) | City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+) |
| 2125000 | 5.000 | 07/01/2045 | 2218342 |
| City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (Aa2/AAA) | City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (Aa2/AAA) | City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (Aa2/AAA) | City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (Aa2/AAA) |
| 7000000 | 5.000 | 07/01/2030 | 7544396 |
| County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(f)</sup> | County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(f)</sup> | County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(f)</sup> | County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(f)</sup> |
| 550000 | 3.000 | 07/01/2031 | 472571 |
| 1050000 | 4.000 | 07/01/2041 | 839379 |
| County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(f)</sup> | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(f)</sup> | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(f)</sup> | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(f)</sup> |
| 1100000 | 4.000 | 07/01/2026 | 1092003 |
| 3225000 | 4.375 | 07/01/2031 | 3208198 |
| 3225000 | 5.000 | 07/01/2044 | 3207456 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** |
| County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR)<sup>(f)</sup> | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR)<sup>(f)</sup> | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR)<sup>(f)</sup> | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR)<sup>(f)</sup> |
| 2500000 | 6.750% | 11/15/2042 | $2563012 |
| County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022B-3 (NR/NR)<sup>(f)</sup> | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022B-3 (NR/NR)<sup>(f)</sup> | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022B-3 (NR/NR)<sup>(f)</sup> | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022B-3 (NR/NR)<sup>(f)</sup> |
| 4500000 | 5.125 | 11/15/2029 | 4488133 |
| Entertainment Center Community Facilities District RB Series 2017 (NR/NR) | Entertainment Center Community Facilities District RB Series 2017 (NR/NR) | Entertainment Center Community Facilities District RB Series 2017 (NR/NR) | Entertainment Center Community Facilities District RB Series 2017 (NR/NR) |
| 4588000 | 4.000 | 07/01/2037 | 4536294 |
| Equitable National Charter School Revolving Loan Fund RB for Arizona IDA Series 2019A (NR/A) | Equitable National Charter School Revolving Loan Fund RB for Arizona IDA Series 2019A (NR/A) | Equitable National Charter School Revolving Loan Fund RB for Arizona IDA Series 2019A (NR/A) | Equitable National Charter School Revolving Loan Fund RB for Arizona IDA Series 2019A (NR/A) |
| 1055000 | 5.000 | 11/01/2024 | 1089297 |
| Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) |
| 395000 | 3.500 | 07/01/2029 | 352181 |
| 376000 | 4.100 | 07/01/2034 | 333068 |
| 1102000 | 4.750 | 07/01/2043 | 933170 |
| Glendale City Subordinate RB Refunding Series 2017 (A1/AA) | Glendale City Subordinate RB Refunding Series 2017 (A1/AA) | Glendale City Subordinate RB Refunding Series 2017 (A1/AA) | Glendale City Subordinate RB Refunding Series 2017 (A1/AA) |
| 2500000 | 5.000 | 07/01/2028 | 2743983 |
| Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) |
| 535000 | 4.000 | 05/15/2031 | 485094 |
| 900000 | 5.000 | 05/15/2041 | 826866 |
| Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR) | Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR) | Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR) | Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR) |
| 5000000 | 5.000 | 11/15/2042 | 5048484 |
| La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) |
| 380000 | 4.000 | 02/15/2041 | 323241 |
| 295000 | 4.000 | 02/15/2046 | 240495 |
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)<sup>(f)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)<sup>(f)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)<sup>(f)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)<sup>(f)</sup> |
| 300000 | 4.000 | 07/01/2030 | 275269 |
| 600000 | 5.000 | 07/01/2040 | 557647 |
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)<sup>(f)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)<sup>(f)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)<sup>(f)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)<sup>(f)</sup> |
| 500000 | 4.000 | 07/01/2051 | 361051 |
| Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(f)</sup> | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(f)</sup> | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(f)</sup> | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(f)</sup> |
| 250000 | 5.000 | 10/01/2026 | 250898 |
| 400000 | 5.125 | 10/01/2030 | 404682 |
| Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) | Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) | Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) | Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) |
| 200000 | 4.000 | 07/01/2025 | 201148 |
| 200000 | 4.000 | 07/01/2026 | 201471 |
| 200000 | 4.000 | 07/01/2027 | 201560 |
| 325000 | 4.000 | 07/01/2028 | 327484 |
| 250000 | 4.000 | 07/01/2029 | 251708 |
| 500000 | 4.000 | 07/01/2034 | 495034 |
| 700000 | 5.000 | 07/01/2039 | 727253 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** |
| Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)<sup>(f)</sup> | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)<sup>(f)</sup> | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)<sup>(f)</sup> | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)<sup>(f)</sup> |
| 425000 | 4.750% | 05/01/2030 | $405962 |
| 225000 | 5.500 | 05/01/2040 | 207275 |
| Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) |
| 11910000 | 5.000 | 12/01/2037 | 12108460 |
|  |  |  | 127493628 |
| **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** |
| Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) | Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) | Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) | Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) |
| 5790000 | 5.000 | 12/01/2047 | 5982896 |
| 4630000 | 3.200 | 12/01/2049 | 3355152 |
| Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) | Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) | Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) | Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) |
| 315000 | 3.000 | 07/01/2032 | 265331 |
| 310000 | 3.125 | 07/01/2036 | 239129 |
| Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) |
| 4700000 | 3.500 | 07/01/2038 | 4622362 |
| Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) | Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) | Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) | Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) |
| 700000 | 5.000 | 06/01/2023 | 703081 |
| 1030000 | 5.000 | 06/01/2024 | 1045913 |
| 1215000 | 5.000 | 06/01/2025 | 1249549 |
| 1705000 | 5.000 | 06/01/2026 | 1774055 |
| 1770000 | 5.000 | 06/01/2027 | 1860632 |
| Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+) | Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+) | Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+) | Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+) |
| 550000 | 5.000 | 08/01/2026 | 579685 |
| 500000 | 5.000 | 08/01/2028 | 521659 |
| Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (Aa2/NR) | Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (Aa2/NR) | Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (Aa2/NR) | Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (Aa2/NR) |
| 5185000 | 3.000 | 02/01/2024 | 5185329 |
|  |  |  | 27384773 |
| **California – 8.2%** | **California – 8.2%** | **California – 8.2%** | **California – 8.2%** |
| Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA)<sup>(g)</sup> | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA)<sup>(g)</sup> | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA)<sup>(g)</sup> | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA)<sup>(g)</sup> |
| 1000000 | 0.000 | 08/01/2037 | 562939 |
| Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR) | Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR) | Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR) | Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR) |
| 670000 | 4.000 | 09/01/2024 | 673412 |
| 500000 | 4.000 | 09/01/2025 | 504700 |
| 370000 | 4.000 | 09/01/2026 | 374458 |
| 415000 | 4.000 | 09/01/2027 | 417787 |
| 410000 | 4.000 | 09/01/2028 | 412136 |
| 345000 | 4.000 | 09/01/2029 | 345787 |
| Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA) |
| 1000000 | 5.000 | 05/01/2040 | 1056971 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)<sup>(b)(e)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.30%) | (SIFMA Municipal Swap Index Yield + 0.30%) | (SIFMA Municipal Swap Index Yield + 0.30%) | (SIFMA Municipal Swap Index Yield + 0.30%) |
| 12750000 | 3.430% | 04/01/2027 | $12392315 |
| Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)<sup>(b)(e)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.41%) | (SIFMA Municipal Swap Index Yield + 0.41%) | (SIFMA Municipal Swap Index Yield + 0.41%) | (SIFMA Municipal Swap Index Yield + 0.41%) |
| 8450000 | 3.540 | 04/01/2028 | 8194719 |
| Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) | Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) | Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) | Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) |
| 205000 | 4.000 | 09/01/2023 | 205315 |
| 210000 | 4.000 | 09/01/2024 | 211103 |
| 220000 | 4.000 | 09/01/2025 | 222235 |
| 230000 | 4.000 | 09/01/2026 | 233165 |
| 235000 | 4.000 | 09/01/2027 | 237176 |
| 255000 | 4.000 | 09/01/2029 | 255837 |
| 275000 | 4.000 | 09/01/2031 | 272493 |
| 290000 | 4.000 | 09/01/2032 | 286455 |
| 300000 | 5.000 | 09/01/2033 | 314335 |
| 215000 | 5.000 | 09/01/2034 | 224737 |
| 330000 | 5.000 | 09/01/2035 | 342865 |
| 345000 | 3.000 | 09/01/2036 | 297471 |
| 360000 | 3.000 | 09/01/2037 | 305217 |
| 370000 | 3.000 | 09/01/2038 | 308130 |
| 380000 | 3.000 | 09/01/2039 | 312652 |
| 1160000 | 5.000 | 09/01/2044 | 1174947 |
| 1475000 | 5.000 | 09/01/2049 | 1485456 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> |
| 25000000 | 4.000 | 08/01/2028 | 24870655 |
| California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-) |
| 245000 | 4.000 | 06/01/2049 | 242011 |
| California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) |
| 270000 | 5.000 | 06/01/2050 | 266417 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) |
| 950000 | 4.000 | 06/01/2049 | 811530 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) |
| 225000 | 5.000 | 06/01/2049 | 225719 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)<sup>(g)</sup> | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)<sup>(g)</sup> | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)<sup>(g)</sup> | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)<sup>(g)</sup> |
| 2375000 | 0.000 | 06/01/2055 | 465825 |
| California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+) |
| 825000 | 4.000 | 06/01/2049 | 704750 |
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) |
| 1095000 | 5.000 | 06/01/2049 | 1098311 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)<sup>(g)</sup> | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)<sup>(g)</sup> | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)<sup>(g)</sup> | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)<sup>(g)</sup> |
| 12130000 | 0.000% | 06/01/2055 | $2233104 |
| California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)<sup>(g)</sup> | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)<sup>(g)</sup> | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)<sup>(g)</sup> | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)<sup>(g)</sup> |
| 45220000 | 0.000 | 06/01/2055 | 4894907 |
| California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (Aaa/AAA) | California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (Aaa/AAA) | California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (Aaa/AAA) | California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (Aaa/AAA) |
| 5000000 | 5.250 | 04/01/2040 | 5977099 |
| California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (Aaa/AAA) | California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (Aaa/AAA) | California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (Aaa/AAA) | California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (Aaa/AAA) |
| 3500000 | 5.000 | 05/01/2045 | 4019405 |
| California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) |
| 450000 | 5.000 | 08/01/2035 | 466925 |
| 575000 | 5.000 | 08/01/2040 | 583304 |
| 550000 | 5.000 | 08/01/2045 | 551009 |
| California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA) | California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA) | California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA) | California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA) |
| 500000 | 5.000 | 02/01/2042 | 509926 |
| California Health Facilities Financing Authority RB for Lucile Salter Packard Childrens Hospital at Stanford 2016 Series B (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Childrens Hospital at Stanford 2016 Series B (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Childrens Hospital at Stanford 2016 Series B (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Childrens Hospital at Stanford 2016 Series B (A1/A+) |
| 10000000 | 5.000 | 08/15/2055 | 10189873 |
| California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) |
| 375000 | 5.000 | 11/15/2028 | 410731 |
| 350000 | 5.000 | 11/15/2029 | 382229 |
| 565000 | 5.000 | 11/15/2030 | 612872 |
| 1010000 | 5.000 | 11/15/2042 | 1043777 |
| California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2) | California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2) | California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2) | California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2) |
| 5800000 | 5.000 | 08/15/2042 | 5916705 |
| California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)<sup>(a)(b)</sup> | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)<sup>(a)(b)</sup> | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)<sup>(a)(b)</sup> | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)<sup>(a)(b)</sup> |
| 4500000 | 1.200 | 06/01/2028 | 3927973 |
| California Infrastructure & Economic Development Bank RB Series A (A-/NR) | California Infrastructure & Economic Development Bank RB Series A (A-/NR) | California Infrastructure & Economic Development Bank RB Series A (A-/NR) | California Infrastructure & Economic Development Bank RB Series A (A-/NR) |
| 1095000 | 4.000 | 05/01/2039 | 1082867 |
| 1140000 | 4.000 | 05/01/2040 | 1122846 |
| 1185000 | 4.000 | 05/01/2041 | 1155228 |
| California Infrastructure & Economic Development Bank RB Series B (A-/NR) | California Infrastructure & Economic Development Bank RB Series B (A-/NR) | California Infrastructure & Economic Development Bank RB Series B (A-/NR) | California Infrastructure & Economic Development Bank RB Series B (A-/NR) |
| 3790000 | 4.000 | 05/01/2039 | 3748007 |
| 1755000 | 4.000 | 05/01/2040 | 1728591 |
| 2140000 | 4.000 | 05/01/2041 | 2086235 |
| California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-) |
| 1300000 | 5.000 | 02/01/2034 | 1363325 |
| 1150000 | 5.000 | 02/01/2035 | 1199976 |
| 775000 | 5.000 | 02/01/2042 | 796196 |
| 1125000 | 5.000 | 02/01/2047 | 1153092 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) |
| 650000 | 4.000% | 07/01/2031 | $644038 |
| 1830000 | 4.000 | 07/01/2041 | 1618607 |
| California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) |
| 200000 | 5.000 | 10/01/2026 | 207688 |
| 200000 | 5.000 | 10/01/2027 | 209068 |
| 150000 | 5.000 | 10/01/2028 | 157657 |
| 225000 | 5.000 | 10/01/2029 | 236523 |
| 125000 | 5.000 | 10/01/2030 | 130904 |
| 225000 | 5.000 | 10/01/2031 | 234914 |
| 225000 | 5.000 | 10/01/2032 | 234579 |
| California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)<sup>(f)</sup> | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)<sup>(f)</sup> | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)<sup>(f)</sup> | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)<sup>(f)</sup> |
| 430000 | 5.000 | 10/01/2034 | 415876 |
| 1125000 | 5.000 | 10/01/2039 | 1049864 |
| 1035000 | 5.000 | 10/01/2049 | 915428 |
| California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) | California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) | California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) | California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) |
| 4275000 | 5.000 | 07/01/2042 | 4352191 |
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) |
| 860000 | 5.000 | 12/31/2023 | 868785 |
| 800000 | 5.000 | 12/31/2024 | 818662 |
| 2570000 | 5.000 | 12/31/2026 | 2679735 |
| 2005000 | 5.000 | 06/30/2027 | 2098431 |
| 3005000 | 5.000 | 12/31/2027 | 3158818 |
| 12225000 | 5.000 | 12/31/2043 | 12301849 |
| California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR\NR) |
| 375000 | 2.750 | 11/15/2027 | 336097 |
| California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR\NR) |
| 645000 | 2.125 | 11/15/2026 | 589273 |
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) |
| 3625000 | 4.000 | 07/15/2029 | 3529375 |
| California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) | California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) | California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) | California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) |
| 400000 | 5.000 | 06/01/2035 | 402776 |
| California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (NR/A-/A-2) | California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (NR/A-/A-2) | California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (NR/A-/A-2) | California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (NR/A-/A-2) |
| 4130000 | 3.000 | 11/01/2025 | 3979939 |
| California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)<sup>(f)</sup> | California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)<sup>(f)</sup> | California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)<sup>(f)</sup> | California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)<sup>(f)</sup> |
| 1750000 | 6.750 | 12/01/2028 | 1248636 |
| 14195000 | 7.500 | 12/01/2040 | 9277240 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-) |
| 4000000 | 4.300% | 07/01/2040 | $4006541 |
| California Pollution Control Financing Authority VRD Solid Waste RB Series 2001A (A-/A-2/NR)<sup>(a)(b)</sup> | California Pollution Control Financing Authority VRD Solid Waste RB Series 2001A (A-/A-2/NR)<sup>(a)(b)</sup> | California Pollution Control Financing Authority VRD Solid Waste RB Series 2001A (A-/A-2/NR)<sup>(a)(b)</sup> | California Pollution Control Financing Authority VRD Solid Waste RB Series 2001A (A-/A-2/NR)<sup>(a)(b)</sup> |
| 1250000 | 2.500 | 05/01/2024 | 1222380 |
| California Pollution Control Financing Authority VRD Solid Waste RB Series 2003A (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | California Pollution Control Financing Authority VRD Solid Waste RB Series 2003A (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | California Pollution Control Financing Authority VRD Solid Waste RB Series 2003A (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | California Pollution Control Financing Authority VRD Solid Waste RB Series 2003A (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 3500000 | 2.500 | 05/01/2024 | 3422665 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)<sup>(f)</sup> | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)<sup>(f)</sup> | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)<sup>(f)</sup> | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)<sup>(f)</sup> |
| 13845000 | 5.000 | 07/01/2030 | 13872833 |
| California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)<sup>(f)</sup> | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)<sup>(f)</sup> | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)<sup>(f)</sup> | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)<sup>(f)</sup> |
| 360000 | 5.000 | 07/01/2023 | 361332 |
| 445000 | 5.000 | 07/01/2024 | 449453 |
| 1330000 | 5.000 | 07/01/2029 | 1355350 |
| California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(f)</sup> | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(f)</sup> | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(f)</sup> | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(f)</sup> |
| 1000000 | 5.000 | 06/15/2040 | 924264 |
| California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(f)</sup> | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(f)</sup> | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(f)</sup> | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(f)</sup> |
| 760000 | 6.250 | 04/01/2052 | 746889 |
| California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(f)</sup> | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(f)</sup> | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(f)</sup> | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(f)</sup> |
| 900000 | 5.000 | 10/01/2042 | 919372 |
| California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+)<sup>(f)</sup> | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+)<sup>(f)</sup> | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+)<sup>(f)</sup> | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+)<sup>(f)</sup> |
| 950000 | 5.250 | 07/01/2052 | 879111 |
| California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(f)</sup> | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(f)</sup> | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(f)</sup> | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(f)</sup> |
| 1000000 | 6.250 | 06/01/2042 | 1017320 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)<sup>(f)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)<sup>(f)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)<sup>(f)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)<sup>(f)</sup> |
| 195000 | 3.000 | 10/01/2030 | 180789 |
| 500000 | 5.000 | 10/01/2040 | 509309 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(f)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(f)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(f)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(f)</sup> |
| 290000 | 2.000 | 10/01/2025 | 274076 |
| 400000 | 3.000 | 10/01/2031 | 366299 |
| California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)<sup>(f)</sup> | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)<sup>(f)</sup> | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)<sup>(f)</sup> | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)<sup>(f)</sup> |
| 680000 | 4.000 | 07/01/2030 | 631496 |
| 1250000 | 5.000 | 07/01/2040 | 1185727 |
| California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR)<sup>(f)</sup> | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR)<sup>(f)</sup> | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR)<sup>(f)</sup> | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR)<sup>(f)</sup> |
| 435000 | 5.000 | 06/01/2041 | 403817 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR)<sup>(f)</sup> | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR)<sup>(f)</sup> | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR)<sup>(f)</sup> | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR)<sup>(f)</sup> |
| 400000 | 4.875% | 06/01/2027 | $370471 |
| California School Finance Authority RB Refunding Series 2016<br>(NR/BBB)<sup>(f)</sup> | California School Finance Authority RB Refunding Series 2016<br>(NR/BBB)<sup>(f)</sup> | California School Finance Authority RB Refunding Series 2016<br>(NR/BBB)<sup>(f)</sup> | California School Finance Authority RB Refunding Series 2016<br>(NR/BBB)<sup>(f)</sup> |
| 3925000 | 5.000 | 08/01/2046 | 3914186 |
| California State Various Purpose GO Bonds Series 2017 (Aa2/AA-) | California State Various Purpose GO Bonds Series 2017 (Aa2/AA-) | California State Various Purpose GO Bonds Series 2017 (Aa2/AA-) | California State Various Purpose GO Bonds Series 2017 (Aa2/AA-) |
| 1250000 | 5.000 | 08/01/2046 | 1306907 |
| California State Various Purpose GO Refunding Bonds Series 2020 (Aa2/AA-) | California State Various Purpose GO Refunding Bonds Series 2020 (Aa2/AA-) | California State Various Purpose GO Refunding Bonds Series 2020 (Aa2/AA-) | California State Various Purpose GO Refunding Bonds Series 2020 (Aa2/AA-) |
| 5000000 | 4.000 | 11/01/2038 | 5046728 |
| California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) |
| 130000 | 5.000 | 09/01/2030 | 134343 |
| 135000 | 5.000 | 09/01/2037 | 137780 |
| California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)<sup>(f)</sup> | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)<sup>(f)</sup> | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)<sup>(f)</sup> | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)<sup>(f)</sup> |
| 1375000 | 7.250 | 09/01/2050 | 1319382 |
| California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) |
| 625000 | 4.000 | 09/01/2041 | 560110 |
| 530000 | 4.000 | 09/01/2051 | 444932 |
| California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) | California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) | California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) | California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) |
| 875000 | 5.000 | 09/02/2034 | 930969 |
| 595000 | 5.000 | 09/02/2039 | 618307 |
| California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR) |
| 2630000 | 5.000 | 09/02/2033 | 2791599 |
| 875000 | 5.000 | 09/02/2038 | 908599 |
| 350000 | 5.000 | 09/02/2043 | 357797 |
| 1040000 | 5.000 | 09/02/2048 | 1055683 |
| California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR) | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR) | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR) | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR) |
| 3781000 | 5.000 | 09/02/2029 | 3991944 |
| California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR) |
| 645000 | 4.000 | 09/02/2023 | 644578 |
| 670000 | 4.000 | 09/02/2024 | 670641 |
| 1500000 | 5.000 | 09/02/2034 | 1595042 |
| California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)<sup>(f)</sup> | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)<sup>(f)</sup> | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)<sup>(f)</sup> | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)<sup>(f)</sup> |
| 650000 | 3.000 | 06/01/2029 | 581762 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+) | California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+) | California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+) | California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+) |
| 365000 | 5.000% | 08/01/2028 | $386857 |
| 300000 | 5.000 | 08/01/2029 | 317168 |
| 315000 | 5.000 | 08/01/2030 | 332929 |
| California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)<sup>(f)</sup> | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)<sup>(f)</sup> | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)<sup>(f)</sup> | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)<sup>(f)</sup> |
| 400000 | 5.000 | 07/01/2024 | 399147 |
| 900000 | 5.000 | 07/01/2029 | 870941 |
| California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) |
| 150000 | 5.000 | 04/01/2030 | 159062 |
| 70000 | 5.000 | 04/01/2031 | 74075 |
| 385000 | 4.000 | 04/01/2032 | 386049 |
| 455000 | 4.000 | 04/01/2034 | 455859 |
| California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2021 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2021 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2021 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2021 A (NR/A-) |
| 3235000 | 3.000 | 04/01/2037 | 2638677 |
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) |
| 3835000 | 5.500 | 12/01/2054 | 3852389 |
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 B (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 B (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 B (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 B (NR/BB-) |
| 7000000 | 6.000 | 12/01/2024 | 7129033 |
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB-)<sup>(f)</sup> | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB-)<sup>(f)</sup> | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB-)<sup>(f)</sup> | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB-)<sup>(f)</sup> |
| 1725000 | 5.000 | 12/01/2031 | 1762535 |
| California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) |
| 1710000 | 4.000 | 09/02/2028 | 1713313 |
| 1250000 | 5.000 | 09/02/2040 | 1285509 |
| California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR) | California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR) | California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR) | California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR) |
| 1250000 | 5.000 | 09/02/2038 | 1297998 |
| 1500000 | 5.000 | 09/02/2048 | 1521131 |
| California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR) | California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR) | California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR) | California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR) |
| 345000 | 4.000 | 09/02/2023 | 345110 |
| 355000 | 4.000 | 09/02/2024 | 356247 |
| 1015000 | 4.000 | 09/02/2029 | 1025393 |
| California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) |
| 450000 | 5.125 | 09/01/2042 | 453521 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| 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) | 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) | 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) | 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) |
| 5025000 | 5.000% | 05/15/2042 | $5034450 |
| 1800000 | 5.000 | 05/15/2047 | 1772473 |
| California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) |
| 1175000 | 5.000 | 05/15/2040 | 1179971 |
| California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+) |
| 3990000 | 1.750 | 09/01/2029 | 3290959 |
| California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)<sup>(g)</sup> | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)<sup>(g)</sup> | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)<sup>(g)</sup> | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)<sup>(g)</sup> |
| 22510000 | 0.000 | 06/01/2046 | 3243329 |
| Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) |
| 230000 | 4.000 | 09/01/2026 | 233086 |
| 245000 | 4.000 | 09/01/2027 | 248524 |
| 250000 | 4.000 | 09/01/2028 | 253599 |
| 165000 | 3.000 | 09/01/2037 | 133240 |
| 170000 | 3.000 | 09/01/2038 | 134817 |
| 175000 | 3.000 | 09/01/2039 | 136731 |
| 180000 | 3.000 | 09/01/2040 | 136824 |
| 620000 | 3.125 | 09/01/2044 | 458905 |
| Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA)<sup>(g)</sup> | Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA)<sup>(g)</sup> | Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA)<sup>(g)</sup> | Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA)<sup>(g)</sup> |
| 3500000 | 0.000 | 06/01/2034 | 2303817 |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR) |
| 600000 | 4.000 | 09/01/2042 | 537855 |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) |
| 825000 | 4.000 | 09/01/2041 | 742163 |
| City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(f)</sup> | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(f)</sup> | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(f)</sup> | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(f)</sup> |
| 100000 | 4.000 | 09/01/2026 | 99881 |
| 150000 | 4.000 | 09/01/2031 | 147560 |
| 650000 | 4.000 | 09/01/2036 | 606485 |
| City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) |
| 1125000 | 4.000 | 09/01/2029 | 1133425 |
| 1275000 | 4.000 | 09/01/2032 | 1261414 |
| 485000 | 4.000 | 09/01/2040 | 440978 |
| City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) |
| 2000000 | 5.250 | 09/01/2042 | 2067080 |
| 2000000 | 5.375 | 09/01/2047 | 2062302 |
| City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) | City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) | City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) | City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) |
| 700000 | 4.000 | 09/01/2045 | 598955 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)<sup>(f)</sup> | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)<sup>(f)</sup> | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)<sup>(f)</sup> | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)<sup>(f)</sup> |
| 1000000 | 5.000% | 09/01/2035 | $1053782 |
| City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (Aa2/AA) |
| 3750000 | 5.000 | 05/15/2026 | 3958311 |
| 3150000 | 5.000 | 05/15/2028 | 3408934 |
| City of Los Angeles Department of Airports International Airport Subordinate RB 2022 Series A (AMT) (Aa3\AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2022 Series A (AMT) (Aa3\AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2022 Series A (AMT) (Aa3\AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2022 Series A (AMT) (Aa3\AA-) |
| 180000 | 5.000 | 05/15/2030 | 195488 |
| City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) |
| 305000 | 4.000 | 09/01/2028 | 307838 |
| 330000 | 4.000 | 09/01/2030 | 329177 |
| 150000 | 3.000 | 09/01/2038 | 116315 |
| 160000 | 3.000 | 09/01/2039 | 121741 |
| City of Oroville RB for Oroville Hospital Series 2019 (NR/B+) | City of Oroville RB for Oroville Hospital Series 2019 (NR/B+) | City of Oroville RB for Oroville Hospital Series 2019 (NR/B+) | City of Oroville RB for Oroville Hospital Series 2019 (NR/B+) |
| 1140000 | 5.000 | 04/01/2024 | 1145396 |
| 1325000 | 5.000 | 04/01/2027 | 1353431 |
| 1000000 | 5.000 | 04/01/2029 | 1029187 |
| 1250000 | 5.000 | 04/01/2030 | 1285294 |
| 1500000 | 5.000 | 04/01/2031 | 1541199 |
| City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR) | City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR) | City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR) | City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR) |
| 165000 | 4.000 | 09/01/2030 | 164481 |
| 190000 | 4.000 | 09/01/2033 | 186710 |
| 200000 | 4.000 | 09/01/2036 | 189714 |
| City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 670000 | 4.000 | 09/02/2026 | 673963 |
| 800000 | 4.000 | 09/02/2031 | 793268 |
| City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) |
| 100000 | 5.000 | 09/01/2026 | 103941 |
| 100000 | 5.000 | 09/01/2027 | 104158 |
| 95000 | 5.000 | 09/01/2028 | 98890 |
| 95000 | 5.000 | 09/01/2029 | 98604 |
| 135000 | 5.000 | 09/01/2031 | 139378 |
| 245000 | 5.000 | 09/01/2032 | 252641 |
| 225000 | 5.000 | 09/01/2033 | 231739 |
| 145000 | 5.000 | 09/01/2034 | 149062 |
| 150000 | 5.000 | 09/01/2035 | 153734 |
| 680000 | 5.000 | 09/01/2036 | 695437 |
| 270000 | 5.000 | 09/01/2037 | 275628 |
| 245000 | 5.000 | 09/01/2038 | 249750 |
| 485000 | 5.000 | 09/01/2039 | 493463 |
| City of Roseville CA ST Series 2019 (NR/NR) | City of Roseville CA ST Series 2019 (NR/NR) | City of Roseville CA ST Series 2019 (NR/NR) | City of Roseville CA ST Series 2019 (NR/NR) |
| 85000 | 4.000 | 09/01/2023 | 85092 |
| 80000 | 4.000 | 09/01/2024 | 80408 |
| 150000 | 4.000 | 09/01/2025 | 151524 |
| 275000 | 5.000 | 09/01/2026 | 289964 |
| 210000 | 5.000 | 09/01/2027 | 224070 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| City of Roseville CA ST Series 2019 (NR/NR) – (continued) | City of Roseville CA ST Series 2019 (NR/NR) – (continued) | City of Roseville CA ST Series 2019 (NR/NR) – (continued) | City of Roseville CA ST Series 2019 (NR/NR) – (continued) |
| 160000 | 5.000% | 09/01/2028 | $172771 |
| 170000 | 5.000 | 09/01/2029 | 183223 |
| 110000 | 5.000 | 09/01/2030 | 117781 |
| City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR) | City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR) | City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR) | City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR) |
| 325000 | 3.000 | 09/01/2029 | 301600 |
| 815000 | 5.000 | 09/01/2034 | 867090 |
| 445000 | 5.000 | 09/01/2039 | 462686 |
| City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) |
| 70000 | 4.000 | 09/01/2024 | 70312 |
| 95000 | 4.000 | 09/01/2026 | 96177 |
| 65000 | 5.000 | 09/01/2030 | 69855 |
| 190000 | 4.000 | 09/01/2032 | 189323 |
| 225000 | 4.000 | 09/01/2034 | 221307 |
| 265000 | 4.000 | 09/01/2036 | 253984 |
| 305000 | 4.000 | 09/01/2038 | 286375 |
| 330000 | 4.000 | 09/01/2040 | 303009 |
| City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)<sup>(f)</sup> | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)<sup>(f)</sup> | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)<sup>(f)</sup> | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)<sup>(f)</sup> |
| 495000 | 4.000 | 09/01/2028 | 502976 |
| City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) |
| 4650000 | 5.000 | 05/01/2048 | 4858914 |
| City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) |
| 26310000 | 5.000 | 05/01/2049 | 26640046 |
| City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR) | City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR) | City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR) | City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR) |
| 600000 | 5.000 | 09/01/2035 | 630262 |
| 1000000 | 5.000 | 09/01/2040 | 1022557 |
| City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR) | City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR) | City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR) | City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR) |
| 1420000 | 4.000 | 09/01/2044 | 1266681 |
| City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR) | City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR) | City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR) | City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR) |
| 320000 | 2.000 | 09/01/2024 | 305998 |
| 330000 | 2.250 | 09/01/2026 | 305470 |
| 350000 | 2.375 | 09/01/2028 | 314056 |
| 380000 | 2.750 | 09/01/2031 | 334887 |
| 405000 | 3.000 | 09/01/2033 | 356451 |
| 415000 | 3.000 | 09/01/2034 | 360245 |
| 270000 | 3.000 | 09/01/2035 | 229068 |
| 900000 | 3.125 | 09/01/2037 | 743628 |
| 740000 | 3.125 | 09/01/2039 | 595854 |
| 810000 | 3.250 | 09/01/2041 | 638906 |
| City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR) | City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR) | City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR) | City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR) |
| 345000 | 5.000 | 09/01/2044 | 349511 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| City of Upland Community Facilities District No. 2015-1 Special Tax Improvement Area No.1 Series 2019 B (NR/NR) | City of Upland Community Facilities District No. 2015-1 Special Tax Improvement Area No.1 Series 2019 B (NR/NR) | City of Upland Community Facilities District No. 2015-1 Special Tax Improvement Area No.1 Series 2019 B (NR/NR) | City of Upland Community Facilities District No. 2015-1 Special Tax Improvement Area No.1 Series 2019 B (NR/NR) |
| 95000 | 3.125% | 09/01/2037 | $80971 |
| 700000 | 3.250 | 09/01/2041 | 567381 |
| 600000 | 3.500 | 09/01/2049 | 476975 |
| Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (NR/AA) | Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (NR/AA) | Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (NR/AA) | Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (NR/AA) |
| 275000 | 3.125 | 08/01/2035 | 260914 |
| Community Facilities District of the Menifee Union School District Improvement Area Special Tax Bonds (NR/NR) | Community Facilities District of the Menifee Union School District Improvement Area Special Tax Bonds (NR/NR) | Community Facilities District of the Menifee Union School District Improvement Area Special Tax Bonds (NR/NR) | Community Facilities District of the Menifee Union School District Improvement Area Special Tax Bonds (NR/NR) |
| 850000 | 5.000 | 09/01/2042 | 859629 |
| County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR) | County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR) | County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR) | County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR) |
| 450000 | 5.000 | 09/01/2034 | 474912 |
| 725000 | 5.000 | 09/01/2039 | 751459 |
| County of Los Angeles CA Community Facilities District NO 2021-01 | County of Los Angeles CA Community Facilities District NO 2021-01 | County of Los Angeles CA Community Facilities District NO 2021-01 | County of Los Angeles CA Community Facilities District NO 2021-01 |
| 2250000 | 5.000 | 09/01/2047 | 2254269 |
| County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A2/A+) |
| 1225000 | 5.000 | 07/01/2039 | 1263759 |
| Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) |
| 1165000 | 5.000 | 09/01/2027 | 1207000 |
| East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) | East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) | East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) | East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) |
| 395000 | 3.125 | 09/01/2044 | 289471 |
| 1630000 | 3.125 | 09/01/2049 | 1140650 |
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) |
| 3255000 | 4.000 | 01/15/2046 | 3005578 |
| Folsom Ranch Financing Authority Special Tax for City of Folsom Community Facilities District No. 21 Series 2021 (NR/NR) | Folsom Ranch Financing Authority Special Tax for City of Folsom Community Facilities District No. 21 Series 2021 (NR/NR) | Folsom Ranch Financing Authority Special Tax for City of Folsom Community Facilities District No. 21 Series 2021 (NR/NR) | Folsom Ranch Financing Authority Special Tax for City of Folsom Community Facilities District No. 21 Series 2021 (NR/NR) |
| 415000 | 4.000 | 09/01/2046 | 359869 |
| 500000 | 4.000 | 09/01/2050 | 423439 |
| Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-) |
| 1300000 | 3.950 | 01/15/2053 | 1152681 |
| Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) |
| 15850000 | 3.850 | 06/01/2050 | 14013545 |
| Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)<sup>(b)</sup> | Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)<sup>(b)</sup> | Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)<sup>(b)</sup> | Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)<sup>(b)</sup> |
| 22180000 | 5.000 | 06/01/2028 | 24987453 |
| Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)<sup>(b)</sup> | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)<sup>(b)</sup> | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)<sup>(b)</sup> | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)<sup>(b)</sup> |
| 13395000 | 5.000 | 06/01/2025 | 14175069 |
| Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)<sup>(f)</sup> | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)<sup>(f)</sup> | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)<sup>(f)</sup> | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)<sup>(f)</sup> |
| 665000 | 4.000 | 06/01/2036 | 673559 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-) | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-) | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-) | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-) |
| 1000000 | 3.678% | 06/01/2038 | $932621 |
| Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) | Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) | Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) | Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) |
| 1400000 | 5.000 | 03/01/2057 | 1406588 |
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR) |
| 650000 | 5.000 | 09/01/2025 | 676624 |
| 650000 | 5.000 | 09/01/2026 | 686057 |
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR) |
| 480000 | 5.000 | 09/01/2025 | 499661 |
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR) |
| 430000 | 5.000 | 09/01/2026 | 453096 |
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) |
| 180000 | 4.000 | 09/01/2025 | 181329 |
| 175000 | 4.000 | 09/01/2026 | 176690 |
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR) |
| 350000 | 5.000 | 09/01/2030 | 376030 |
| 310000 | 5.000 | 09/01/2032 | 329917 |
| 360000 | 5.000 | 09/01/2034 | 379362 |
| 460000 | 5.000 | 09/01/2036 | 478774 |
| Lammersville Joint Unified School District Improvement Community Facilities District No. 2014-1 Special Tax Bonds Series 2019 (NR/NR) | Lammersville Joint Unified School District Improvement Community Facilities District No. 2014-1 Special Tax Bonds Series 2019 (NR/NR) | Lammersville Joint Unified School District Improvement Community Facilities District No. 2014-1 Special Tax Bonds Series 2019 (NR/NR) | Lammersville Joint Unified School District Improvement Community Facilities District No. 2014-1 Special Tax Bonds Series 2019 (NR/NR) |
| 775000 | 5.000 | 09/01/2043 | 787233 |
| 2500000 | 5.000 | 09/01/2048 | 2519149 |
| Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (NR/AA) | Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (NR/AA) | Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (NR/AA) | Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (NR/AA) |
| 3000000 | 3.500 | 09/01/2035 | 2861441 |
| Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (Aa2/AA) |
| 2335000 | 5.000 | 05/15/2034 | 2480833 |
| Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (Aa3/AA-) |
| 7000000 | 5.250 | 05/15/2048 | 7199532 |
| Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (Aa3/AA-) |
| 1000000 | 5.000 | 05/15/2035 | 1043346 |
| Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (Aa3/AA-) | Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (Aa3/AA-) |
| 6000000 | 5.000 | 05/15/2030 | 6453946 |
| Los Angeles Unified School District 2014 GO Refunding Bonds Series C (A+/Aa3) | Los Angeles Unified School District 2014 GO Refunding Bonds Series C (A+/Aa3) | Los Angeles Unified School District 2014 GO Refunding Bonds Series C (A+/Aa3) | Los Angeles Unified School District 2014 GO Refunding Bonds Series C (A+/Aa3) |
| 4520000 | 5.000 | 07/01/2027 | 4667903 |
| Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa3/AA)<sup>(g)</sup> | Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa3/AA)<sup>(g)</sup> | Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa3/AA)<sup>(g)</sup> | Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa3/AA)<sup>(g)</sup> |
| 2000000 | 0.000 | 08/01/2037 | 1089494 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa3/AA)<sup>(g)</sup> – (continued) | Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa3/AA)<sup>(g)</sup> – (continued) | Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa3/AA)<sup>(g)</sup> – (continued) | Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa3/AA)<sup>(g)</sup> – (continued) |
| 4500000 | 0.000% | 08/01/2038 | $2327160 |
| 4500000 | 0.000 | 08/01/2039 | 2210137 |
| Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-)<sup>(g)</sup> | Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-)<sup>(g)</sup> | Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-)<sup>(g)</sup> | Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-)<sup>(g)</sup> |
| 1205000 | 0.000 | 08/01/2026 | 1080131 |
| Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)<sup>(g)</sup> | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)<sup>(g)</sup> | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)<sup>(g)</sup> | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)<sup>(g)</sup> |
| 2510000 | 0.000 | 08/01/2035 | 1559189 |
| M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) |
| 1750000 | 6.500 | 11/01/2039 | 2093754 |
| M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) |
| 3105000 | 6.125 | 11/01/2029 | 3436597 |
| 2000000 | 6.500 | 11/01/2039 | 2392862 |
| Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA) | Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA) | Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA) | Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA) |
| 5000000 | 5.750 | 08/01/2035 | 5380358 |
| Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)<sup>(e)</sup> | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)<sup>(e)</sup> | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)<sup>(e)</sup> | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)<sup>(e)</sup> |
| (3M USD LIBOR + 0.72%) | (3M USD LIBOR + 0.72%) | (3M USD LIBOR + 0.72%) |  |
| 4025000 | 3.905 | 07/01/2027 | 3964427 |
| Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) |
| 2150000 | 0.000 <sup>(g)</sup> | 08/01/2031 | 1565752 |
| 4150000 | 0.000 <sup>(g)</sup> | 08/01/2032 | 2888341 |
| 3500000 | 0.000 <sup>(g)</sup> | 08/01/2033 | 2326775 |
| 6450000 | 7.000 | 08/01/2038 | 7454302 |
| Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) |
| 590000 | 4.000 | 09/01/2023 | 590793 |
| 320000 | 4.000 | 09/01/2024 | 321732 |
| 400000 | 4.000 | 09/01/2025 | 404064 |
| 1490000 | 4.000 | 09/01/2026 | 1507952 |
| 305000 | 4.000 | 09/01/2027 | 307464 |
| 500000 | 4.000 | 09/01/2028 | 503454 |
| 1780000 | 4.000 | 09/01/2029 | 1790093 |
| River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) | River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) | River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) | River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) |
| 1800000 | 5.000 | 09/01/2042 | 1803865 |
| River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) |
| 875000 | 4.000 | 09/01/2041 | 786145 |
| 555000 | 4.000 | 09/01/2046 | 476423 |
| Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (A/BBB+) | Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (A/BBB+) | Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (A/BBB+) | Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (A/BBB+) |
| 2230000 | 4.000 | 06/01/2037 | 2195981 |
| 2965000 | 4.000 | 06/01/2038 | 2898453 |
| 3845000 | 4.000 | 06/01/2039 | 3725038 |
| 1755000 | 4.000 | 06/01/2040 | 1683476 |
| Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) |
| 195000 | 4.000 | 09/01/2027 | 196557 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) – (continued) | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) – (continued) | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) – (continued) | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) – (continued) |
| 205000 | 4.000% | 09/01/2028 | $205974 |
| 210000 | 4.000 | 09/01/2029 | 209976 |
| 220000 | 4.000 | 09/01/2030 | 218592 |
| Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) | Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) | Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) | Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) |
| 750000 | 5.000 | 09/01/2025 | 781302 |
| 1075000 | 5.000 | 09/01/2026 | 1136152 |
| 1000000 | 5.000 | 09/01/2027 | 1070557 |
| Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) |
| 100000 | 5.000 | 09/01/2031 | 106901 |
| 185000 | 5.000 | 09/01/2032 | 197643 |
| 165000 | 5.000 | 09/01/2033 | 175640 |
| 175000 | 4.000 | 09/01/2034 | 172605 |
| 150000 | 4.000 | 09/01/2035 | 146043 |
| 125000 | 3.000 | 09/01/2036 | 103384 |
| 470000 | 5.000 | 09/01/2039 | 487853 |
| 250000 | 3.250 | 09/01/2041 | 197339 |
| 400000 | 5.000 | 09/01/2045 | 408159 |
| 1000000 | 5.000 | 09/01/2049 | 1015394 |
| Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) |
| 850000 | 2.500 | 09/01/2037 | 621321 |
| 600000 | 4.000 | 09/01/2041 | 543882 |
| 4480000 | 4.000 | 09/01/2050 | 3835752 |
| Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (NR/AA) | Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (NR/AA) | Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (NR/AA) | Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (NR/AA) |
| 1000000 | 5.000 | 07/01/2029 | 1028874 |
| Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(e)</sup> | Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(e)</sup> | Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(e)</sup> | Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(e)</sup> |
| (3M USD LIBOR + 0.55%) | (3M USD LIBOR + 0.55%) | (3M USD LIBOR + 0.55%) |  |
| 21905000 | 3.740 | 06/01/2034 | 20727052 |
| San Diego Community College District 2016 GO Refunding Bonds (AAA/Aaa)<sup>(b)</sup> | San Diego Community College District 2016 GO Refunding Bonds (AAA/Aaa)<sup>(b)</sup> | San Diego Community College District 2016 GO Refunding Bonds (AAA/Aaa)<sup>(b)</sup> | San Diego Community College District 2016 GO Refunding Bonds (AAA/Aaa)<sup>(b)</sup> |
| 5500000 | 5.000 | 08/01/2026 | 5962711 |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) |
| 2850000 | 4.000 | 07/01/2039 | 2661337 |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2\NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2\NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2\NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2\NR) |
| 10950000 | 4.000 | 07/01/2040 | 10134500 |
| San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-)<sup>(g)</sup> | San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-)<sup>(g)</sup> | San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-)<sup>(g)</sup> | San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-)<sup>(g)</sup> |
| 5000000 | 0.000 | 07/01/2039 | 2545402 |
| San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (Aa2/AA-)<sup>(b)</sup> | San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (Aa2/AA-)<sup>(b)</sup> | San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (Aa2/AA-)<sup>(b)</sup> | San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (Aa2/AA-)<sup>(b)</sup> |
| 3500000 | 4.000 | 07/01/2023 | 3519959 |
| San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A1/A) | San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A1/A) | San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A1/A) | San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A1/A) |
| 2000000 | 5.500 | 05/01/2028 | 2012091 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (AMT) (NR/A) | San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (AMT) (NR/A) | San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (AMT) (NR/A) | San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (AMT) (NR/A) |
| 1300000 | 5.000% | 05/01/2027 | $1373390 |
| San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (NR/A-) | San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (NR/A-) | San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (NR/A-) | San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (NR/A-) |
| 1000000 | 5.000 | 08/01/2033 | 1064213 |
| San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR) | San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR) | San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR) | San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR) |
| 500000 | 5.000 | 09/01/2036 | 512831 |
| San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR)<sup>(g)</sup> | San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR)<sup>(g)</sup> | San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR)<sup>(g)</sup> | San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR)<sup>(g)</sup> |
| 1715000 | 0.000 | 01/15/2026 | 1539671 |
| San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (NR/A)<sup>(b)</sup> | San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (NR/A)<sup>(b)</sup> | San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (NR/A)<sup>(b)</sup> | San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (NR/A)<sup>(b)</sup> |
| 1000000 | 5.000 | 01/15/2025 | 1047506 |
| State of California GO Bonds Various Purpose GO Refunding Bonds (Aa2\AA-) | State of California GO Bonds Various Purpose GO Refunding Bonds (Aa2\AA-) | State of California GO Bonds Various Purpose GO Refunding Bonds (Aa2\AA-) | State of California GO Bonds Various Purpose GO Refunding Bonds (Aa2\AA-) |
| 5000000 | 5.000 | 11/01/2031 | 5828263 |
| State of California Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Various Purpose GO Refunding Bonds (Aa2/AA-) |
| 10775000 | 4.000 | 03/01/2037 | 11019191 |
| Stockton Unified School District GO Refunding Bonds Series 2016 (Aa3/A+) | Stockton Unified School District GO Refunding Bonds Series 2016 (Aa3/A+) | Stockton Unified School District GO Refunding Bonds Series 2016 (Aa3/A+) | Stockton Unified School District GO Refunding Bonds Series 2016 (Aa3/A+) |
| 2735000 | 5.000 | 08/01/2025 | 2903006 |
| Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-) | Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-) | Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-) | Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-) |
| 1755000 | 4.000 | 06/01/2049 | 1728077 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) |
| 885000 | 5.000 | 06/01/2026 | 916368 |
| 1180000 | 5.000 | 06/01/2027 | 1232499 |
| 920000 | 5.000 | 06/01/2028 | 968372 |
| 1780000 | 5.000 | 06/01/2029 | 1883288 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A-) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A-) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A-) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A-) |
| 1745000 | 5.000 | 06/01/2032 | 1840421 |
| 870000 | 5.000 | 06/01/2034 | 910797 |
| 435000 | 5.000 | 06/01/2035 | 452574 |
| 870000 | 5.000 | 06/01/2036 | 902969 |
| 870000 | 5.000 | 06/01/2039 | 893433 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-) |
| 2715000 | 5.000 | 06/01/2048 | 2699618 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)<sup>(g)</sup> | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)<sup>(g)</sup> | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)<sup>(g)</sup> | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)<sup>(g)</sup> |
| 7975000 | 0.000 | 06/01/2054 | 1426413 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) | Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) | Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) | Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) |
| 475000 | 2.375% | 09/02/2041 | $311535 |
| 1050000 | 2.500 | 09/02/2046 | 659682 |
| Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A (NR/NR) |
| 1200000 | 5.000 | 10/01/2026 | 1269262 |
| Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) |
| 580000 | 5.000 | 10/01/2029 | 633931 |
| 490000 | 5.000 | 10/01/2030 | 537028 |
| 1025000 | 5.000 | 10/01/2031 | 1117826 |
| 880000 | 5.000 | 10/01/2033 | 949886 |
| 615000 | 5.000 | 10/01/2035 | 650892 |
| 705000 | 5.000 | 10/01/2036 | 740572 |
| 880000 | 5.000 | 10/01/2037 | 921196 |
| 880000 | 5.000 | 10/01/2038 | 917980 |
| 880000 | 5.000 | 10/01/2039 | 918145 |
| 970000 | 5.000 | 10/01/2040 | 1006570 |
| 950000 | 5.000 | 10/01/2045 | 973741 |
| 205000 | 2.400 | 10/01/2049 | 193515 |
| 995000 | 5.000 | 10/01/2049 | 1006572 |
| West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa2/AA-)<sup>(g)</sup> | West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa2/AA-)<sup>(g)</sup> | West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa2/AA-)<sup>(g)</sup> | West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa2/AA-)<sup>(g)</sup> |
| 1175000 | 0.000 | 08/01/2025 | 1087986 |
| William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR) | William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR) | William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR) | William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR) |
| 800000 | 5.000 | 09/01/2047 | 807820 |
|  |  |  | 627121368 |
| **Colorado – 4.2%** | **Colorado – 4.2%** | **Colorado – 4.2%** | **Colorado – 4.2%** |
| Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (Aa2/NR) | Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (Aa2/NR) | Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (Aa2/NR) | Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (Aa2/NR) |
| 6910000 | 5.250 | 12/01/2040 | 7367286 |
| Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR)<sup>(b)</sup> | Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR)<sup>(b)</sup> | Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR)<sup>(b)</sup> | Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR)<sup>(b)</sup> |
| 325000 | 5.250 | 12/01/2026 | 356225 |
| Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) | Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) | Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) | Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) |
| 1425000 | 4.700 | 12/01/2047 | 1135671 |
| Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) | Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) | Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) | Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| 2975000 | 5.500 | 12/01/2050 | 2574939 |
| Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)<sup>(c)(f)</sup> | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)<sup>(c)(f)</sup> | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)<sup>(c)(f)</sup> | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)<sup>(c)(f)</sup> |
| 1855000 | 0.000 | 12/01/2049 | 1522684 |
| Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/AA) | Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/AA) | Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/AA) | Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/AA) |
| 14305000 | 5.000 | 03/01/2043 | 15247824 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR)<sup>(b)</sup> | Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR)<sup>(b)</sup> | Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR)<sup>(b)</sup> | Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/NR)<sup>(b)</sup> |
| 9555000 | 5.000% | 03/01/2028 | $10648598 |
| Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR) | Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR) | Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR) | Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR) |
| 525000 | 5.000 | 12/01/2037 | 506261 |
| Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR) | Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR) | Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR) | Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR) |
| 525000 | 5.000 | 12/01/2035 | 489888 |
| 515000 | 5.000 | 12/01/2040 | 459125 |
| Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)<sup>(f)</sup> | Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)<sup>(f)</sup> | Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)<sup>(f)</sup> | Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)<sup>(f)</sup> |
| 1120000 | 5.000 | 12/01/2040 | 1045739 |
| Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) | Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) | Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) | Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) |
| 1000000 | 5.250 | 12/01/2038 | 951628 |
| Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) |
| 515000 | 5.000 | 12/01/2041 | 457450 |
| Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+) | Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+) | Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+) | Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+) |
| 3510000 | 6.000 | 12/15/2029 | 4039077 |
| 10805000 | 6.000 | 12/15/2030 | 12428285 |
| City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR) | City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR) | City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR) | City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR) |
| 1035000 | 5.000 | 12/01/2049 | 904971 |
| City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A) | City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A) | City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A) | City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A) |
| 11000000 | 5.250 | 12/01/2043 | 11395700 |
| City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) | City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) | City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) | City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) |
| 5500000 | 5.000 | 11/15/2053 | 5605130 |
| City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/A+) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/A+) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/A+) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/A+) |
| 5000000 | 5.500 | 11/15/2053 | 5310817 |
| Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) |
| 900000 | 4.000 | 10/01/2056 | 707085 |
| Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) | Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) | Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) | Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) |
| 150000 | 4.000 | 05/01/2036 | 136030 |
| 150000 | 4.000 | 05/01/2041 | 128226 |
| Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)<sup>(f)</sup> | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)<sup>(f)</sup> | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)<sup>(f)</sup> | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)<sup>(f)</sup> |
| 300000 | 5.000 | 02/01/2034 | 289839 |
| Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)<sup>(f)</sup> | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)<sup>(f)</sup> | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)<sup>(f)</sup> | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)<sup>(f)</sup> |
| 1100000 | 5.000 | 10/01/2029 | 1122419 |
| 2500000 | 5.000 | 10/01/2039 | 2361535 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (Baa3/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (Baa3/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (Baa3/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (Baa3/NR) |
| 305000 | 4.000% | 11/01/2029 | $292770 |
| 400000 | 5.000 | 11/01/2039 | 395664 |
| Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (MORAL OBLG) (Aa3/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (MORAL OBLG) (Aa3/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (MORAL OBLG) (Aa3/NR) | Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (MORAL OBLG) (Aa3/NR) |
| 325000 | 5.000 | 06/01/2049 | 326666 |
| 350000 | 5.000 | 06/01/2054 | 351474 |
| Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) | Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) | Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) | Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) |
| 650000 | 5.000 | 09/01/2052 | 652218 |
| Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3) | Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3) | Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3) | Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3) |
| 700000 | 5.000 | 11/01/2049 | 666536 |
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) |
| 3040000 | 6.000 | 07/01/2036 | 2893177 |
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) |
| 1925000 | 6.000 | 07/01/2031 | 1873889 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) |
| 3965000 | 5.000 | 08/01/2025 | 4122987 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (Baa1/A-) |
| 6400000 | 5.500 | 11/01/2047 | 6745078 |
| 8000000 | 5.250 | 11/01/2052 | 8219325 |
| Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) |
| 1800000 | 4.000 | 09/01/2050 | 1468820 |
| Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> |
| 21534543 | 5.000 | 07/01/2057 | 17025658 |
| Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) | Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) | Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) | Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) |
| 3900000 | 4.000 | 11/15/2043 | 3633737 |
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) |
| 1000000 | 5.000 | 08/01/2030 | 1066389 |
| 270000 | 5.000 | 08/01/2035 | 282885 |
| 3010000 | 4.000 | 08/01/2044 | 2594823 |
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) |
| 1000000 | 5.000 | 08/01/2035 | 1047723 |
| 2500000 | 5.000 | 08/01/2036 | 2606247 |
| 1500000 | 5.000 | 08/01/2038 | 1550935 |
| 3035000 | 5.000 | 08/01/2039 | 3126346 |
| Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR)<sup>(b)</sup> | Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR)<sup>(b)</sup> | Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR)<sup>(b)</sup> | Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR)<sup>(b)</sup> |
| 1150000 | 5.000 | 06/01/2027 | 1254270 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+) | Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+) | Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+) | Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+) |
| 1730000 | 4.000% | 11/01/2039 | $1633030 |
| 12310000 | 5.000 | 11/01/2039 | 12597690 |
| 6105000 | 5.000 | 11/01/2044 | 5979585 |
| Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-) | Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-) | Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-) | Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-) |
| 2640000 | 4.000 | 01/01/2036 | 2688680 |
| Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) |
| 1225000 | 5.000 | 11/01/2025 | 1287028 |
| Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1) | Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1) | Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1) | Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1) |
| 3495000 | 4.000 | 08/01/2049 | 2931317 |
| Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) | Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) | Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) | Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) |
| 775000 | 5.250 | 12/01/2051 | 660329 |
| Copper Ridge Metropolitan District RB Series 2019 (NR/NR) | Copper Ridge Metropolitan District RB Series 2019 (NR/NR) | Copper Ridge Metropolitan District RB Series 2019 (NR/NR) | Copper Ridge Metropolitan District RB Series 2019 (NR/NR) |
| 3210000 | 4.000 | 12/01/2029 | 2915515 |
| Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) | Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) | Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) | Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| 889000 | 5.000 | 12/01/2039 | 830220 |
| Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)<sup>(f)</sup> | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)<sup>(f)</sup> | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)<sup>(f)</sup> | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)<sup>(f)</sup> |
| 740000 | 5.000 | 12/01/2029 | 673727 |
| 1940000 | 5.500 | 12/01/2039 | 1663597 |
| Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)<sup>(f)</sup> | Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)<sup>(f)</sup> | Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)<sup>(f)</sup> | Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)<sup>(f)</sup> |
| 2730000 | 5.000 | 12/01/2029 | 2499676 |
| 3105000 | 5.500 | 12/01/2039 | 2690385 |
| Denver City & County Airport RB Refunding Series 2018 A (AMT) (A2/A) | Denver City & County Airport RB Refunding Series 2018 A (AMT) (A2/A) | Denver City & County Airport RB Refunding Series 2018 A (AMT) (A2/A) | Denver City & County Airport RB Refunding Series 2018 A (AMT) (A2/A) |
| 1500000 | 5.000 | 12/01/2038 | 1554291 |
| Denver City & County Airport RB Series 2013 A (AMT) (A2/A) | Denver City & County Airport RB Series 2013 A (AMT) (A2/A) | Denver City & County Airport RB Series 2013 A (AMT) (A2/A) | Denver City & County Airport RB Series 2013 A (AMT) (A2/A) |
| 5000000 | 5.500 | 11/15/2029 | 5074607 |
| Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) |
| 27295000 | 5.000 | 10/01/2032 | 26838783 |
| Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(f)</sup> | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(f)</sup> | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(f)</sup> | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(f)</sup> |
| 5145000 | 5.000 | 12/01/2026 | 5404203 |
| 5285000 | 5.000 | 12/01/2027 | 5599864 |
| Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2) |
| 1235000 | 5.000 | 12/01/2033 | 1255701 |
| Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) |
| 640000 | 5.000 | 12/01/2030 | 655729 |
| Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) |
| 300000 | 5.000 | 12/01/2031 | 306220 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) | Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) | Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) | Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) |
| 765000 | 5.000% | 12/01/2024 | $784747 |
| 205000 | 5.000 | 12/01/2025 | 213104 |
| Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(f)</sup> | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(f)</sup> | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(f)</sup> | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(f)</sup> |
| 4760000 | 5.000 | 12/01/2024 | 4882872 |
| 1000000 | 5.000 | 12/01/2034 | 1039697 |
| Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) |
| 880000 | 5.000 | 12/01/2030 | 939257 |
| 3500000 | 5.000 | 12/01/2032 | 3701963 |
| Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)<sup>(f)</sup> | Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)<sup>(f)</sup> | Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)<sup>(f)</sup> | Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)<sup>(f)</sup> |
| 4355000 | 5.250 | 12/01/2039 | 4370326 |
| E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A2/AA)<sup>(g)</sup> | E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A2/AA)<sup>(g)</sup> | E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A2/AA)<sup>(g)</sup> | E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A2/AA)<sup>(g)</sup> |
| 1500000 | 0.000 | 09/01/2035 | 925487 |
| E-470 Public Highway Authority RB Refunding Series 2020 A (A2/A) | E-470 Public Highway Authority RB Refunding Series 2020 A (A2/A) | E-470 Public Highway Authority RB Refunding Series 2020 A (A2/A) | E-470 Public Highway Authority RB Refunding Series 2020 A (A2/A) |
| 1145000 | 5.000 | 09/01/2034 | 1289026 |
| 2335000 | 5.000 | 09/01/2036 | 2570400 |
| E-470 Public Highway Authority RB Series 2010 A (A2/A)<sup>(g)</sup> | E-470 Public Highway Authority RB Series 2010 A (A2/A)<sup>(g)</sup> | E-470 Public Highway Authority RB Series 2010 A (A2/A)<sup>(g)</sup> | E-470 Public Highway Authority RB Series 2010 A (A2/A)<sup>(g)</sup> |
| 6000000 | 0.000 | 09/01/2040 | 2722414 |
| Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(f)</sup> | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(f)</sup> | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(f)</sup> | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(f)</sup> |
| 2800000 | 5.550 | 12/01/2047 | 2776165 |
| First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR) | First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR) | First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR) | First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR) |
| 175000 | 3.000 | 12/01/2029 | 150960 |
| Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) (NR/NR) | Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) (NR/NR) | Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) (NR/NR) | Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) (NR/NR) |
| 570000 | 3.750 | 12/01/2034 | 452291 |
| Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) |
| 650000 | 4.000 | 12/01/2031 | 571390 |
| Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) (NR/NR) | Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) (NR/NR) | Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) (NR/NR) | Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) (NR/NR) |
| 725000 | 5.000 | 12/01/2041 | 643983 |
| 1550000 | 5.000 | 12/01/2051 | 1296950 |
| Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) | Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) | Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) | Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) |
| 900000 | 5.000 | 12/01/2039 | 839358 |
| Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(f)</sup> | Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(f)</sup> | Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(f)</sup> | Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(f)</sup> |
| 1070000 | 5.500 | 12/01/2050 | 981166 |
| Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) | Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) | Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) | Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) |
| 9236000 | 4.250 | 12/01/2046 | 7260162 |
| Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) |
| 1375000 | 5.000 | 12/01/2039 | 1286937 |
| 1000000 | 5.000 | 12/01/2049 | 890387 |
| Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR) | Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR) | Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR) | Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| 1185000 | 5.750 | 12/01/2050 | 1126905 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) | Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) | Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) | Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) |
| 1105000 | 6.500% | 12/01/2042 | $1069037 |
| Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) |
| 1380000 | 5.000 | 12/01/2039 | 1277133 |
| Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) | Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) | Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) | Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) |
| 2940000 | 3.500 | 12/01/2041 | 2147476 |
| Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) | Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) | Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) | Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) |
| 2450000 | 7.000 | 12/01/2052 | 2471939 |
| North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) | North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) | North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) | North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) |
| 500000 | 5.500 | 12/01/2048 | 468860 |
| Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) |
| 160000 | 4.000 | 12/01/2023 | 160774 |
| 175000 | 4.000 | 12/01/2024 | 176576 |
| 100000 | 4.000 | 12/01/2025 | 101159 |
| 315000 | 4.000 | 12/01/2026 | 318452 |
| 290000 | 4.000 | 12/01/2029 | 292027 |
| 205000 | 4.000 | 12/01/2030 | 201057 |
| 225000 | 4.000 | 12/01/2031 | 219463 |
| Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(f)</sup> | Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(f)</sup> | Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(f)</sup> | Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(f)</sup> |
| 500000 | 4.000 | 12/01/2035 | 416976 |
| 500000 | 5.000 | 12/01/2041 | 447479 |
| Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) |
| 925000 | 5.000 | 12/01/2040 | 857771 |
| Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) | Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) | Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) | Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| 650000 | 5.000 | 12/01/2049 | 581872 |
| Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> | Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> | Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> | Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> |
| 1000000 | 5.625 | 12/01/2023 | 1051665 |
| Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-) | Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-) | Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-) | Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-) |
| 2000000 | 6.250 | 11/15/2028 | 2157423 |
| Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) |
| 5000000 | 5.000 | 12/01/2039 | 4651841 |
| Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) |
| 1250000 | 4.000 | 12/01/2036 | 1021732 |
| 2000000 | 4.000 | 12/01/2041 | 1500629 |
| Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) |
| 899000 | 5.000 | 12/01/2049 | 800123 |
| Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1\NR) | Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1\NR) | Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1\NR) | Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1\NR) |
| 450000 | 5.000 | 07/15/2028 | 471569 |
| 715000 | 5.000 | 01/15/2029 | 751161 |
| 400000 | 5.000 | 07/15/2029 | 421605 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1\NR) – (continued) | Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1\NR) – (continued) | Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1\NR) – (continued) | Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1\NR) – (continued) |
| 500000 | 5.000% | 01/15/2030 | $528362 |
| 350000 | 5.000 | 07/15/2030 | 370999 |
| Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) | Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) | Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) | Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| 850000 | 5.000 | 12/01/2049 | 763203 |
| Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) | Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) | Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) | Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) |
| 2875000 | 5.000 | 12/01/2039 | 2684281 |
| Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)<sup>(b)</sup> | Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)<sup>(b)</sup> | Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)<sup>(b)</sup> | Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)<sup>(b)</sup> |
| 386000 | 4.500 | 12/01/2023 | 402264 |
| Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) | Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) | Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) | Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) |
| 1240000 | 5.000 | 12/01/2049 | 1166638 |
| South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) |
| 75000 | 5.000 | 12/01/2025 | 78812 |
| 125000 | 5.000 | 12/01/2026 | 133175 |
| 150000 | 5.000 | 12/01/2027 | 161731 |
| 235000 | 5.000 | 12/01/2028 | 256733 |
| 175000 | 5.000 | 12/01/2029 | 193544 |
| 300000 | 4.000 | 12/01/2030 | 316771 |
| 300000 | 4.000 | 12/01/2031 | 315794 |
| 375000 | 4.000 | 12/01/2032 | 394478 |
| 220000 | 4.000 | 12/01/2034 | 230225 |
| 325000 | 4.000 | 12/01/2039 | 325072 |
| South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) | South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) | South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) | South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) |
| 500000 | 5.500 | 12/01/2048 | 448620 |
| Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (Ba1/NR) |
| 1000000 | 5.000 | 12/01/2037 | 962451 |
| Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (Ba1/NR) | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (Ba1/NR) |
| 100000 | 3.500 | 12/01/2027 | 91793 |
| 115000 | 5.000 | 12/01/2037 | 110682 |
| 325000 | 5.000 | 12/01/2047 | 295716 |
| St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) | St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) | St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) | St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) |
| 1000000 | 5.000 | 12/01/2037 | 957344 |
| Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR) |
| 350000 | 5.000 | 12/01/2032 | 374064 |
| Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) | Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) | Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) | Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) |
| 1805000 | 3.750 | 12/01/2040 | 1417763 |
| The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) |
| 925000 | 4.150 | 12/01/2030 | 862583 |
| Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA) | Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA) | Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA) | Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA) |
| 195000 | 5.000 | 12/01/2026 | 209236 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA) – (continued) | Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA) – (continued) | Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA) – (continued) | Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA) – (continued) |
| 205000 | 5.000% | 12/01/2027 | $222972 |
| 210000 | 5.000 | 12/01/2028 | 231199 |
| 210000 | 5.000 | 12/01/2029 | 233625 |
| 215000 | 5.000 | 12/01/2030 | 238404 |
| 230000 | 5.000 | 12/01/2031 | 254488 |
| 250000 | 5.000 | 12/01/2032 | 275991 |
| 255000 | 5.000 | 12/01/2033 | 280649 |
| 285000 | 5.000 | 12/01/2034 | 311608 |
| 100000 | 5.000 | 12/01/2035 | 108625 |
| Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/AA) | Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/AA) | Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/AA) | Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/AA) |
| 115000 | 5.000 | 12/15/2023 | 116947 |
| 130000 | 5.000 | 12/15/2024 | 134893 |
| 125000 | 5.000 | 12/15/2025 | 132479 |
| 135000 | 5.000 | 12/15/2026 | 144505 |
| 125000 | 5.000 | 12/15/2027 | 133909 |
| 125000 | 5.000 | 12/15/2028 | 134025 |
| 125000 | 5.000 | 12/15/2029 | 134005 |
| 125000 | 5.000 | 12/15/2030 | 133991 |
| 135000 | 5.000 | 12/15/2031 | 144609 |
| 160000 | 5.000 | 12/15/2032 | 171266 |
| Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) |
| 1000000 | 5.000 | 12/01/2040 | 895238 |
| Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> | Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> | Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> | Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> |
| 595000 | 5.000 | 12/01/2024 | 625448 |
| Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR) | Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR) | Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR) | Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR) |
| 1230000 | 5.375 | 12/01/2048 | 1143205 |
|  |  |  | 321136387 |
| **Connecticut – 2.0%** | **Connecticut – 2.0%** | **Connecticut – 2.0%** | **Connecticut – 2.0%** |
| City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) |
| 450000 | 5.000 | 08/01/2026 | 476310 |
| 965000 | 5.000 | 08/01/2027 | 1031578 |
| 1165000 | 5.000 | 08/01/2028 | 1254953 |
| 750000 | 5.500 | 08/01/2029 | 830536 |
| 350000 | 5.500 | 08/01/2030 | 386525 |
| 525000 | 5.500 | 08/01/2031 | 577681 |
| 500000 | 5.500 | 08/01/2032 | 549142 |
| 405000 | 5.500 | 08/01/2033 | 443794 |
| City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A2/AA) | City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A2/AA) | City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A2/AA) | City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A2/AA) |
| 600000 | 5.000 | 02/01/2027 | 643631 |
| 1050000 | 5.000 | 02/01/2028 | 1142847 |
| City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 1500000 | 11.000 | 12/01/2027 | 1508475 |
| Connecticut State GO Bonds Series 2018 C (Aa3/A+) | Connecticut State GO Bonds Series 2018 C (Aa3/A+) | Connecticut State GO Bonds Series 2018 C (Aa3/A+) | Connecticut State GO Bonds Series 2018 C (Aa3/A+) |
| 680000 | 5.000 | 06/15/2028 | 756388 |
| Connecticut State GO Refunding Bonds Series 2017 B (Aa3/A+) | Connecticut State GO Refunding Bonds Series 2017 B (Aa3/A+) | Connecticut State GO Refunding Bonds Series 2017 B (Aa3/A+) | Connecticut State GO Refunding Bonds Series 2017 B (Aa3/A+) |
| 5000000 | 5.000 | 04/15/2028 | 5545717 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Connecticut – (continued)** | **Connecticut – (continued)** | **Connecticut – (continued)** | **Connecticut – (continued)** |
| Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> |
| 400000 | 5.000% | 01/01/2030 | $401123 |
| Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-1 (NR/NR)<sup>(b)(f)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-1 (NR/NR)<sup>(b)(f)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-1 (NR/NR)<sup>(b)(f)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-1 (NR/NR)<sup>(b)(f)</sup> |
| 650000 | 3.250 | 01/15/2023 | 650020 |
| Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-2 (NR/NR)<sup>(b)(f)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-2 (NR/NR)<sup>(b)(f)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-2 (NR/NR)<sup>(b)(f)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-2 (NR/NR)<sup>(b)(f)</sup> |
| 100000 | 2.750 | 01/15/2023 | 99987 |
| Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) |
| 390000 | 5.000 | 07/01/2025 | 395037 |
| 575000 | 5.000 | 07/01/2026 | 585063 |
| 440000 | 5.000 | 07/01/2027 | 448689 |
| 530000 | 5.000 | 07/01/2028 | 541364 |
| 485000 | 5.000 | 07/01/2029 | 495510 |
| 875000 | 5.000 | 07/01/2030 | 891173 |
| 645000 | 5.000 | 07/01/2031 | 655027 |
| 575000 | 5.000 | 07/01/2032 | 582051 |
| 475000 | 5.000 | 07/01/2033 | 478824 |
| 450000 | 5.000 | 07/01/2034 | 451252 |
| 870000 | 4.000 | 07/01/2039 | 727520 |
| Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 3645000 | 4.750 | 10/01/2048 | 3162499 |
| Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa3/AA) | Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa3/AA) | Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa3/AA) | Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa3/AA) |
| 5540000 | 5.000 | 11/01/2026 | 6000946 |
| Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)<sup>(f)</sup> | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)<sup>(f)</sup> | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)<sup>(f)</sup> | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)<sup>(f)</sup> |
| 3750000 | 7.000 | 02/01/2045 | 3755219 |
| State of Connecticut GO Bonds 2020 Series A (Aa3/A+) | State of Connecticut GO Bonds 2020 Series A (Aa3/A+) | State of Connecticut GO Bonds 2020 Series A (Aa3/A+) | State of Connecticut GO Bonds 2020 Series A (Aa3/A+) |
| 5000000 | 4.000 | 01/15/2036 | 5080289 |
| State of Connecticut GO Bonds Series 2018 (Aa3/A+) | State of Connecticut GO Bonds Series 2018 (Aa3/A+) | State of Connecticut GO Bonds Series 2018 (Aa3/A+) | State of Connecticut GO Bonds Series 2018 (Aa3/A+) |
| 1770000 | 5.000 | 06/15/2027 | 1938017 |
| 755000 | 5.000 | 06/15/2029 | 839593 |
| State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/A+) | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/A+) | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/A+) | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/A+) |
| 1500000 | 5.000 | 04/15/2025 | 1576712 |
| 1350000 | 5.000 | 04/15/2028 | 1497344 |
| 1000000 | 5.000 | 04/15/2035 | 1092703 |
| 1000000 | 5.000 | 04/15/2036 | 1084453 |
| 1000000 | 5.000 | 04/15/2039 | 1070698 |
| State of Connecticut Health & Educational Facilities Authority RB for Yale University Issue 2016A-1 (Aaa/AAA)<sup>(a)</sup> | State of Connecticut Health & Educational Facilities Authority RB for Yale University Issue 2016A-1 (Aaa/AAA)<sup>(a)</sup> | State of Connecticut Health & Educational Facilities Authority RB for Yale University Issue 2016A-1 (Aaa/AAA)<sup>(a)</sup> | State of Connecticut Health & Educational Facilities Authority RB for Yale University Issue 2016A-1 (Aaa/AAA)<sup>(a)</sup> |
| 25860000 | 1.800 | 07/01/2042 | 25860000 |
| State of Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)<sup>(a)(b)</sup> | State of Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)<sup>(a)(b)</sup> | State of Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)<sup>(a)(b)</sup> | State of Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)<sup>(a)(b)</sup> |
| 2290000 | 1.800 | 07/01/2024 | 2216269 |
| State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR\AAA) (PUTABLE)<sup>(a)(b)(d)</sup> | State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR\AAA) (PUTABLE)<sup>(a)(b)(d)</sup> | State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR\AAA) (PUTABLE)<sup>(a)(b)(d)</sup> | State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR\AAA) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 15000000 | 1.100 | 02/11/2025 | 14184549 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Connecticut – (continued)** | **Connecticut – (continued)** | **Connecticut – (continued)** | **Connecticut – (continued)** |
| State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) |
| 2285000 | 5.375% | 07/01/2052 | $2168853 |
| State of Connecticut State Revolving Fund RB Series 2017 A (Aaa/AAA) | State of Connecticut State Revolving Fund RB Series 2017 A (Aaa/AAA) | State of Connecticut State Revolving Fund RB Series 2017 A (Aaa/AAA) | State of Connecticut State Revolving Fund RB Series 2017 A (Aaa/AAA) |
| 9655000 | 5.000 | 05/01/2036 | 10406746 |
| State of Connecticut State Revolving Fund RB Series 2019 A (Aaa/AAA) | State of Connecticut State Revolving Fund RB Series 2019 A (Aaa/AAA) | State of Connecticut State Revolving Fund RB Series 2019 A (Aaa/AAA) | State of Connecticut State Revolving Fund RB Series 2019 A (Aaa/AAA) |
| 5000000 | 5.000 | 02/01/2032 | 5645650 |
| 4000000 | 5.000 | 02/01/2033 | 4504652 |
| 14215000 | 5.000 | 02/01/2036 | 15745850 |
| 8640000 | 5.000 | 02/01/2037 | 9496564 |
| 6295000 | 5.000 | 02/01/2039 | 6873767 |
| Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(f)</sup> | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(f)</sup> | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(f)</sup> | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 480000 | 4.000 | 04/01/2036 | 416566 |
| 400000 | 4.000 | 04/01/2041 | 324714 |
| West Haven GO Bonds Series 2017 A (Baa3/BBB) | West Haven GO Bonds Series 2017 A (Baa3/BBB) | West Haven GO Bonds Series 2017 A (Baa3/BBB) | West Haven GO Bonds Series 2017 A (Baa3/BBB) |
| 325000 | 5.000 | 11/01/2025 | 342809 |
| 325000 | 5.000 | 11/01/2026 | 348614 |
| 325000 | 5.000 | 11/01/2027 | 353351 |
| West Haven GO Bonds Series 2017 B (Baa3/BBB) | West Haven GO Bonds Series 2017 B (Baa3/BBB) | West Haven GO Bonds Series 2017 B (Baa3/BBB) | West Haven GO Bonds Series 2017 B (Baa3/BBB) |
| 645000 | 5.000 | 11/01/2024 | 668061 |
| 240000 | 5.000 | 11/01/2026 | 257438 |
|  |  |  | 149463143 |
| **Delaware – 0.2%** | **Delaware – 0.2%** | **Delaware – 0.2%** | **Delaware – 0.2%** |
| Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) |
| 370000 | 3.000 | 06/01/2032 | 308555 |
| 450000 | 4.000 | 06/01/2042 | 361312 |
| Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR) | Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR) | Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR) | Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR) |
| 1350000 | 4.000 | 09/01/2041 | 1212909 |
| Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) | Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) | Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) | Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) |
| 700000 | 5.000 | 06/01/2025 | 725297 |
| 760000 | 5.000 | 06/01/2026 | 799234 |
| 725000 | 5.000 | 06/01/2027 | 768476 |
| 600000 | 5.000 | 06/01/2029 | 645017 |
| Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) | Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) | Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) | Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) |
| 390000 | 4.000 | 08/01/2029 | 382026 |
| 615000 | 5.000 | 08/01/2039 | 605039 |
| Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) | Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) | Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) | Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) |
| 530000 | 4.000 | 09/01/2030 | 527988 |
| 1550000 | 5.000 | 09/01/2040 | 1587975 |
| Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) |
| 489000 | 4.000 | 07/01/2023 | 488989 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Delaware – (continued)** | **Delaware – (continued)** | **Delaware – (continued)** | **Delaware – (continued)** |
| Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) – (continued) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) – (continued) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) – (continued) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) – (continued) |
| 528000 | 4.000% | 07/01/2024 | $527802 |
| 545000 | 4.000 | 07/01/2025 | 545428 |
| 592000 | 4.000 | 07/01/2026 | 591175 |
| 650000 | 4.000 | 07/01/2027 | 648166 |
| 2160000 | 4.000 | 07/01/2030 | 2107161 |
| University of Delaware RB Series 2015 (WR/AA+)<sup>(b)</sup> | University of Delaware RB Series 2015 (WR/AA+)<sup>(b)</sup> | University of Delaware RB Series 2015 (WR/AA+)<sup>(b)</sup> | University of Delaware RB Series 2015 (WR/AA+)<sup>(b)</sup> |
| 1805000 | 5.000 | 05/01/2025 | 1900441 |
|  |  |  | 14732990 |
| **District of Columbia – 1.1%** | **District of Columbia – 1.1%** | **District of Columbia – 1.1%** | **District of Columbia – 1.1%** |
| District of Columbia GO Refunding Bonds Series 2017 A (Aaa/AA+) | District of Columbia GO Refunding Bonds Series 2017 A (Aaa/AA+) | District of Columbia GO Refunding Bonds Series 2017 A (Aaa/AA+) | District of Columbia GO Refunding Bonds Series 2017 A (Aaa/AA+) |
| 10000000 | 5.000 | 06/01/2035 | 10839677 |
| District of Columbia Income Tax Secured RB Series 2022A (Aa1/AAA) | District of Columbia Income Tax Secured RB Series 2022A (Aa1/AAA) | District of Columbia Income Tax Secured RB Series 2022A (Aa1/AAA) | District of Columbia Income Tax Secured RB Series 2022A (Aa1/AAA) |
| 5660000 | 5.500 | 07/01/2047 | 6447745 |
| District of Columbia Private Activity RB Series 2022A (NR/NR) | District of Columbia Private Activity RB Series 2022A (NR/NR) | District of Columbia Private Activity RB Series 2022A (NR/NR) | District of Columbia Private Activity RB Series 2022A (NR/NR) |
| 1750000 | 5.500 | 02/28/2037 | 1839437 |
| District of Columbia RB for International School Series 2019 (NR/BBB) | District of Columbia RB for International School Series 2019 (NR/BBB) | District of Columbia RB for International School Series 2019 (NR/BBB) | District of Columbia RB for International School Series 2019 (NR/BBB) |
| 860000 | 5.000 | 07/01/2039 | 869681 |
| District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) | District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) | District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) | District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) |
| 1275000 | 4.000 | 07/01/2039 | 1164306 |
| 550000 | 4.000 | 07/01/2044 | 476919 |
| District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+) | District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+) | District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+) | District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+) |
| 1250000 | 2.532 | 04/01/2029 | 1070615 |
| District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-) | District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-) | District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-) | District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-) |
| 135000 | 6.500 | 05/15/2033 | 138186 |
| District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2\AA+)<sup>(a)(b)</sup> | District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2\AA+)<sup>(a)(b)</sup> | District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2\AA+)<sup>(a)(b)</sup> | District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2\AA+)<sup>(a)(b)</sup> |
| 2875000 | 3.000 | 10/01/2027 | 2812078 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2018A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2018A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2018A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2018A (Aa3/AA-) |
| 6375000 | 5.000 | 10/01/2033 | 6766882 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3) |
| 7500000 | 5.000 | 10/01/2044 | 7677195 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2020B (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2020B (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2020B (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2020B (Aa3/AA-) |
| 1555000 | 5.000 | 10/01/2029 | 1773841 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) |
| 19325000 | 5.000 | 10/01/2026 | 20398602 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) |
| 1060000 | 5.000 | 10/01/2031 | 1158781 |
| 850000 | 5.000 | 10/01/2033 | 925107 |
| 850000 | 5.000 | 10/01/2034 | 923191 |
| 850000 | 5.000 | 10/01/2035 | 916181 |
| 1375000 | 5.000 | 10/01/2036 | 1472200 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **District of Columbia – (continued)** | **District of Columbia – (continued)** | **District of Columbia – (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) | 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) | 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) | 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) |
| 850000 | 5.000% | 10/01/2037 | $904318 |
| 850000 | 5.000 | 10/01/2038 | 899920 |
| 1275000 | 5.000 | 10/01/2039 | 1342691 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) |
| 2130000 | 3.000 | 10/01/2050 | 1521686 |
| 1160000 | 4.000 | 10/01/2053 | 1022539 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) |
| 925000 | 5.000 | 10/01/2047 | 938452 |
| 1550000 | 4.000 | 10/01/2053 | 1313359 |
| Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (AMT) (Aa3/AA-) |
| 5620000 | 5.000 | 10/01/2035 | 5734827 |
| Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2019B (AMT) (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2019B (AMT) (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2019B (AMT) (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2019B (AMT) (Aa3/AA-) |
| 2445000 | 5.000 | 10/01/2026 | 2647879 |
|  |  |  | 83996295 |
| **Florida – 11.3%** | **Florida – 11.3%** | **Florida – 11.3%** | **Florida – 11.3%** |
| Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 915000 | 5.375 | 06/15/2042 | 892149 |
| Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) |
| 5000000 | 3.250 | 05/01/2036 | 4454081 |
| Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) |
| 705000 | 4.000 | 05/01/2025 | 695165 |
| Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) | Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) | Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) | Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) |
| 75000 | 4.000 | 05/01/2024 | 74528 |
| 215000 | 4.500 | 05/01/2029 | 212658 |
| Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 480000 | 2.875 | 05/01/2025 | 458794 |
| 1420000 | 3.625 | 05/01/2040 | 1108198 |
| 1725000 | 4.000 | 05/01/2051 | 1279421 |
| Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR) |
| 2250000 | 4.000 | 10/01/2040 | 1852714 |
| Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 190000 | 3.500 | 05/01/2024 | 187021 |
| Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) |
| 360000 | 2.500 | 05/01/2024 | 355032 |
| 370000 | 3.000 | 05/01/2025 | 358870 |
| 380000 | 3.000 | 05/01/2026 | 367692 |
| 395000 | 3.125 | 05/01/2027 | 381489 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR) | Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR) | Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR) | Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR) |
| 185000 | 4.250% | 05/01/2027 | $181255 |
| 335000 | 4.750 | 05/01/2036 | 319817 |
| Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR) | Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR) | Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR) | Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR) |
| 230000 | 4.125 | 05/01/2023 | 229725 |
| Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR) | Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR) | Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR) | Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR) |
| 250000 | 3.600 | 05/01/2029 | 233788 |
| 315000 | 4.000 | 05/01/2036 | 278363 |
| Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) | Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) | Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) | Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) |
| 140000 | 3.125 | 11/01/2024 | 135969 |
| 990000 | 3.500 | 11/01/2030 | 885752 |
| 1705000 | 4.000 | 11/01/2040 | 1426827 |
| Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)<sup>(f)</sup> | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)<sup>(f)</sup> | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)<sup>(f)</sup> | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)<sup>(f)</sup> |
| 215000 | 4.200 | 05/01/2024 | 214113 |
| 630000 | 4.550 | 05/01/2029 | 624843 |
| Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(f)</sup> | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(f)</sup> | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(f)</sup> | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 400000 | 2.500 | 05/01/2026 | 371656 |
| 500000 | 3.000 | 05/01/2031 | 429210 |
| 425000 | 3.200 | 05/01/2041 | 310322 |
| Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(f)</sup> | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(f)</sup> | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(f)</sup> | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 205000 | 2.500 | 05/01/2026 | 190474 |
| 315000 | 3.000 | 05/01/2031 | 270402 |
| Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) |
| 70000 | 3.350 | 11/01/2024 | 68722 |
| 200000 | 3.700 | 11/01/2029 | 187870 |
| 695000 | 4.125 | 11/01/2039 | 597451 |
| Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) |
| 135000 | 5.000 | 05/01/2028 | 135706 |
| Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) |
| 200000 | 3.000 | 05/01/2032 | 168931 |
| 220000 | 3.375 | 05/01/2041 | 166018 |
| Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) |
| 390000 | 5.375 | 05/01/2028 | 395193 |
| Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) |
| 165000 | 2.250 | 05/01/2026 | 151674 |
| 435000 | 2.750 | 05/01/2031 | 363103 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR) | Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR) | Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR) | Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR) |
| 500000 | 5.500% | 05/01/2042 | $499779 |
| Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) | Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) | Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) | Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) |
| 335000 | 2.500 | 05/01/2025 | 318296 |
| 320000 | 3.250 | 05/01/2030 | 285231 |
| Avelar Creek Community Development District Special Assessment Refunding Series 2016 (NR/A-) | Avelar Creek Community Development District Special Assessment Refunding Series 2016 (NR/A-) | Avelar Creek Community Development District Special Assessment Refunding Series 2016 (NR/A-) | Avelar Creek Community Development District Special Assessment Refunding Series 2016 (NR/A-) |
| 175000 | 2.500 | 05/01/2023 | 174569 |
| 180000 | 2.500 | 05/01/2024 | 178181 |
| 185000 | 3.000 | 05/01/2025 | 180375 |
| 190000 | 3.000 | 05/01/2026 | 183746 |
| Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 65000 | 3.625 | 06/01/2024 | 64027 |
| 450000 | 4.000 | 06/01/2030 | 426337 |
| Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR) |
| 310000 | 2.500 | 05/01/2025 | 294174 |
| 285000 | 3.000 | 05/01/2030 | 247615 |
| 775000 | 4.000 | 05/01/2040 | 648439 |
| Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR) |
| 480000 | 2.500 | 05/01/2025 | 455495 |
| 250000 | 3.000 | 05/01/2030 | 217206 |
| Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR) |
| 155000 | 2.500 | 05/01/2025 | 147087 |
| 145000 | 3.000 | 05/01/2030 | 125979 |
| 385000 | 4.000 | 05/01/2040 | 322128 |
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) |
| 205000 | 5.000 | 11/01/2031 | 205932 |
| 100000 | 5.250 | 11/01/2046 | 95683 |
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> |
| 130000 | 4.000 | 11/01/2024 | 128872 |
| 360000 | 4.500 | 11/01/2029 | 355586 |
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) |
| 2000000 | 4.250 | 05/01/2032 | 1899973 |
| Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) |
| 360000 | 2.375 | 05/01/2026 | 332814 |
| Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) |
| 50000 | 4.500 | 11/01/2025 | 49938 |
| Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) |
| 175000 | 5.000 | 11/01/2036 | 172253 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) – (continued) | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) – (continued) | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) – (continued) | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) – (continued) |
| 305000 | 5.000% | 11/01/2048 | $278234 |
| Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR\NR) | Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR\NR) | Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR\NR) | Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 350000 | 3.300 | 05/01/2032 | 300752 |
| 1385000 | 4.000 | 05/01/2042 | 1135258 |
| Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) |
| 525000 | 4.250 | 05/01/2029 | 537373 |
| 465000 | 4.500 | 05/01/2035 | 466555 |
| Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) |
| 455000 | 4.500 | 05/01/2025 | 454955 |
| Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) | Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) | Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) | Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) |
| 125000 | 2.500 | 05/01/2023 | 124648 |
| 125000 | 2.750 | 05/01/2024 | 123915 |
| 90000 | 3.000 | 05/01/2025 | 87711 |
| Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) | Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) | Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) | Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) |
| 315000 | 3.500 | 05/01/2023 | 315130 |
| 325000 | 3.500 | 05/01/2024 | 325559 |
| 340000 | 3.500 | 05/01/2025 | 337897 |
| 350000 | 3.500 | 05/01/2026 | 347361 |
| 365000 | 3.500 | 05/01/2027 | 360826 |
| Bellagio Community Development District Special Assessment Bonds Series 2016 (NR/BBB) | Bellagio Community Development District Special Assessment Bonds Series 2016 (NR/BBB) | Bellagio Community Development District Special Assessment Bonds Series 2016 (NR/BBB) | Bellagio Community Development District Special Assessment Bonds Series 2016 (NR/BBB) |
| 160000 | 2.750 | 11/01/2023 | 158009 |
| 170000 | 3.000 | 11/01/2025 | 163005 |
| Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 630000 | 2.625 | 05/01/2025 | 597956 |
| 1075000 | 3.250 | 05/01/2030 | 952969 |
| Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) |
| 190000 | 2.500 | 12/15/2025 | 177741 |
| 325000 | 3.125 | 12/15/2030 | 282890 |
| Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 75000 | 3.000 | 06/15/2025 | 71977 |
| 465000 | 3.250 | 06/15/2030 | 412119 |
| Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 165000 | 3.500 | 06/15/2024 | 162213 |
| 1000000 | 4.000 | 06/15/2032 | 930762 |
| Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) | Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) | Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) | Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) |
| 295000 | 2.500 | 05/01/2026 | 273411 |
| 455000 | 3.000 | 05/01/2031 | 388352 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 245000 | 2.875% | 05/01/2025 | $233815 |
| 1130000 | 3.250 | 05/01/2031 | 983377 |
| 500000 | 3.625 | 05/01/2040 | 390894 |
| Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) |
| 400000 | 3.000 | 06/15/2032 | 334103 |
| 1095000 | 3.250 | 06/15/2042 | 786209 |
| Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR\NR) | Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR\NR) | Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR\NR) | Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR\NR) |
| 1000000 | 4.000 | 05/01/2042 | 819681 |
| Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) | Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) | Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) | Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) |
| 425000 | 2.375 | 05/01/2026 | 393008 |
| 500000 | 2.850 | 05/01/2031 | 423826 |
| Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) |
| 320000 | 4.375 | 05/01/2027 | 314800 |
| 350000 | 4.750 | 05/01/2032 | 341507 |
| Broward County Port Facilities RB Series 2019A (A1/A) | Broward County Port Facilities RB Series 2019A (A1/A) | Broward County Port Facilities RB Series 2019A (A1/A) | Broward County Port Facilities RB Series 2019A (A1/A) |
| 1005000 | 5.000 | 09/01/2037 | 1081963 |
| 1050000 | 5.000 | 09/01/2038 | 1118432 |
| Broward County Port Facilities RB Series 2019B (AMT) (A1/A) | Broward County Port Facilities RB Series 2019B (AMT) (A1/A) | Broward County Port Facilities RB Series 2019B (AMT) (A1/A) | Broward County Port Facilities RB Series 2019B (AMT) (A1/A) |
| 4700000 | 4.000 | 09/01/2049 | 4084156 |
| Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) |
| 400000 | 4.750 | 05/01/2027 | 393080 |
| 400000 | 5.250 | 05/01/2032 | 389621 |
| Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 665000 | 5.250 | 05/01/2042 | 645312 |
| Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 105000 | 3.250 | 12/15/2024 | 102024 |
| 1280000 | 3.500 | 12/15/2030 | 1142833 |
| Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(f)</sup> | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(f)</sup> | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(f)</sup> | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(f)</sup> |
| 28215000 | 5.250 | 12/01/2058 | 24816263 |
| Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(f)</sup> |
| 610000 | 4.000 | 07/01/2041 | 486454 |
| 760000 | 4.000 | 07/01/2051 | 547992 |
| Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)<sup>(f)</sup> |
| 230000 | 3.250 | 06/01/2031 | 193723 |
| Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)<sup>(f)</sup> |
| 320000 | 3.000 | 12/15/2029 | 289130 |
| 645000 | 5.000 | 12/15/2039 | 604317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(f)</sup> |
| 900000 | 4.000% | 12/01/2028 | $833073 |
| 1375000 | 5.250 | 12/01/2043 | 1273014 |
| Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(f)</sup> | Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(f)</sup> |
| 880000 | 4.500 | 01/01/2035 | 787038 |
| Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) | Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) | Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) | Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) |
| 558000 | 4.250 | 05/01/2031 | 560641 |
| Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) | Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) | Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) | Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) |
| 130000 | 2.250 | 05/01/2026 | 119501 |
| Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) |
| 110000 | 3.500 | 11/01/2025 | 107988 |
| 115000 | 3.500 | 11/01/2026 | 112299 |
| Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| 235000 | 2.500 | 05/01/2023 | 234225 |
| 245000 | 2.500 | 05/01/2024 | 241806 |
| 250000 | 3.000 | 05/01/2025 | 243034 |
| 255000 | 3.000 | 05/01/2026 | 246718 |
| 600000 | 4.250 | 05/01/2037 | 565389 |
| Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> |
| 66000 | 3.875 | 11/01/2024 | 64955 |
| 189000 | 4.200 | 11/01/2029 | 183204 |
| 750000 | 5.000 | 11/01/2049 | 679183 |
| Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 85000 | 3.000 | 05/01/2025 | 81737 |
| 625000 | 3.375 | 05/01/2031 | 555886 |
| 590000 | 3.750 | 05/01/2040 | 473469 |
| CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 290000 | 2.400 | 05/01/2026 | 267897 |
| 650000 | 2.875 | 05/01/2031 | 547996 |
| 740000 | 3.350 | 05/01/2041 | 543116 |
| Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(f)</sup> | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(f)</sup> | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(f)</sup> | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(f)</sup> |
| 350000 | 2.500 | 05/01/2026 | 324386 |
| 260000 | 3.000 | 05/01/2031 | 221915 |
| Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> |
| 370000 | 2.625 | 05/01/2025 | 351180 |
| 595000 | 3.200 | 05/01/2030 | 525660 |
| Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) | Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) | Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) | Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) |
| 100000 | 3.250 | 05/01/2025 | 96631 |
| 360000 | 3.750 | 05/01/2030 | 330008 |
| 975000 | 4.250 | 05/01/2040 | 842993 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 1430000 | 3.250% | 05/01/2041 | $1033419 |
| Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(f)</sup> | Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(f)</sup> | Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(f)</sup> | Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(f)</sup> |
| 1300000 | 4.000 | 10/01/2051 | 950376 |
| Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)<sup>(f)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)<sup>(f)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)<sup>(f)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)<sup>(f)</sup> |
| 1340000 | 5.500 | 10/01/2036 | 1345819 |
| Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)<sup>(f)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)<sup>(f)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)<sup>(f)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 900000 | 5.000 | 10/01/2029 | 903628 |
| 1000000 | 5.000 | 10/01/2034 | 991295 |
| City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+) | City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+) | City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+) | City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+) |
| 1000000 | 4.000 | 10/01/2034 | 1016918 |
| City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) |
| 2000000 | 5.125 | 06/01/2042 | 1993603 |
| 950000 | 5.250 | 06/01/2052 | 931229 |
| City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) | City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) | City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) | City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) |
| 1300000 | 3.250 | 09/01/2025 | 1253668 |
| City of Pompano Beach RB Series 2021B-2 (NR/BBB) (NR/NR) | City of Pompano Beach RB Series 2021B-2 (NR/BBB) (NR/NR) | City of Pompano Beach RB Series 2021B-2 (NR/BBB) (NR/NR) | City of Pompano Beach RB Series 2021B-2 (NR/BBB) (NR/NR) |
| 1865000 | 1.450 | 01/01/2027 | 1631793 |
| City of St. Petersburg Public Utility RB Series 2019A (NR/AA) | City of St. Petersburg Public Utility RB Series 2019A (NR/AA) | City of St. Petersburg Public Utility RB Series 2019A (NR/AA) | City of St. Petersburg Public Utility RB Series 2019A (NR/AA) |
| 4000000 | 5.000 | 10/01/2049 | 4232462 |
| City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A-) | City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A-) | City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A-) | City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A-) |
| 900000 | 4.000 | 07/01/2038 | 883772 |
| 750000 | 5.000 | 07/01/2040 | 775279 |
| City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) | City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) | City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) | City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) |
| 415000 | 5.000 | 01/01/2037 | 388007 |
| 1485000 | 5.000 | 01/01/2047 | 1302538 |
| 1395000 | 5.000 | 01/01/2052 | 1200973 |
| City of West Palm Beach Utility System RB Series 2017 A (Aa2/AA+) | City of West Palm Beach Utility System RB Series 2017 A (Aa2/AA+) | City of West Palm Beach Utility System RB Series 2017 A (Aa2/AA+) | City of West Palm Beach Utility System RB Series 2017 A (Aa2/AA+) |
| 15000000 | 5.000 | 10/01/2042 | 15792837 |
| CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)<sup>(c)</sup> | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)<sup>(c)</sup> | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)<sup>(c)</sup> | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)<sup>(c)</sup> |
| 5000000 | 0.000 | 05/01/2038 | 4373438 |
| Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)<sup>(f)</sup> | Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)<sup>(f)</sup> | Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)<sup>(f)</sup> | Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 105000 | 3.625 | 06/15/2024 | 103334 |
| 295000 | 4.000 | 06/15/2029 | 283132 |
| Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR) | Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR) | Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR) | Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR) |
| 655000 | 5.375 | 05/01/2036 | 655107 |
| Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 615000 | 5.750 | 05/01/2042 | 622820 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) | Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) | Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) | Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) |
| 880000 | 2.375% | 05/01/2023 | $876774 |
| 900000 | 2.500 | 05/01/2024 | 889414 |
| 925000 | 2.750 | 05/01/2025 | 899369 |
| 915000 | 3.000 | 05/01/2026 | 885123 |
| 980000 | 3.200 | 05/01/2027 | 945066 |
| 1015000 | 3.250 | 05/01/2028 | 979478 |
| 1500000 | 3.750 | 05/01/2046 | 1294901 |
| Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 90000 | 3.200 | 12/15/2024 | 88021 |
| 500000 | 3.500 | 12/15/2029 | 464777 |
| 325000 | 4.000 | 12/15/2039 | 276508 |
| Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 315000 | 4.750 | 05/01/2032 | 309167 |
| 250000 | 5.500 | 05/01/2042 | 246884 |
| Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 160000 | 2.750 | 05/01/2025 | 152270 |
| Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 940000 | 3.000 | 05/01/2031 | 802310 |
| 820000 | 3.000 | 05/01/2037 | 618401 |
| Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(f)</sup> | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(f)</sup> | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(f)</sup> | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(f)</sup> |
| 55000 | 3.750 | 11/01/2023 | 54582 |
| 350000 | 4.500 | 11/01/2028 | 343305 |
| Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB) | Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB) | Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB) | Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB) |
| 129000 | 3.000 | 05/01/2023 | 128805 |
| 133000 | 3.250 | 05/01/2024 | 132495 |
| 138000 | 3.500 | 05/01/2025 | 135767 |
| 143000 | 3.625 | 05/01/2026 | 140775 |
| Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA) | Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA) | Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA) | Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA) |
| 200000 | 3.250 | 05/01/2023 | 200072 |
| 205000 | 3.375 | 05/01/2024 | 205129 |
| 215000 | 3.500 | 05/01/2025 | 213954 |
| 210000 | 4.125 | 05/01/2035 | 210084 |
| County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) |
| 2810000 | 5.000 | 09/01/2033 | 3075274 |
| 2955000 | 5.000 | 09/01/2034 | 3225493 |
| 3005000 | 5.000 | 09/01/2035 | 3249841 |
| 1610000 | 4.000 | 09/01/2036 | 1604893 |
| 3520000 | 4.000 | 09/01/2038 | 3429619 |
| County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A1/A) | County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A1/A) | County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A1/A) | County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A1/A) |
| 7500000 | 2.600 | 06/01/2023 | 7470440 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| County of Miami-Dade Aviation RB Series 2019 A (AMT) (NR/A-) | County of Miami-Dade Aviation RB Series 2019 A (AMT) (NR/A-) | County of Miami-Dade Aviation RB Series 2019 A (AMT) (NR/A-) | County of Miami-Dade Aviation RB Series 2019 A (AMT) (NR/A-) |
| 4500000 | 4.000% | 10/01/2044 | $4018621 |
| 5220000 | 5.000 | 10/01/2044 | 5297952 |
| County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) |
| 400000 | 5.000 | 10/01/2026 | 410079 |
| 475000 | 5.000 | 10/01/2027 | 488593 |
| 525000 | 5.000 | 10/01/2028 | 541284 |
| 450000 | 5.000 | 10/01/2029 | 467161 |
| 770000 | 5.000 | 10/01/2030 | 795627 |
| 365000 | 5.000 | 10/01/2031 | 375273 |
| 415000 | 5.000 | 10/01/2032 | 424785 |
| 350000 | 5.000 | 10/01/2033 | 356710 |
| 265000 | 5.000 | 10/01/2034 | 268926 |
| 435000 | 5.000 | 10/01/2035 | 440511 |
| 600000 | 5.000 | 10/01/2036 | 606502 |
| 525000 | 5.000 | 10/01/2037 | 529201 |
| 805000 | 5.000 | 10/01/2038 | 810433 |
| 1000000 | 5.000 | 10/01/2039 | 1005607 |
| 3160000 | 5.000 | 10/01/2049 | 3159756 |
| County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+)<sup>(g)</sup> | County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+)<sup>(g)</sup> | County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+)<sup>(g)</sup> | County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+)<sup>(g)</sup> |
| 155000 | 0.000 | 10/01/2025 | 136763 |
| 275000 | 0.000 | 10/01/2026 | 230849 |
| 360000 | 0.000 | 10/01/2027 | 287166 |
| 500000 | 0.000 | 10/01/2028 | 379853 |
| 700000 | 0.000 | 10/01/2029 | 506781 |
| Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(f)</sup> | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(f)</sup> | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(f)</sup> | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(f)</sup> |
| 235000 | 3.875 | 11/01/2024 | 231277 |
| 740000 | 4.250 | 11/01/2030 | 710886 |
| Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)<sup>(f)</sup> | Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)<sup>(f)</sup> | Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)<sup>(f)</sup> | Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)<sup>(f)</sup> |
| 100000 | 3.125 | 11/01/2030 | 87080 |
| Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) |
| 450000 | 3.875 | 05/01/2027 | 431940 |
| 755000 | 4.250 | 05/01/2032 | 705254 |
| 2185000 | 4.625 | 05/01/2042 | 1929646 |
| Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 2000000 | 4.250 | 05/01/2042 | 1705801 |
| Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (NR/NR) | Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (NR/NR) | Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (NR/NR) | Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (NR/NR) |
| 765000 | 4.000 | 05/01/2024 | 759768 |
| Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) | Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) | Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) | Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) |
| 180000 | 2.250 | 05/01/2026 | 165462 |
| 400000 | 2.700 | 05/01/2031 | 332552 |
| Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) | Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) | Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) | Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) |
| 460000 | 2.625 | 06/15/2025 | 435436 |

---

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) – (continued) | Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) – (continued) | Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) – (continued) | Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) – (continued) |
| 660000 | 3.000% | 06/15/2031 | $561828 |
| Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(f)</sup> | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(f)</sup> | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(f)</sup> | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(f)</sup> |
| 155000 | 2.625 | 05/01/2025 | 147840 |
| 295000 | 3.250 | 05/01/2030 | 262415 |
| Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 255000 | 4.375 | 05/01/2027 | 248612 |
| 410000 | 4.750 | 05/01/2032 | 395887 |
| 535000 | 5.000 | 05/01/2042 | 497351 |
| Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> |
| 65000 | 3.750 | 11/01/2023 | 64507 |
| 730000 | 4.500 | 11/01/2028 | 722897 |
| Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) |
| 2555000 | 5.400 | 05/01/2039 | 2519772 |
| Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) | Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) | Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) | Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) |
| 1670000 | 5.300 | 05/01/2039 | 1659953 |
| DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) |
| 195000 | 3.250 | 05/01/2030 | 172864 |
| Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> |
| 2220000 | 4.600 | 05/01/2028 | 2205401 |
| 745000 | 4.250 | 12/15/2028 | 723325 |
| 2395000 | 4.750 | 12/15/2038 | 2260795 |
| Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA) | Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA) | Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA) | Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA) |
| 690000 | 3.750 | 05/01/2034 | 697650 |
| 955000 | 4.000 | 05/01/2037 | 959528 |
| DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) |
| 175000 | 4.500 | 05/01/2032 | 166724 |
| 500000 | 5.125 | 05/01/2042 | 471347 |
| DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> |
| 290000 | 2.375 | 05/01/2026 | 267677 |
| 470000 | 3.000 | 05/01/2032 | 393565 |
| Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 150000 | 4.375 | 05/01/2027 | 148181 |
| Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> |
| 185000 | 3.000 | 05/01/2025 | 177761 |
| 440000 | 3.625 | 05/01/2031 | 393946 |
| East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| 130000 | 2.500 | 05/01/2026 | 120486 |
| 340000 | 3.000 | 05/01/2031 | 290197 |
| 550000 | 3.300 | 05/01/2041 | 403107 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR) | East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR) | East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR) | East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR) |
| 405000 | 2.250% | 05/01/2026 | $372291 |
| 460000 | 3.000 | 05/01/2032 | 385191 |
| East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) | East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) | East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) | East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) |
| 105000 | 3.750 | 11/01/2024 | 103110 |
| East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR) | East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR) | East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR) | East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR) |
| 280000 | 4.125 | 11/01/2029 | 270281 |
| Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 440000 | 3.250 | 05/01/2027 | 411892 |
| 535000 | 3.625 | 05/01/2032 | 472424 |
| 785000 | 4.000 | 05/01/2042 | 643386 |
| Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) |
| 90000 | 2.750 | 05/01/2025 | 85666 |
| 110000 | 3.250 | 05/01/2030 | 97513 |
| Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) |
| 385000 | 2.500 | 05/01/2026 | 357586 |
| 700000 | 3.100 | 05/01/2031 | 604779 |
| Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) | Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) | Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) | Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 1050000 | 3.000 | 05/01/2027 | 974857 |
| 1875000 | 3.375 | 05/01/2032 | 1628646 |
| 1875000 | 4.000 | 05/01/2042 | 1536503 |
| Enbrook Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | Enbrook Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | Enbrook Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | Enbrook Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> |
| 430000 | 3.000 | 05/01/2030 | 375119 |
| Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> |
| 375000 | 2.625 | 05/01/2031 | 308325 |
| 1860000 | 3.125 | 05/01/2041 | 1336636 |
| Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) (NR/NR) | Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) (NR/NR) |
| 305000 | 2.450 | 11/01/2026 | 279031 |
| 430000 | 3.100 | 11/01/2031 | 366017 |
| Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) | Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) | Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) | Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) |
| 190000 | 2.500 | 05/01/2026 | 176231 |
| 355000 | 3.000 | 05/01/2031 | 303413 |
| 370000 | 3.500 | 05/01/2041 | 276973 |
| Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) |
| 3705000 | 4.000 | 08/15/2045 | 3223563 |
| Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB+) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB+) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB+) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB+) |
| 1000000 | 5.000 | 08/15/2031 | 1060453 |
| 3080000 | 5.000 | 08/15/2032 | 3254723 |
| 1000000 | 5.000 | 08/15/2033 | 1053714 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB+) – (continued) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB+) – (continued) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB+) – (continued) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB+) – (continued) |
| 2125000 | 5.000% | 08/15/2034 | $2224023 |
| 2760000 | 5.000 | 08/15/2035 | 2869186 |
| 8960000 | 5.000 | 08/15/2036 | 9254673 |
| 1200000 | 5.000 | 08/15/2038 | 1228854 |
| 3605000 | 5.000 | 08/15/2040 | 3661812 |
| Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 400000 | 2.000 | 10/01/2024 | 384903 |
| Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) |
| 660000 | 3.250 | 11/01/2025 | 633166 |
| 375000 | 3.625 | 11/01/2030 | 338499 |
| Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) |
| 100000 | 3.250 | 11/01/2025 | 95934 |
| 100000 | 3.625 | 11/01/2030 | 90267 |
| Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(f)</sup> | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(f)</sup> | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(f)</sup> | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(f)</sup> |
| 140000 | 4.125 | 11/01/2024 | 138829 |
| 445000 | 4.250 | 11/01/2029 | 432452 |
| Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) |
| 1000000 | 4.000 | 05/01/2052 | 755309 |
| Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 1355000 | 2.625 | 05/01/2026 | 1259003 |
| 1220000 | 3.125 | 05/01/2031 | 1051498 |
| Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) |
| 310000 | 3.250 | 05/01/2023 | 308619 |
| 1895000 | 4.250 | 05/01/2029 | 1862154 |
| 3085000 | 5.000 | 05/01/2035 | 3073323 |
| Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| 355000 | 3.500 | 05/01/2030 | 320063 |
| 165000 | 4.000 | 05/01/2040 | 138080 |
| Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) |
| 1450000 | 2.750 | 11/01/2035 | 1179880 |
| Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(f)</sup> | Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(f)</sup> | Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(f)</sup> | Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(f)</sup> |
| 1265000 | 5.000 | 07/01/2032 | 1182273 |
| 3000000 | 5.375 | 07/01/2042 | 2669411 |
| Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(f)</sup> | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(f)</sup> | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(f)</sup> | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(f)</sup> |
| 2005000 | 5.000 | 10/01/2042 | 1835339 |
| Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(f)</sup> | Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(f)</sup> | Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(f)</sup> | Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(f)</sup> |
| 10750000 | 7.250 | 10/03/2023 | 10717968 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> |
| 1505000 | 4.000% | 06/01/2030 | $1387214 |
| Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)<sup>(f)</sup> |
| 425000 | 4.000 | 12/15/2029 | 420584 |
| 425000 | 5.000 | 12/15/2034 | 442103 |
| 490000 | 5.000 | 12/15/2039 | 499601 |
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> |
| 1675000 | 5.125 | 06/01/2040 | 1548566 |
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)<sup>(f)</sup> |
| 820000 | 1.750 | 06/01/2026 | 735271 |
| Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) | Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) | Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) | Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) |
| 320000 | 4.000 | 07/01/2035 | 298927 |
| Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) |
| 420000 | 4.000 | 06/01/2030 | 385918 |
| Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(f)</sup> |
| 4900000 | 7.375 | 01/01/2049 | 4273942 |
| Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) | Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) | Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) | Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) |
| 275000 | 5.000 | 06/01/2031 | 255486 |
| 200000 | 5.000 | 06/01/2035 | 178627 |
| Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(f)</sup> |
| 630000 | 4.000 | 06/30/2036 | 517661 |
| 660000 | 4.000 | 06/30/2041 | 503343 |
| Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> |
| 415000 | 4.000 | 06/01/2026 | 396618 |
| Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) |
| 250000 | 5.000 | 04/01/2026 | 262154 |
| 265000 | 5.000 | 04/01/2027 | 281520 |
| 280000 | 5.000 | 04/01/2028 | 299754 |
| 220000 | 5.000 | 04/01/2029 | 237479 |
| Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)<sup>(f)</sup> | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)<sup>(f)</sup> |
| 470000 | 4.000 | 09/15/2030 | 429808 |
| 1050000 | 5.000 | 09/15/2040 | 951260 |
| Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A<br>(NR/NR)<sup>(a)(b)(f)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A<br>(NR/NR)<sup>(a)(b)(f)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A<br>(NR/NR)<sup>(a)(b)(f)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A<br>(NR/NR)<sup>(a)(b)(f)</sup> |
| 20465000 | 6.500 | 01/01/2029 | 18264974 |
| Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(f)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(f)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(f)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(f)</sup> |
| 485000 | 6.250 | 01/01/2024 | 466136 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |  |  |  |  |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |  |  |  |  |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |  |  |  |  |
| Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(f)</sup> – (continued) | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(f)</sup> – (continued) | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(f)</sup> – (continued) | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(f)</sup> – (continued) |  |  |  |  |
| 9090000 | 6.375% | 01/01/2026 | $8301324 |  |  |  |  |
| Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (NR/BBB-) | Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (NR/BBB-) | Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (NR/BBB-) | Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (NR/BBB-) |  |  |  |  |
| 250000 | 5.000 | 10/01/2023 | 252095 |  |  |  |  |
| 350000 | 5.000 | 10/01/2024 | 356909 |  |  |  |  |
| Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)<sup>(f)</sup> |  |  |  |  |
| 2000000 | 4.500 | 06/01/2033 | 1804654 |  |  |  |  |
| 250000 | 4.750 | 06/01/2038 | 217010 |  |  |  |  |
| 4500000 | 5.000 | 06/01/2048 | 3773151 |  |  |  |  |
| Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (NR/BBB) |  |  |  |  |
| 2000000 | 5.000 | 03/01/2044 | 1995369 |  |  |  |  |
| Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-) | Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-) | Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-) | Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-) |  |  |  |  |
| 1700000 | 5.000 | 03/01/2039 | 1553473 |  |  |  |  |
| Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) |  |  |  |  |
| 2750000 | 5.000 | 03/01/2047 | 2710307 |  |  |  |  |
| Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR) |  |  |  |  |
| 1540000 | 4.875 | 11/01/2037 | 1491946 |  |  |  |  |
| Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR) |  |  |  |  |
| 200000 | 4.000 | 11/01/2028 | 193010 |  |  |  |  |
| 1065000 | 5.000 | 11/01/2038 | 1040360 |  |  |  |  |
| Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) |  |  |  |  |
| 190000 | 3.350 | 11/01/2024 | 186530 |  |  |  |  |
| 885000 | 3.700 | 11/01/2029 | 831326 |  |  |  |  |
| 1790000 | 4.125 | 11/01/2039 | 1538532 |  |  |  |  |
| Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) | Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) | Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) | Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) |  |  |  |  |
| 465000 | 3.750 | 11/01/2039 | 374199 |  |  |  |  |
| Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)<sup>(f)</sup> | Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)<sup>(f)</sup> | Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)<sup>(f)</sup> | Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)<sup>(f)</sup> |  |  |  |  |
| 525000 | 2.625 | 05/01/2025 | 501252 |  |  |  |  |
| 495000 | 3.250 | 05/01/2030 | 441826 |  |  |  |  |
| Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) |  |  |  |  |
| Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | 615000.0 | 2.95 | 05/01/2031 | 521570.0 |
| 1595000 | 3.350 | 05/01/2041 | 1178032 |  |  |  |  |
| Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR) | Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR) | Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR) | Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR) |  |  |  |  |
| 690000 | 4.250 | 05/01/2026 | 683250 |  |  |  |  |
| Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) |  |  |  |  |
| 830000 | 3.250 | 05/01/2025 | 802034 |  |  |  |  |
| 1360000 | 4.000 | 05/01/2030 | 1284385 |  |  |  |  |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) |
| 170000 | 3.750% | 11/01/2024 | $166940 |
| 560000 | 4.125 | 11/01/2029 | 540168 |
| 1205000 | 4.750 | 11/01/2039 | 1117567 |
| 1935000 | 5.000 | 11/01/2050 | 1747221 |
| Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 215000 | 3.200 | 11/01/2031 | 184513 |
| 500000 | 3.500 | 11/01/2041 | 373508 |
| Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 570000 | 2.500 | 05/01/2026 | 528285 |
| Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) |
| 940000 | 5.000 | 11/15/2036 | 940285 |
| Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A) |
| 1290000 | 5.000 | 10/01/2047 | 1306506 |
| Grove Resort Community Development District Special Assessment RB Series 2022 (NR\NR) | Grove Resort Community Development District Special Assessment RB Series 2022 (NR\NR) | Grove Resort Community Development District Special Assessment RB Series 2022 (NR\NR) | Grove Resort Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 170000 | 3.300 | 05/01/2032 | 146079 |
| 440000 | 3.550 | 05/01/2042 | 329604 |
| Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR) | Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR) | Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR) | Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR) |
| 115000 | 3.000 | 11/01/2024 | 111812 |
| 1095000 | 3.500 | 11/01/2030 | 996644 |
| Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) | Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) | Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) | Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) |
| 490000 | 3.875 | 05/01/2026 | 476031 |
| Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 500000 | 4.200 | 05/01/2027 | 483830 |
| 500000 | 4.400 | 05/01/2032 | 473183 |
| 650000 | 4.700 | 05/01/2042 | 584252 |
| Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) |
| 325000 | 2.625 | 05/01/2025 | 308469 |
| 510000 | 3.250 | 05/01/2030 | 452106 |
| Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) |
| 160000 | 2.375 | 05/01/2026 | 147684 |
| 205000 | 3.000 | 05/01/2031 | 174972 |
| Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| 545000 | 3.100 | 05/01/2024 | 533461 |
| 1880000 | 3.300 | 05/01/2029 | 1718243 |
| 365000 | 3.700 | 05/01/2033 | 318431 |
| Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) |
| 200000 | 3.100 | 05/01/2024 | 195765 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) – (continued) | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) – (continued) | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) – (continued) | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) – (continued) |
| 1140000 | 3.300% | 05/01/2029 | $1041099 |
| Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(f)</sup> | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(f)</sup> | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(f)</sup> | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(f)</sup> |
| 265000 | 4.000 | 05/01/2024 | 268120 |
| 265000 | 4.000 | 05/01/2025 | 269058 |
| 140000 | 4.000 | 05/01/2026 | 142826 |
| Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) |
| 70000 | 3.250 | 11/01/2024 | 68183 |
| 400000 | 3.500 | 11/01/2030 | 359192 |
| 1000000 | 3.875 | 11/01/2039 | 827441 |
| Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) |
| 125000 | 3.625 | 11/01/2030 | 113245 |
| Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 355000 | 2.600 | 05/01/2026 | 330101 |
| 435000 | 3.200 | 05/01/2031 | 376259 |
| 1000000 | 3.450 | 05/01/2041 | 765127 |
| Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) | Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) | Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) | Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) |
| 900000 | 5.000 | 05/01/2034 | 900245 |
| Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA) | Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA) | Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA) | Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA) |
| 215000 | 4.000 | 05/01/2024 | 217671 |
| 225000 | 4.000 | 05/01/2025 | 230526 |
| 235000 | 4.000 | 05/01/2026 | 243492 |
| 240000 | 4.000 | 05/01/2027 | 250569 |
| 250000 | 4.000 | 05/01/2028 | 260953 |
| Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) | Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) | Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) | Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) |
| 585000 | 3.375 | 05/01/2023 | 584648 |
| 605000 | 3.500 | 05/01/2024 | 604330 |
| 625000 | 3.625 | 05/01/2025 | 619565 |
| 650000 | 3.750 | 05/01/2026 | 645317 |
| 1005000 | 4.200 | 05/01/2031 | 997108 |
| 1000000 | 4.350 | 05/01/2036 | 971064 |
| Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) |
| 365000 | 2.500 | 05/01/2030 | 339803 |
| 375000 | 2.500 | 05/01/2031 | 342319 |
| 300000 | 3.000 | 05/01/2032 | 293947 |
| 300000 | 3.000 | 05/01/2033 | 285467 |
| 245000 | 3.000 | 05/01/2034 | 231001 |
| 255000 | 3.000 | 05/01/2035 | 235471 |
| 200000 | 3.000 | 05/01/2036 | 181230 |
| Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR) |
| 180000 | 2.875 | 05/01/2025 | 171783 |
| 200000 | 3.250 | 05/01/2031 | 174049 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) |
| 140000 | 3.250% | 05/01/2031 | $121834 |
| Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)<sup>(f)</sup> | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)<sup>(f)</sup> | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)<sup>(f)</sup> | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)<sup>(f)</sup> |
| 115000 | 4.000 | 12/15/2024 | 113949 |
| 550000 | 4.250 | 12/15/2029 | 534872 |
| Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) |
| 30000 | 3.375 | 11/01/2025 | 28878 |
| 220000 | 3.875 | 11/01/2031 | 199194 |
| 300000 | 4.200 | 11/01/2039 | 260320 |
| Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR) |
| 365000 | 4.875 | 11/01/2027 | 367221 |
| 865000 | 5.375 | 11/01/2037 | 865082 |
| 775000 | 5.500 | 11/01/2047 | 756897 |
| Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR) |
| 75000 | 4.875 | 11/01/2027 | 75456 |
| 335000 | 5.500 | 11/01/2047 | 327175 |
| Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR) | Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR) | Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR) | Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR) |
| 790000 | 4.000 | 11/01/2028 | 766712 |
| 700000 | 4.500 | 11/01/2038 | 640759 |
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(f)</sup> | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(f)</sup> | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(f)</sup> | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(f)</sup> |
| 1010000 | 3.000 | 05/01/2025 | 970480 |
| 1020000 | 3.500 | 05/01/2031 | 904709 |
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) |
| 250000 | 2.800 | 05/01/2031 | 209515 |
| 1000000 | 3.200 | 05/01/2041 | 721609 |
| Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) | Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) | Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) | Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) |
| 70000 | 4.000 | 11/01/2025 | 68886 |
| 165000 | 4.500 | 11/01/2031 | 160199 |
| 170000 | 5.000 | 11/01/2041 | 160730 |
| Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 747000 | 3.000 | 05/01/2031 | 637580 |
| 933000 | 3.000 | 05/01/2037 | 703620 |
| Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> |
| 80000 | 4.000 | 11/01/2024 | 79247 |
| 220000 | 5.000 | 11/01/2039 | 212729 |
| K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)<sup>(f)</sup> | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)<sup>(f)</sup> | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)<sup>(f)</sup> | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)<sup>(f)</sup> |
| 1175000 | 4.500 | 05/01/2038 | 1071542 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)<sup>(f)</sup> – (continued) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)<sup>(f)</sup> – (continued) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)<sup>(f)</sup> – (continued) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)<sup>(f)</sup> – (continued) |
| 1855000 | 4.625% | 05/01/2048 | $1591512 |
| K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 670000 | 2.750 | 05/01/2031 | 559262 |
| 765000 | 3.125 | 05/01/2041 | 545540 |
| Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) |
| 165000 | 2.625 | 05/01/2025 | 156607 |
| 155000 | 3.000 | 05/01/2030 | 135064 |
| Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) |
| 600000 | 3.125 | 05/01/2041 | 432834 |
| Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) | Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) | Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) | Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) |
| 1000000 | 4.625 | 05/01/2037 | 933082 |
| Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 455000 | 2.750 | 06/15/2025 | 432509 |
| 485000 | 3.125 | 06/15/2030 | 425466 |
| 375000 | 4.000 | 06/15/2040 | 311085 |
| Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 700000 | 3.600 | 06/15/2041 | 540328 |
| Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) |
| 500000 | 4.500 | 05/01/2027 | 485248 |
| 500000 | 5.000 | 05/01/2032 | 478048 |
| 1480000 | 5.500 | 05/01/2042 | 1387841 |
| Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-2 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-2 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-2 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-2 (NR/NR) |
| 470000 | 3.875 | 05/01/2031 | 427943 |
| Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR) |
| 35000 | 3.000 | 05/01/2026 | 33098 |
| Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR) | Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR) | Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR) | Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR) |
| 355000 | 3.500 | 05/01/2030 | 320063 |
| 330000 | 4.000 | 05/01/2035 | 295732 |
| Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| 135000 | 2.625 | 05/01/2026 | 125436 |
| 125000 | 3.200 | 05/01/2031 | 108362 |
| Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) |
| 265000 | 3.125 | 05/01/2025 | 255182 |
| 370000 | 3.400 | 05/01/2030 | 332768 |
| Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(f)</sup> |
| 560000 | 2.500 | 05/01/2025 | 530468 |
| Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) |
| 120000 | 3.000 | 05/01/2024 | 117262 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) – (continued) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) – (continued) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) – (continued) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) – (continued) |
| 225000 | 3.250% | 05/01/2029 | $204968 |
| 200000 | 3.850 | 05/01/2039 | 165118 |
| Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR) |
| 470000 | 3.000 | 05/01/2030 | 408762 |
| 750000 | 3.500 | 05/01/2040 | 571749 |
| Lakewood Ranch Stewardship District Special Assessment for Sweetwater Project Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Sweetwater Project Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Sweetwater Project Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Sweetwater Project Series 2021 (NR/NR) |
| 295000 | 2.625 | 05/01/2031 | 243250 |
| 1000000 | 3.100 | 05/01/2041 | 707573 |
| Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) |
| 100000 | 3.600 | 05/01/2024 | 98479 |
| 285000 | 3.800 | 05/01/2029 | 267765 |
| Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)<sup>(f)</sup> |
| 515000 | 4.300 | 05/01/2027 | 508586 |
| Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 105000 | 2.900 | 05/01/2024 | 102249 |
| 570000 | 3.200 | 05/01/2029 | 517719 |
| Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) |
| 105000 | 3.600 | 05/01/2024 | 103403 |
| 310000 | 3.800 | 05/01/2029 | 291253 |
| Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) |
| 705000 | 4.250 | 05/01/2025 | 700685 |
| 1605000 | 4.875 | 05/01/2035 | 1566712 |
| 905000 | 4.875 | 05/01/2045 | 823071 |
| Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) |
| 940000 | 4.625 | 05/01/2027 | 940082 |
| 1000000 | 5.250 | 05/01/2037 | 1001455 |
| Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) |
| 80000 | 3.900 | 05/01/2023 | 79808 |
| 535000 | 4.250 | 05/01/2028 | 524372 |
| Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) |
| 675000 | 4.350 | 05/01/2024 | 673417 |
| 1970000 | 4.750 | 05/01/2029 | 1967176 |
| 2250000 | 5.300 | 05/01/2039 | 2237761 |
| Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR) |
| 220000 | 4.250 | 05/01/2026 | 217608 |
| 6055000 | 5.000 | 05/01/2036 | 6012157 |
| 4350000 | 5.125 | 05/01/2046 | 4060635 |
| Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) |
| 500000 | 2.000 | 05/01/2028 | 453720 |
| 500000 | 2.000 | 05/01/2029 | 444629 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) |
| 430000 | 3.000% | 05/01/2041 | $306731 |
| Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR)<sup>(f)</sup> | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR)<sup>(f)</sup> |
| 320000 | 2.500 | 05/01/2025 | 303260 |
| 440000 | 3.200 | 05/01/2030 | 389153 |
| Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) | Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) | Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) | Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) |
| 285000 | 3.500 | 05/01/2024 | 280340 |
| 275000 | 3.875 | 05/01/2029 | 259362 |
| Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> |
| 55000 | 3.625 | 11/01/2023 | 54527 |
| 560000 | 4.125 | 11/01/2028 | 543959 |
| 250000 | 4.750 | 11/01/2048 | 218502 |
| Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019<br>A-1 (NR/A) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019<br>A-1 (NR/A) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019<br>A-1 (NR/A) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019<br>A-1 (NR/A) |
| 460000 | 3.000 | 05/01/2023 | 458773 |
| 375000 | 3.000 | 05/01/2024 | 371655 |
| 490000 | 3.000 | 05/01/2025 | 475726 |
| 500000 | 3.000 | 05/01/2026 | 483542 |
| 520000 | 3.000 | 05/01/2027 | 498305 |
| 535000 | 3.000 | 05/01/2028 | 507872 |
| 550000 | 3.000 | 05/01/2029 | 517724 |
| 1605000 | 3.000 | 05/01/2035 | 1374353 |
| Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019<br>A-2 (NR/NR) | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019<br>A-2 (NR/NR) | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019<br>A-2 (NR/NR) | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019<br>A-2 (NR/NR) |
| 280000 | 3.125 | 05/01/2024 | 274278 |
| 535000 | 3.375 | 05/01/2030 | 479826 |
| 925000 | 4.000 | 05/01/2038 | 797567 |
| Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 455000 | 4.375 | 05/01/2027 | 443775 |
| 530000 | 4.750 | 05/01/2032 | 512136 |
| 450000 | 5.000 | 05/01/2042 | 418835 |
| Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
| 330000 | 3.500 | 05/01/2025 | 328322 |
| 340000 | 3.500 | 05/01/2026 | 337436 |
| 500000 | 4.000 | 05/01/2036 | 485718 |
| Lee Memorial Health System Hospital Revenue & Revenue Refunding Bonds 2019 Series A-2 (A+/NR)<sup>(a)(b)</sup> | Lee Memorial Health System Hospital Revenue & Revenue Refunding Bonds 2019 Series A-2 (A+/NR)<sup>(a)(b)</sup> | Lee Memorial Health System Hospital Revenue & Revenue Refunding Bonds 2019 Series A-2 (A+/NR)<sup>(a)(b)</sup> | Lee Memorial Health System Hospital Revenue & Revenue Refunding Bonds 2019 Series A-2 (A+/NR)<sup>(a)(b)</sup> |
| 11700000 | 5.000 | 04/01/2026 | 11961109 |
| Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) |
| 800000 | 3.125 | 05/01/2025 | 770871 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 1325000 | 5.000% | 05/01/2038 | $1292097 |
| Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) |
| 496000 | 5.375 | 05/01/2030 | 489620 |
| LT Ranch Community Development District Capital Improvement RB Series 2022-1 (NR/NR) | LT Ranch Community Development District Capital Improvement RB Series 2022-1 (NR/NR) | LT Ranch Community Development District Capital Improvement RB Series 2022-1 (NR/NR) | LT Ranch Community Development District Capital Improvement RB Series 2022-1 (NR/NR) |
| 100000 | 5.300 | 05/01/2032 | 99920 |
| 285000 | 5.750 | 05/01/2042 | 283986 |
| 460000 | 5.900 | 05/01/2053 | 454197 |
| LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) | LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) | LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) | LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) |
| 620000 | 3.000 | 05/01/2025 | 595740 |
| 980000 | 3.400 | 05/01/2030 | 877634 |
| 1420000 | 4.000 | 05/01/2040 | 1188084 |
| LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) |
| 1100000 | 3.250 | 05/01/2031 | 957270 |
| LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) |
| 360000 | 2.500 | 05/01/2026 | 333654 |
| 700000 | 3.125 | 05/01/2031 | 603318 |
| 775000 | 3.450 | 05/01/2041 | 584823 |
| Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 120000 | 3.800 | 05/01/2024 | 118525 |
| 290000 | 4.000 | 05/01/2029 | 279025 |
| Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 255000 | 3.250 | 06/15/2024 | 249634 |
| 885000 | 3.625 | 06/15/2030 | 803211 |
| Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> |
| 1900000 | 6.625 | 05/01/2053 | 1924885 |
| Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) | Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) | Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) | Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 350000 | 4.000 | 05/01/2032 | 326265 |
| 1050000 | 4.250 | 05/01/2042 | 895218 |
| McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> |
| 1000000 | 4.750 | 11/01/2029 | 1001575 |
| Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (NR/A) | Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (NR/A) | Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (NR/A) | Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (NR/A) |
| 745000 | 4.450 | 05/01/2030 | 750151 |
| Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 505000 | 3.000 | 05/01/2031 | 431028 |
| 1785000 | 3.250 | 05/01/2041 | 1289967 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) | Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) | Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) | Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) |
| 50000 | 3.500% | 05/01/2023 | $49817 |
| Miami Dade County Avaiation Revenue Refunding Bonds Series 2015A (AMT) (NR/A) | Miami Dade County Avaiation Revenue Refunding Bonds Series 2015A (AMT) (NR/A) | Miami Dade County Avaiation Revenue Refunding Bonds Series 2015A (AMT) (NR/A) | Miami Dade County Avaiation Revenue Refunding Bonds Series 2015A (AMT) (NR/A) |
| 10000000 | 5.000 | 10/01/2038 | 10147793 |
| Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)<sup>(f)</sup> | Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)<sup>(f)</sup> | Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)<sup>(f)</sup> | Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)<sup>(f)</sup> |
| 1240000 | 5.000 | 03/01/2030 | 1243431 |
| Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA) | Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA) | Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA) | Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA) |
| 1000000 | 4.000 | 10/01/2037 | 998950 |
| 900000 | 4.000 | 10/01/2038 | 896072 |
| Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) | Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) | Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) | Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) |
| 65000 | 4.000 | 11/01/2023 | 64867 |
| 1000000 | 4.750 | 11/01/2027 | 1005429 |
| 850000 | 5.125 | 11/01/2039 | 833418 |
| 2350000 | 5.250 | 11/01/2049 | 2243276 |
| Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (AMT) (A-/NR) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (AMT) (A-/NR) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (AMT) (A-/NR) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (AMT) (A-/NR) |
| 11000000 | 5.000 | 10/01/2049 | 11057479 |
| Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(f)</sup> | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(f)</sup> | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(f)</sup> | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(f)</sup> |
| 430000 | 5.000 | 07/01/2037 | 391475 |
| 670000 | 5.250 | 07/01/2042 | 599956 |
| Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 405000 | 2.500 | 05/01/2026 | 375360 |
| 750000 | 3.125 | 05/01/2031 | 644377 |
| Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) | Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) | Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) | Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 690000 | 4.625 | 05/01/2027 | 683038 |
| 360000 | 5.125 | 05/01/2032 | 358479 |
| Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 125000 | 3.125 | 12/15/2024 | 121305 |
| 675000 | 3.375 | 12/15/2030 | 601703 |
| 1500000 | 4.000 | 12/15/2039 | 1276602 |
| Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) | Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) | Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) | Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) |
| 1545000 | 5.250 | 11/01/2035 | 1550836 |
| New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) | New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) | New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) | New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 500000 | 3.500 | 05/01/2031 | 442105 |
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(f)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(f)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(f)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(f)</sup> |
| 125000 | 3.500 | 05/01/2026 | 121544 |
| 130000 | 3.500 | 05/01/2027 | 125453 |
| 135000 | 3.500 | 05/01/2028 | 130210 |
| 140000 | 3.500 | 05/01/2029 | 134247 |
| 700000 | 3.500 | 05/01/2038 | 601199 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)<sup>(f)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)<sup>(f)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)<sup>(f)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)<sup>(f)</sup> |
| 30000 | 3.125% | 05/01/2025 | $28908 |
| 30000 | 3.500 | 05/01/2031 | 26609 |
| North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR) | North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR) | North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR) | North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 260000 | 2.625 | 05/01/2026 | 241580 |
| 285000 | 3.125 | 05/01/2031 | 245637 |
| North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) |
| 370000 | 2.450 | 11/01/2026 | 338497 |
| 500000 | 3.000 | 11/01/2031 | 422102 |
| North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> |
| 295000 | 5.250 | 05/01/2032 | 285890 |
| North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) |
| 390000 | 2.625 | 05/01/2025 | 370163 |
| 495000 | 3.125 | 05/01/2030 | 435071 |
| 430000 | 3.625 | 05/01/2040 | 334157 |
| North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA) |
| 655000 | 5.000 | 10/01/2030 | 737885 |
| 575000 | 5.000 | 10/01/2031 | 646975 |
| 1025000 | 5.000 | 10/01/2033 | 1147433 |
| 1205000 | 5.000 | 10/01/2034 | 1356651 |
| 1000000 | 5.000 | 10/01/2036 | 1103601 |
| 1975000 | 5.000 | 10/01/2037 | 2163685 |
| 2075000 | 5.000 | 10/01/2038 | 2259195 |
| 2180000 | 5.000 | 10/01/2039 | 2361666 |
| 2630000 | 5.000 | 10/01/2044 | 2801927 |
| North Sumter County Utility Dependent District RB Refunding Series 2020 (NR/AA-) | North Sumter County Utility Dependent District RB Refunding Series 2020 (NR/AA-) | North Sumter County Utility Dependent District RB Refunding Series 2020 (NR/AA-) | North Sumter County Utility Dependent District RB Refunding Series 2020 (NR/AA-) |
| 28725000 | 5.000 | 10/01/2043 | 31060564 |
| Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+) | Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+) | Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+) | Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+) |
| 1150000 | 4.450 | 05/01/2031 | 1157955 |
| Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 170000 | 2.500 | 06/15/2025 | 161183 |
| 300000 | 3.000 | 06/15/2030 | 260792 |
| 315000 | 4.000 | 06/15/2040 | 265220 |
| Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 380000 | 3.700 | 05/01/2024 | 374846 |
| 825000 | 4.100 | 05/01/2029 | 802544 |
| Orlando Utilities Commission RB Series 2021 B (Aa2/AA)<sup>(a)(b)</sup> | Orlando Utilities Commission RB Series 2021 B (Aa2/AA)<sup>(a)(b)</sup> | Orlando Utilities Commission RB Series 2021 B (Aa2/AA)<sup>(a)(b)</sup> | Orlando Utilities Commission RB Series 2021 B (Aa2/AA)<sup>(a)(b)</sup> |
| 4325000 | 1.250 | 10/01/2028 | 3680014 |
| Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 100000 | 3.250 | 05/01/2025 | 96631 |
| 350000 | 3.500 | 05/01/2030 | 315555 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR) | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR) | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR) | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR) |
| 3285000 | 5.875% | 11/01/2037 | $3376134 |
| 3500000 | 6.000 | 11/01/2047 | 3567031 |
| Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> |
| 100000 | 4.375 | 11/01/2023 | 99947 |
| 640000 | 4.875 | 11/01/2028 | 643197 |
| Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> |
| 160000 | 2.375 | 05/01/2026 | 147684 |
| 180000 | 2.875 | 05/01/2031 | 151753 |
| 365000 | 3.300 | 05/01/2041 | 265161 |
| Palm Beach County Health Facilities Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 B (NR/NR) | Palm Beach County Health Facilities Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 B (NR/NR) | Palm Beach County Health Facilities Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 B (NR/NR) | Palm Beach County Health Facilities Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 B (NR/NR) |
| 250000 | 4.000 | 11/15/2041 | 213125 |
| 1030000 | 5.000 | 11/15/2042 | 1005855 |
| Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) | Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) | Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) | Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) |
| 2300000 | 4.000 | 05/15/2053 | 1530945 |
| 1825000 | 5.000 | 05/15/2053 | 1476334 |
| Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR) |
| 615000 | 4.000 | 05/15/2030 | 550745 |
| 8190000 | 4.000 | 05/15/2036 | 6665675 |
| Palm Coast Park Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Palm Coast Park Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Palm Coast Park Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Palm Coast Park Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 275000 | 2.800 | 05/01/2031 | 230466 |
| 730000 | 3.125 | 05/01/2041 | 517266 |
| Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) | Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) | Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) | Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) |
| 125000 | 3.400 | 05/01/2025 | 121196 |
| 245000 | 3.750 | 05/01/2030 | 224589 |
| 965000 | 4.150 | 05/01/2040 | 826335 |
| Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) |
| 215000 | 3.500 | 11/01/2025 | 213609 |
| 225000 | 3.500 | 11/01/2026 | 223044 |
| 230000 | 3.500 | 11/01/2027 | 227260 |
| 240000 | 3.500 | 11/01/2028 | 236565 |
| 585000 | 4.000 | 11/01/2033 | 582855 |
| Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> | Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> | Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> | Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> |
| 785000 | 4.000 | 05/01/2050 | 597843 |
| Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) |
| 530000 | 2.750 | 05/01/2023 | 529085 |
| 350000 | 3.750 | 05/01/2031 | 343050 |
| 1045000 | 4.000 | 05/01/2036 | 1020340 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) |
| 255000 | 4.000% | 05/01/2027 | $249539 |
| 3500000 | 5.000 | 05/01/2039 | 3415762 |
| Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 820000 | 2.875 | 11/01/2031 | 683340 |
| 1450000 | 3.150 | 11/01/2041 | 1043908 |
| Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) | Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) | Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) | Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) |
| 120000 | 4.500 | 05/01/2024 | 119925 |
| 465000 | 4.750 | 05/01/2030 | 460626 |
| Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) |
| 625000 | 3.125 | 05/01/2030 | 549331 |
| 800000 | 3.750 | 05/01/2040 | 632637 |
| Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) | Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) | Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) | Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) |
| 345000 | 4.250 | 05/01/2031 | 345504 |
| 1030000 | 4.500 | 05/01/2038 | 991375 |
| Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) |
| 265000 | 4.000 | 05/01/2026 | 265380 |
| 275000 | 4.000 | 05/01/2027 | 275441 |
| 285000 | 4.125 | 05/01/2028 | 286766 |
| Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 255000 | 2.500 | 05/01/2026 | 237252 |
| 335000 | 3.125 | 05/01/2031 | 290738 |
| Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) | Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) | Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) | Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) |
| 250000 | 2.625 | 05/01/2026 | 232288 |
| 375000 | 3.250 | 05/01/2031 | 326342 |
| 885000 | 3.550 | 05/01/2041 | 667822 |
| Pasco County School Board Certificates of Participation Series 2021B (AGM) (AA/A+) | Pasco County School Board Certificates of Participation Series 2021B (AGM) (AA/A+) | Pasco County School Board Certificates of Participation Series 2021B (AGM) (AA/A+) | Pasco County School Board Certificates of Participation Series 2021B (AGM) (AA/A+) |
| 3000000 | 5.000 | 08/01/2046 | 3149231 |
| Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) | Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) | Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) | Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) |
| 445000 | 4.000 | 05/01/2024 | 447761 |
| 480000 | 4.000 | 05/01/2026 | 485014 |
| 520000 | 4.000 | 05/01/2028 | 527363 |
| 1325000 | 4.500 | 05/01/2031 | 1345150 |
| Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (NR/A-) | Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (NR/A-) | Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (NR/A-) | Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (NR/A-) |
| 1330000 | 4.500 | 11/01/2033 | 1330365 |
| Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> |
| 225000 | 3.000 | 12/15/2031 | 189466 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) |
| 545000 | 2.000% | 05/01/2028 | $485187 |
| 555000 | 2.000 | 05/01/2029 | 483494 |
| 565000 | 2.125 | 05/01/2030 | 481935 |
| 1000000 | 2.625 | 05/01/2034 | 830177 |
| 990000 | 2.800 | 05/01/2037 | 778345 |
| Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) |
| 425000 | 2.750 | 05/01/2025 | 404535 |
| Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR) | Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR) | Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR) | Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR) |
| 2200000 | 5.000 | 07/01/2029 | 2221224 |
| Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) |
| 60000 | 2.875 | 05/01/2025 | 57261 |
| 170000 | 3.250 | 05/01/2031 | 147942 |
| Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) |
| 1265000 | 2.800 | 05/01/2025 | 1205193 |
| 3330000 | 3.200 | 05/01/2031 | 2886778 |
| 1875000 | 3.500 | 05/01/2037 | 1506100 |
| Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) |
| 275000 | 4.750 | 11/01/2029 | 274983 |
| Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) |
| 55000 | 3.250 | 11/01/2024 | 53535 |
| 555000 | 3.500 | 11/01/2030 | 496558 |
| Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) |
| 205000 | 2.500 | 05/01/2026 | 189997 |
| Preston Cove Community Development District Special Assessment RB Series 2022 (NR\NR) | Preston Cove Community Development District Special Assessment RB Series 2022 (NR\NR) | Preston Cove Community Development District Special Assessment RB Series 2022 (NR\NR) | Preston Cove Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 575000 | 3.250 | 05/01/2027 | 538269 |
| 1820000 | 4.000 | 05/01/2042 | 1491671 |
| Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) | Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) | Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) | Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) |
| 120000 | 2.200 | 12/15/2026 | 108417 |
| 490000 | 2.700 | 12/15/2031 | 401185 |
| 735000 | 3.125 | 12/15/2041 | 520127 |
| Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> |
| 60000 | 4.100 | 05/01/2024 | 59691 |
| 185000 | 4.500 | 05/01/2029 | 182985 |
| Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR) | Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR) | Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR) | Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR) |
| 280000 | 4.250 | 11/01/2025 | 277704 |
| Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) | Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) | Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) | Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) |
| 475000 | 5.000 | 05/01/2025 | 483283 |
| Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) | Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) | Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) | Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) |
| 130000 | 3.750 | 05/01/2024 | 128319 |
| 425000 | 4.000 | 05/01/2030 | 402916 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) |
| 1150000 | 3.000% | 05/01/2036 | $884140 |
| Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 85000 | 3.500 | 05/01/2024 | 83679 |
| 405000 | 4.000 | 05/01/2030 | 383785 |
| 615000 | 4.500 | 05/01/2040 | 550578 |
| 610000 | 4.750 | 05/01/2050 | 528920 |
| Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 190000 | 3.000 | 05/01/2032 | 159101 |
| 400000 | 3.300 | 05/01/2042 | 289913 |
| Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 450000 | 4.750 | 05/01/2027 | 443925 |
| 700000 | 5.000 | 05/01/2032 | 681642 |
| River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) |
| 2390000 | 4.000 | 05/01/2031 | 2384437 |
| 890000 | 4.000 | 05/01/2035 | 869228 |
| River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) | River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) | River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) | River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) |
| 570000 | 2.375 | 05/01/2026 | 526124 |
| 600000 | 3.000 | 05/01/2031 | 512113 |
| River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) |
| 460000 | 2.750 | 05/01/2025 | 437850 |
| 525000 | 3.250 | 05/01/2031 | 456879 |
| River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-2 (NR/NR) | River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-2 (NR/NR) | River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-2 (NR/NR) | River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-2 (NR/NR) |
| 400000 | 3.000 | 05/01/2026 | 377964 |
| 1000000 | 3.000 | 05/01/2031 | 853521 |
| 1000000 | 3.000 | 05/01/2036 | 768818 |
| River Landing Community Development District Special Assessment Series 2020 A (NR/NR) | River Landing Community Development District Special Assessment Series 2020 A (NR/NR) | River Landing Community Development District Special Assessment Series 2020 A (NR/NR) | River Landing Community Development District Special Assessment Series 2020 A (NR/NR) |
| 245000 | 3.000 | 05/01/2025 | 235413 |
| 475000 | 3.600 | 05/01/2030 | 430249 |
| Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| 250000 | 2.400 | 05/01/2026 | 230946 |
| 300000 | 3.000 | 05/01/2031 | 256056 |
| Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> |
| 165000 | 2.400 | 05/01/2026 | 152425 |
| 300000 | 3.000 | 05/01/2031 | 256056 |
| Rivington Community Development District Special Assessment RB Series 2022 (NR\NR) | Rivington Community Development District Special Assessment RB Series 2022 (NR\NR) | Rivington Community Development District Special Assessment RB Series 2022 (NR\NR) | Rivington Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 4065000 | 4.000 | 05/01/2052 | 3051613 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Rolling Hills Community Development District Capital Improvement and Refunding Bonds Series 2022A-2 (NR\NR) | Rolling Hills Community Development District Capital Improvement and Refunding Bonds Series 2022A-2 (NR\NR) | Rolling Hills Community Development District Capital Improvement and Refunding Bonds Series 2022A-2 (NR\NR) | Rolling Hills Community Development District Capital Improvement and Refunding Bonds Series 2022A-2 (NR\NR) |
| 1000000 | 3.650% | 05/01/2032 | $880446 |
| Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR\NR) | Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR\NR) | Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR\NR) | Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR\NR) |
| 965000 | 3.750 | 05/01/2042 | 740582 |
| Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(f)</sup> |
| 200000 | 5.625 | 05/01/2029 | 200672 |
| 830000 | 6.250 | 05/01/2042 | 836186 |
| Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR\NR) | Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR\NR) | Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR\NR) | Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR\NR) |
| 1000000 | 2.850 | 05/01/2027 | 917040 |
| 1100000 | 3.200 | 05/01/2032 | 937183 |
| Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 410000 | 3.400 | 11/01/2041 | 309804 |
| Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 350000 | 2.500 | 06/15/2025 | 331316 |
| 320000 | 3.000 | 06/15/2030 | 279265 |
| 290000 | 4.000 | 06/15/2040 | 244371 |
| Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 265000 | 2.625 | 12/15/2027 | 238183 |
| 355000 | 3.100 | 12/15/2032 | 296840 |
| Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 500000 | 5.250 | 05/01/2042 | 482315 |
| Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) |
| 690000 | 2.375 | 05/01/2035 | 561272 |
| 1425000 | 2.625 | 05/01/2040 | 1105256 |
| San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> |
| 290000 | 3.375 | 06/15/2024 | 284398 |
| 1000000 | 3.750 | 06/15/2031 | 902004 |
| Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 450000 | 3.000 | 11/01/2031 | 379892 |
| 1100000 | 3.300 | 11/01/2041 | 801675 |
| Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 500000 | 5.750 | 11/01/2042 | 497613 |
| Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 595000 | 3.250 | 05/01/2026 | 566916 |
| 1450000 | 3.750 | 05/01/2031 | 1312213 |
| Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) |
| 495000 | 2.750 | 05/01/2025 | 471165 |
| 465000 | 3.250 | 05/01/2030 | 412214 |
| 560000 | 3.750 | 05/01/2040 | 440219 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 425000 | 3.750% | 05/01/2027 | $406039 |
| 700000 | 4.125 | 05/01/2032 | 653016 |
| 1525000 | 4.500 | 05/01/2042 | 1333618 |
| Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) |
| 400000 | 4.400 | 10/01/2027 | 393094 |
| 550000 | 5.000 | 10/01/2032 | 541631 |
| Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> |
| 130000 | 4.000 | 11/01/2024 | 128740 |
| 735000 | 4.500 | 11/01/2029 | 723930 |
| Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> |
| 70000 | 4.000 | 11/01/2023 | 69762 |
| Shingle Creek at Bronson Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Shingle Creek at Bronson Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Shingle Creek at Bronson Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Shingle Creek at Bronson Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 1000000 | 3.500 | 06/15/2041 | 765157 |
| Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 630000 | 3.625 | 05/01/2024 | 621209 |
| 1895000 | 4.000 | 05/01/2029 | 1835431 |
| 5000000 | 4.750 | 05/01/2039 | 4646651 |
| Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 160000 | 3.300 | 06/15/2032 | 137183 |
| 450000 | 4.000 | 06/15/2042 | 365339 |
| Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 900000 | 3.000 | 06/15/2032 | 756077 |
| 1905000 | 3.250 | 06/15/2042 | 1395555 |
| Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) |
| 230000 | 2.500 | 05/01/2026 | 213168 |
| 325000 | 3.100 | 05/01/2031 | 279568 |
| Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) | Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) | Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) | Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) |
| 300000 | 2.500 | 05/01/2026 | 278045 |
| 720000 | 3.000 | 05/01/2031 | 614535 |
| Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) | Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) | Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) | Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) |
| 215000 | 3.125 | 11/01/2025 | 205557 |
| 505000 | 3.625 | 11/01/2031 | 448407 |
| 300000 | 4.125 | 11/01/2040 | 254520 |
| South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| 240000 | 2.375 | 06/15/2026 | 220895 |
| 175000 | 2.875 | 06/15/2031 | 147122 |
| 475000 | 3.250 | 06/15/2041 | 347177 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (NR/BBB) | South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (NR/BBB) | South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (NR/BBB) | South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (NR/BBB) |
| 420000 | 3.000% | 05/01/2023 | $419109 |
| 435000 | 3.250 | 05/01/2024 | 433625 |
| 445000 | 3.450 | 05/01/2025 | 437792 |
| 465000 | 3.625 | 05/01/2026 | 456902 |
| 975000 | 4.125 | 05/01/2036 | 929841 |
| South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> |
| 245000 | 4.250 | 11/01/2024 | 243756 |
| 730000 | 4.500 | 11/01/2029 | 719837 |
| South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) |
| 200000 | 4.000 | 05/01/2024 | 198858 |
| 590000 | 4.625 | 05/01/2029 | 587248 |
| South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| 350000 | 2.500 | 11/01/2023 | 347401 |
| 355000 | 2.750 | 11/01/2024 | 345980 |
| 370000 | 3.000 | 11/01/2025 | 358350 |
| Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR) |
| 425000 | 2.400 | 05/01/2026 | 392608 |
| Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) |
| 100000 | 2.875 | 05/01/2024 | 97373 |
| 300000 | 3.250 | 05/01/2029 | 273166 |
| Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) |
| 300000 | 3.375 | 05/01/2025 | 290707 |
| 120000 | 4.000 | 05/01/2030 | 113214 |
| 335000 | 4.300 | 05/01/2040 | 291456 |
| 300000 | 4.500 | 05/01/2046 | 255032 |
| Southshore Bay Community Development District Special Assessment Bond for Assessment Area One Series 2021 (NR/NR)<sup>(f)</sup> | Southshore Bay Community Development District Special Assessment Bond for Assessment Area One Series 2021 (NR/NR)<sup>(f)</sup> | Southshore Bay Community Development District Special Assessment Bond for Assessment Area One Series 2021 (NR/NR)<sup>(f)</sup> | Southshore Bay Community Development District Special Assessment Bond for Assessment Area One Series 2021 (NR/NR)<sup>(f)</sup> |
| 1730000 | 3.000 | 05/01/2033 | 1414044 |
| St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) |
| 900000 | 4.000 | 12/15/2036 | 756435 |
| Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 200000 | 2.450 | 05/01/2026 | 185060 |
| Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> |
| 305000 | 2.375 | 06/15/2026 | 280721 |
| Stonebrier Community Development District Special Assessment Refunding Series 2016 (NR/A-) | Stonebrier Community Development District Special Assessment Refunding Series 2016 (NR/A-) | Stonebrier Community Development District Special Assessment Refunding Series 2016 (NR/A-) | Stonebrier Community Development District Special Assessment Refunding Series 2016 (NR/A-) |
| 265000 | 2.500 | 05/01/2023 | 263592 |
| 270000 | 2.500 | 05/01/2024 | 265451 |
| 280000 | 3.000 | 05/01/2025 | 277457 |
| 290000 | 3.000 | 05/01/2026 | 286605 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)<sup>(f)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)<sup>(f)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)<sup>(f)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)<sup>(f)</sup> |
| 330000 | 3.000% | 11/01/2032 | $273459 |
| Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(f)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(f)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(f)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(f)</sup> |
| 585000 | 3.300 | 11/01/2041 | 426345 |
| Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) |
| 855000 | 6.375 | 11/01/2052 | 867444 |
| Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 170000 | 3.500 | 06/15/2024 | 167010 |
| 500000 | 4.000 | 06/15/2030 | 473552 |
| Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> |
| 415000 | 2.500 | 12/15/2025 | 387899 |
| 500000 | 3.000 | 12/15/2030 | 430290 |
| 1000000 | 3.500 | 12/15/2040 | 758505 |
| Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) |
| 160000 | 3.125 | 12/15/2025 | 152686 |
| 500000 | 3.625 | 12/15/2030 | 450452 |
| 870000 | 4.000 | 12/15/2039 | 735294 |
| Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 345000 | 4.300 | 06/15/2027 | 339783 |
| Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 250000 | 3.000 | 06/15/2032 | 208270 |
| 1000000 | 3.250 | 06/15/2042 | 728480 |
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(f)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(f)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(f)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 240000 | 2.375 | 06/15/2026 | 220333 |
| 225000 | 2.875 | 06/15/2031 | 189157 |
| 275000 | 3.300 | 06/15/2041 | 203255 |
| Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) |
| 130000 | 4.250 | 06/15/2027 | 127113 |
| 260000 | 4.500 | 06/15/2032 | 250299 |
| 585000 | 5.000 | 06/15/2042 | 548986 |
| Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 650000 | 3.450 | 05/01/2041 | 483177 |
| Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) |
| 275000 | 3.150 | 05/01/2031 | 237478 |
| Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) |
| 225000 | 3.000 | 05/01/2025 | 216196 |
| 465000 | 3.300 | 05/01/2031 | 406219 |
| 770000 | 3.750 | 05/01/2040 | 608913 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) |
| 180000 | 2.400% | 05/01/2026 | $166281 |
| 175000 | 3.000 | 05/01/2031 | 149366 |
| Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR)<sup>(f)</sup> | Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR)<sup>(f)</sup> | Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR)<sup>(f)</sup> | Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR)<sup>(f)</sup> |
| 375000 | 2.750 | 05/01/2031 | 313020 |
| 700000 | 3.150 | 05/01/2041 | 501167 |
| Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) |
| 165000 | 3.250 | 05/01/2030 | 146270 |
| Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) | Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) | Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) | Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) |
| 430000 | 4.200 | 05/01/2027 | 417882 |
| 460000 | 4.600 | 05/01/2032 | 439778 |
| Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) |
| 395000 | 2.500 | 05/01/2029 | 364172 |
| 715000 | 2.875 | 05/01/2033 | 633645 |
| 1435000 | 3.000 | 05/01/2038 | 1183352 |
| Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| 935000 | 3.500 | 05/01/2029 | 868556 |
| Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (NR/A+) | Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (NR/A+) | Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (NR/A+) | Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (NR/A+) |
| 190000 | 2.500 | 05/01/2023 | 189563 |
| 190000 | 2.500 | 05/01/2024 | 188129 |
| 200000 | 3.000 | 05/01/2025 | 195318 |
| 205000 | 3.000 | 05/01/2026 | 198522 |
| 1135000 | 3.500 | 05/01/2031 | 1085313 |
| 1370000 | 4.000 | 05/01/2036 | 1324108 |
| Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 315000 | 2.375 | 05/01/2026 | 290753 |
| 285000 | 3.000 | 05/01/2031 | 243254 |
| Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A2/A+) | Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A2/A+) | Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A2/A+) | Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A2/A+) |
| 2025000 | 5.000 | 07/01/2048 | 2074536 |
| Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) | Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) | Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) | Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) |
| 1115000 | 4.800 | 05/01/2036 | 1070048 |
| Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 1655000 | 3.400 | 06/15/2032 | 1431198 |
| Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) |
| 525000 | 2.350 | 12/15/2026 | 478563 |
| 750000 | 3.000 | 12/15/2031 | 634114 |
| 2000000 | 3.300 | 12/15/2041 | 1466964 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Tison's Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) | Tison's Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) | Tison's Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) | Tison's Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) |
| 205000 | 3.000% | 05/01/2027 | $197811 |
| 210000 | 3.125 | 05/01/2028 | 203264 |
| 230000 | 3.375 | 05/01/2032 | 218460 |
| Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) | Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) | Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) | Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) |
| 735000 | 3.600 | 05/01/2041 | 575753 |
| Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)<sup>(f)</sup> | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)<sup>(f)</sup> | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)<sup>(f)</sup> | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)<sup>(f)</sup> |
| 420000 | 5.200 | 05/01/2028 | 424979 |
| Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR) |
| 300000 | 4.625 | 05/01/2028 | 299673 |
| Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) |
| 4695000 | 3.000 | 05/01/2033 | 4317091 |
| 5290000 | 3.000 | 05/01/2037 | 4535641 |
| Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| 275000 | 3.500 | 05/01/2024 | 270987 |
| 760000 | 3.850 | 05/01/2029 | 722251 |
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (NR/AA) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (NR/AA) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (NR/AA) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (NR/AA) |
| 2025000 | 3.000 | 05/01/2033 | 1857105 |
| 4925000 | 3.000 | 05/01/2040 | 4025678 |
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)<sup>(f)</sup> | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)<sup>(f)</sup> | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)<sup>(f)</sup> | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)<sup>(f)</sup> |
| 1040000 | 3.450 | 05/01/2024 | 1024165 |
| 2970000 | 3.750 | 05/01/2029 | 2806270 |
| Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) | Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) | Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) | Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) |
| 265000 | 4.375 | 11/01/2023 | 264897 |
| 1875000 | 5.000 | 11/01/2029 | 1887678 |
| 95000 | 5.375 | 11/01/2039 | 94628 |
| Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> |
| 505000 | 4.250 | 06/15/2028 | 497963 |
| Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 195000 | 3.125 | 12/15/2025 | 186344 |
| 735000 | 3.625 | 12/15/2031 | 656270 |
| 450000 | 4.000 | 12/15/2040 | 377956 |
| Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-) | Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-) | Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-) | Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-) |
| 750000 | 5.000 | 04/01/2030 | 793272 |
| 650000 | 5.000 | 04/01/2031 | 683900 |
| 550000 | 5.000 | 04/01/2033 | 573878 |
| 3700000 | 5.000 | 04/01/2048 | 3723049 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (Aaa/AAA) | Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (Aaa/AAA) | Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (Aaa/AAA) | Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (Aaa/AAA) |
| 2000000 | 4.000% | 07/01/2043 | $2007047 |
| 7000000 | 4.000 | 07/01/2047 | 6995477 |
| Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) | Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) | Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) | Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) |
| 75000 | 3.500 | 05/01/2024 | 73948 |
| 360000 | 4.000 | 05/01/2030 | 340945 |
| 595000 | 4.375 | 05/01/2039 | 528367 |
| Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(f)</sup> | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(f)</sup> | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(f)</sup> | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(f)</sup> |
| 415000 | 3.125 | 05/01/2030 | 370807 |
| 475000 | 3.625 | 05/01/2040 | 382869 |
| Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) |
| 385000 | 2.300 | 05/01/2026 | 354489 |
| Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)<sup>(f)</sup> | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)<sup>(f)</sup> | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)<sup>(f)</sup> | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)<sup>(f)</sup> |
| 140000 | 4.375 | 11/01/2024 | 139616 |
| 485000 | 5.250 | 11/01/2039 | 474365 |
| Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(f)</sup> | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(f)</sup> | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(f)</sup> | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(f)</sup> |
| 355000 | 2.500 | 05/01/2025 | 335659 |
| 235000 | 3.250 | 05/01/2030 | 208323 |
| Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> |
| 1190000 | 3.125 | 11/01/2041 | 843343 |
| 750000 | 4.000 | 11/01/2051 | 565816 |
| Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) |
| 135000 | 2.500 | 11/01/2026 | 123738 |
| 200000 | 3.000 | 11/01/2031 | 168841 |
| Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) |
| 160000 | 3.875 | 05/01/2024 | 158185 |
| 490000 | 4.125 | 05/01/2029 | 474416 |
| Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR) | Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR) | Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR) | Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR) |
| 740000 | 4.875 | 05/01/2032 | 732332 |
| TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)<sup>(f)</sup> | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)<sup>(f)</sup> | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)<sup>(f)</sup> | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)<sup>(f)</sup> |
| 3955000 | 4.625 | 11/01/2038 | 3649422 |
| TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) |
| 105000 | 4.000 | 11/01/2024 | 104099 |
| 495000 | 4.500 | 11/01/2029 | 488112 |
| TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) | TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) | TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) | TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) |
| 2000000 | 4.750 | 11/01/2047 | 1752246 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) |
| 210000 | 3.000% | 11/01/2024 | $203501 |
| 700000 | 3.375 | 11/01/2030 | 620714 |
| 100000 | 4.000 | 11/01/2050 | 75978 |
| TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR) | TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR) | TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR) | TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR) |
| 315000 | 4.375 | 11/01/2025 | 313019 |
| Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 250000 | 3.000 | 05/01/2027 | 231898 |
| 465000 | 3.375 | 05/01/2032 | 402118 |
| 1430000 | 4.000 | 05/01/2042 | 1172072 |
| Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (NR/A) | Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (NR/A) | Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (NR/A) | Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (NR/A) |
| 1000000 | 4.250 | 05/01/2031 | 1002529 |
| Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) | Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) | Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) | Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) |
| 360000 | 2.250 | 05/01/2023 | 358722 |
| 365000 | 2.500 | 05/01/2024 | 361313 |
| 375000 | 2.625 | 05/01/2025 | 364215 |
| 390000 | 3.000 | 05/01/2026 | 378839 |
| 400000 | 3.125 | 05/01/2027 | 387432 |
| 415000 | 3.250 | 05/01/2028 | 404590 |
| Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR) | Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR) | Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR) | Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR) |
| 160000 | 4.200 | 05/01/2026 | 158092 |
| Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) | Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) | Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) | Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) |
| 230000 | 3.000 | 12/15/2024 | 222424 |
| 1000000 | 3.375 | 12/15/2030 | 884774 |
| Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)<sup>(f)</sup> | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)<sup>(f)</sup> | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)<sup>(f)</sup> | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)<sup>(f)</sup> |
| 1370000 | 5.000 | 12/15/2032 | 1361483 |
| 2000000 | 5.000 | 12/15/2037 | 1951634 |
| 4470000 | 5.000 | 12/15/2047 | 4116943 |
| Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 1440000 | 5.125 | 05/01/2042 | 1365447 |
| Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 600000 | 5.375 | 05/01/2033 | 597135 |
| Union Park East Community Development District Special Assessment Boonds for Assessment Area 3 Project Series 2021 (NR/NR)<sup>(f)</sup> | Union Park East Community Development District Special Assessment Boonds for Assessment Area 3 Project Series 2021 (NR/NR)<sup>(f)</sup> | Union Park East Community Development District Special Assessment Boonds for Assessment Area 3 Project Series 2021 (NR/NR)<sup>(f)</sup> | Union Park East Community Development District Special Assessment Boonds for Assessment Area 3 Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 105000 | 2.950 | 05/01/2031 | 89048 |
| 320000 | 3.350 | 05/01/2041 | 234271 |
| 370000 | 4.000 | 05/01/2051 | 279769 |
| University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) |
| 300000 | 2.500 | 05/01/2027 | 290332 |
| 310000 | 2.500 | 05/01/2028 | 297922 |
| 315000 | 2.625 | 05/01/2029 | 303853 |
| 1060000 | 3.000 | 05/01/2034 | 1005656 |
| 2130000 | 3.125 | 05/01/2038 | 1897036 |
| 1725000 | 3.250 | 05/01/2040 | 1520815 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(f)</sup> | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(f)</sup> | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(f)</sup> | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(f)</sup> |
| 345000 | 3.000% | 05/01/2025 | $331763 |
| 525000 | 3.500 | 05/01/2031 | 466971 |
| 875000 | 4.000 | 05/01/2040 | 734664 |
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| 1000000 | 3.625 | 05/01/2041 | 773522 |
| Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)<sup>(f)</sup> | Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)<sup>(f)</sup> | Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)<sup>(f)</sup> | Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)<sup>(f)</sup> |
| 220000 | 4.000 | 05/01/2024 | 218744 |
| Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> |
| 1000000 | 4.625 | 05/01/2029 | 993717 |
| 1000000 | 5.000 | 05/01/2038 | 969836 |
| Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) |
| 135000 | 4.000 | 11/01/2024 | 133842 |
| 395000 | 4.500 | 11/01/2029 | 389972 |
| Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR) |
| 125000 | 4.000 | 11/01/2024 | 123928 |
| 375000 | 4.500 | 11/01/2029 | 370227 |
| Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)<sup>(f)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)<sup>(f)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)<sup>(f)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 115000 | 2.500 | 05/01/2026 | 106584 |
| 175000 | 3.100 | 05/01/2031 | 150537 |
| Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(f)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(f)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(f)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 190000 | 2.500 | 05/01/2026 | 176095 |
| 270000 | 3.100 | 05/01/2031 | 232257 |
| Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) |
| 1000000 | 4.250 | 05/01/2037 | 895769 |
| Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) |
| 1265000 | 3.750 | 05/01/2026 | 1224133 |
| Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)<sup>(f)</sup> | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)<sup>(f)</sup> | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)<sup>(f)</sup> | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)<sup>(f)</sup> |
| 345000 | 3.250 | 05/01/2024 | 343733 |
| 355000 | 3.500 | 05/01/2025 | 349256 |
| 370000 | 3.625 | 05/01/2026 | 366248 |
| Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) |
| 280000 | 4.750 | 11/01/2025 | 280805 |
| Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 1000000 | 6.450 | 11/01/2042 | 1022507 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR) | Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR) | Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR) | Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR) |
| 325000 | 2.375% | 05/01/2026 | $299984 |
| 300000 | 3.000 | 05/01/2031 | 256056 |
| Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) |
| 250000 | 3.250 | 05/01/2031 | 217561 |
| 235000 | 4.000 | 05/01/2040 | 196641 |
| Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) |
| 150000 | 2.875 | 05/01/2025 | 143152 |
| 250000 | 3.250 | 05/01/2031 | 217562 |
| 1050000 | 4.000 | 05/01/2040 | 878606 |
| Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) |
| 115000 | 2.875 | 05/01/2025 | 109750 |
| 250000 | 3.250 | 05/01/2031 | 217561 |
| 815000 | 4.000 | 05/01/2040 | 681966 |
| Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (NR/A) | Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (NR/A) | Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (NR/A) | Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (NR/A) |
| 495000 | 4.250 | 05/01/2030 | 495597 |
| Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) |
| 380000 | 2.000 | 05/01/2027 | 343328 |
| 385000 | 2.000 | 05/01/2028 | 339884 |
| 395000 | 2.000 | 05/01/2029 | 341306 |
| 150000 | 2.125 | 05/01/2030 | 126893 |
| Viera Stewardship District Special Assessment RB Series 2021 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2021 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2021 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2021 (NR/NR) |
| 500000 | 2.300 | 05/01/2026 | 460376 |
| 930000 | 2.800 | 05/01/2031 | 779396 |
| Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) |
| 255000 | 3.125 | 05/01/2025 | 245716 |
| 500000 | 3.500 | 05/01/2030 | 450793 |
| 930000 | 3.750 | 05/01/2037 | 769859 |
| Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> | Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)<sup>(f)</sup> |
| 320000 | 3.250 | 05/01/2023 | 319231 |
| 920000 | 3.800 | 05/01/2028 | 897715 |
| 1840000 | 4.000 | 05/01/2033 | 1722274 |
| Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) |
| 720000 | 2.625 | 05/01/2024 | 700838 |
| 1205000 | 3.000 | 05/01/2029 | 1075748 |
| 1440000 | 3.375 | 05/01/2034 | 1218876 |
| 3810000 | 3.550 | 05/01/2039 | 3016453 |
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(f)</sup> | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(f)</sup> | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(f)</sup> | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(f)</sup> |
| 1705000 | 1.875 | 05/01/2025 | 1599678 |
| 2875000 | 2.625 | 05/01/2030 | 2460371 |
| 3315000 | 3.000 | 05/01/2035 | 2628663 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (NR/AA) | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (NR/AA) | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (NR/AA) | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (NR/AA) |
| 1735000 | 3.500% | 05/01/2032 | $1741710 |
| 2040000 | 4.000 | 05/01/2037 | 2054525 |
| Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) |
| 315000 | 4.000 | 05/01/2026 | 322555 |
| 305000 | 4.000 | 05/01/2027 | 313098 |
| 315000 | 4.000 | 05/01/2028 | 328375 |
| 330000 | 4.000 | 05/01/2029 | 344124 |
| Village Community Development District Special Assessment RB Series 2021 (NR/NR) | Village Community Development District Special Assessment RB Series 2021 (NR/NR) | Village Community Development District Special Assessment RB Series 2021 (NR/NR) | Village Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 950000 | 2.550 | 05/01/2031 | 789602 |
| 1900000 | 2.850 | 05/01/2036 | 1442173 |
| 2400000 | 3.000 | 05/01/2041 | 1677945 |
| Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) |
| 185000 | 4.625 | 05/01/2027 | 182073 |
| 235000 | 4.875 | 05/01/2032 | 229142 |
| 610000 | 5.125 | 05/01/2042 | 578075 |
| Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) |
| 210000 | 3.150 | 05/01/2032 | 178636 |
| 500000 | 3.450 | 05/01/2042 | 366373 |
| Villamar Community Development District Special Assessment Bonds for Phase 3 Project Series 2022 (NR\NR) | Villamar Community Development District Special Assessment Bonds for Phase 3 Project Series 2022 (NR\NR) | Villamar Community Development District Special Assessment Bonds for Phase 3 Project Series 2022 (NR\NR) | Villamar Community Development District Special Assessment Bonds for Phase 3 Project Series 2022 (NR\NR) |
| 165000 | 3.125 | 11/01/2027 | 152650 |
| Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR\NR) | Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR\NR) | Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR\NR) | Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR\NR) |
| 175000 | 3.250 | 05/01/2027 | 163821 |
| Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 75000 | 3.750 | 05/01/2024 | 74030 |
| 220000 | 4.000 | 05/01/2029 | 211490 |
| Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 200000 | 2.625 | 05/01/2025 | 189827 |
| 245000 | 3.200 | 05/01/2030 | 216448 |
| Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-) | Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-) | Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-) | Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-) |
| 220000 | 2.750 | 11/01/2024 | 213166 |
| 225000 | 3.000 | 11/01/2025 | 215605 |
| 230000 | 3.200 | 11/01/2026 | 219562 |
| 1400000 | 4.125 | 11/01/2046 | 1223432 |
| Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) | Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) | Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) | Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) |
| 625000 | 5.500 | 05/01/2034 | 627956 |
| 925000 | 5.750 | 05/01/2044 | 927133 |
| Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+) | Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+) | Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+) | Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+) |
| 2145000 | 4.000 | 05/01/2031 | 2099889 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(f)</sup> |
| 500000 | 5.125% | 11/01/2038 | $489148 |
| Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) | Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) | Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) | Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) |
| 2360000 | 5.500 | 11/01/2045 | 2327423 |
| Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) | Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) | Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) | Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) |
| 125000 | 3.250 | 11/01/2024 | 121713 |
| 375000 | 3.625 | 11/01/2029 | 347512 |
| 1000000 | 4.000 | 11/01/2039 | 846835 |
| West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)<sup>(f)</sup> | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)<sup>(f)</sup> | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)<sup>(f)</sup> | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)<sup>(f)</sup> |
| 500000 | 2.750 | 05/01/2026 | 465889 |
| 415000 | 3.250 | 05/01/2031 | 361921 |
| 515000 | 3.625 | 05/01/2041 | 395407 |
| West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) |
| 170000 | 4.750 | 05/01/2032 | 163057 |
| 300000 | 5.125 | 05/01/2042 | 281095 |
| West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(f)</sup> |
| 280000 | 2.650 | 05/01/2025 | 265910 |
| 630000 | 3.000 | 05/01/2031 | 537718 |
| 1725000 | 4.000 | 05/01/2040 | 1442725 |
| 1595000 | 4.000 | 05/01/2051 | 1206030 |
| West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| 385000 | 2.400 | 05/01/2026 | 355991 |
| 575000 | 3.000 | 05/01/2031 | 491829 |
| West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) | West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) | West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) | West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) |
| 510000 | 4.625 | 05/01/2029 | 503508 |
| 475000 | 5.375 | 05/01/2042 | 463260 |
| West Villages Improvement District Unit of Development No. 3 Special Assessment Refunding Bonds Series 2017 (NR/NR) | West Villages Improvement District Unit of Development No. 3 Special Assessment Refunding Bonds Series 2017 (NR/NR) | West Villages Improvement District Unit of Development No. 3 Special Assessment Refunding Bonds Series 2017 (NR/NR) | West Villages Improvement District Unit of Development No. 3 Special Assessment Refunding Bonds Series 2017 (NR/NR) |
| 2535000 | 5.000 | 05/01/2032 | 2538372 |
| 1935000 | 4.500 | 05/01/2034 | 1845130 |
| 3390000 | 5.000 | 05/01/2037 | 3329147 |
| West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) |
| 260000 | 4.000 | 05/01/2024 | 258548 |
| 750000 | 4.250 | 05/01/2029 | 732247 |
| West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) |
| 200000 | 2.500 | 05/01/2026 | 185421 |
| West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) |
| 435000 | 2.500 | 05/01/2026 | 403296 |
| Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR) | Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR) | Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR) | Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR) |
| 125000 | 3.625 | 05/01/2024 | 123602 |
| 355000 | 3.900 | 05/01/2029 | 337083 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)<sup>(f)</sup> | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)<sup>(f)</sup> | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)<sup>(f)</sup> | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)<sup>(f)</sup> |
| 260000 | 3.500% | 05/01/2024 | $256516 |
| 810000 | 3.750 | 05/01/2029 | 766151 |
| Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| 250000 | 2.500 | 05/01/2026 | 232600 |
| 650000 | 3.000 | 05/01/2031 | 559514 |
| 1400000 | 3.250 | 05/01/2041 | 1040485 |
| Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 1000000 | 5.750 | 06/15/2042 | 995330 |
| Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(f)</sup> |
| 250000 | 3.500 | 06/15/2024 | 245603 |
| 1285000 | 3.750 | 06/15/2030 | 1176081 |
| 3350000 | 4.250 | 06/15/2039 | 2877631 |
| Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) |
| 1300000 | 5.625 | 05/01/2042 | 1306440 |
| Willows Community Development District Special Assessment RB Series 2019 (NR/NR) | Willows Community Development District Special Assessment RB Series 2019 (NR/NR) | Willows Community Development District Special Assessment RB Series 2019 (NR/NR) | Willows Community Development District Special Assessment RB Series 2019 (NR/NR) |
| 130000 | 3.875 | 05/01/2024 | 128525 |
| 500000 | 4.370 | 05/01/2029 | 490601 |
| Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| 170000 | 2.400 | 05/01/2026 | 157043 |
| 300000 | 2.950 | 05/01/2031 | 254424 |
| 865000 | 3.350 | 05/01/2041 | 634859 |
| Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) |
| 200000 | 4.250 | 11/01/2029 | 194339 |
| 680000 | 4.875 | 11/01/2039 | 639970 |
| Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) |
| 900000 | 4.000 | 05/01/2042 | 737713 |
| Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) | Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) | Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) | Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) |
| 160000 | 3.000 | 05/01/2025 | 153740 |
| 230000 | 3.650 | 05/01/2030 | 209449 |
| Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) | Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) | Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) | Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) |
| 135000 | 4.875 | 05/01/2036 | 130505 |
| 250000 | 5.000 | 05/01/2047 | 230476 |
| Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) |
| 690000 | 2.500 | 05/01/2025 | 654739 |
| 640000 | 3.125 | 05/01/2030 | 564494 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (NR/BBB+) | Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (NR/BBB+) | Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (NR/BBB+) | Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (NR/BBB+) |
| 1450000 | 4.500% | 05/01/2036 | $1426644 |
| Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) |
| 180000 | 2.500 | 05/01/2026 | 166827 |
| 350000 | 3.000 | 05/01/2031 | 298732 |
|  |  |  | 863174137 |
| **Georgia – 2.0%** | **Georgia – 2.0%** | **Georgia – 2.0%** | **Georgia – 2.0%** |
| Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 1600000 | 2.250 | 05/25/2023 | 1591051 |
| Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 3000000 | 2.150 | 06/13/2024 | 2928133 |
| Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 3100000 | 2.925 | 03/12/2024 | 3064902 |
| Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)<sup>(a)(b)</sup> | Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)<sup>(a)(b)</sup> | Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)<sup>(a)(b)</sup> | Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)<sup>(a)(b)</sup> |
| 9475000 | 3.000 | 02/01/2023 | 9471644 |
| City of Atlanta RB for Water & Wastewater Series 2018 B (Aa2/AA-) | City of Atlanta RB for Water & Wastewater Series 2018 B (Aa2/AA-) | City of Atlanta RB for Water & Wastewater Series 2018 B (Aa2/AA-) | City of Atlanta RB for Water & Wastewater Series 2018 B (Aa2/AA-) |
| 4750000 | 3.500 | 11/01/2043 | 4162636 |
| County of Fulton RB Refunding for Water & Sewerage Series 2013 A (Aa2/AA) | County of Fulton RB Refunding for Water & Sewerage Series 2013 A (Aa2/AA) | County of Fulton RB Refunding for Water & Sewerage Series 2013 A (Aa2/AA) | County of Fulton RB Refunding for Water & Sewerage Series 2013 A (Aa2/AA) |
| 7585000 | 4.000 | 01/01/2035 | 7587583 |
| Development Authority of Bartow County Pollution Control RB First Series 1997 (NR\BBB+)<sup>(a)</sup> | Development Authority of Bartow County Pollution Control RB First Series 1997 (NR\BBB+)<sup>(a)</sup> | Development Authority of Bartow County Pollution Control RB First Series 1997 (NR\BBB+)<sup>(a)</sup> | Development Authority of Bartow County Pollution Control RB First Series 1997 (NR\BBB+)<sup>(a)</sup> |
| 5000000 | 1.800 | 09/01/2029 | 4461238 |
| Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) | Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) | Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) | Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) |
| 465000 | 5.000 | 03/01/2027 | 435078 |
| George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) |
| 1215000 | 2.375 | 01/01/2031 | 1046299 |
| 1800000 | 4.000 | 01/01/2036 | 1617025 |
| Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (Baa1/BBB+) | Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (Baa1/BBB+) | Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (Baa1/BBB+) | Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (Baa1/BBB+) |
| 775000 | 4.000 | 08/01/2035 | 727934 |
| 500000 | 4.000 | 08/01/2036 | 469862 |
| 750000 | 4.000 | 08/01/2037 | 695677 |
| 745000 | 4.000 | 08/01/2038 | 683272 |
| Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)<sup>(a)(b)</sup> |
| 14050000 | 4.000 | 12/02/2024 | 14050430 |
| Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> |
| 15875000 | 4.000 | 09/01/2027 | 15745025 |
| Main Street Natural Gas Gas Supply RB Series 2022B (NR/NR) | Main Street Natural Gas Gas Supply RB Series 2022B (NR/NR) | Main Street Natural Gas Gas Supply RB Series 2022B (NR/NR) | Main Street Natural Gas Gas Supply RB Series 2022B (NR/NR) |
| 1740000 | 5.000 | 06/01/2027 | 1796217 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Georgia – (continued)** | **Georgia – (continued)** | **Georgia – (continued)** | **Georgia – (continued)** |
| Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)<sup>(a)(b)</sup> |
| 14250000 | 4.000% | 09/01/2023 | $14245506 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2019A (NR/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (NR/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (NR/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (NR/NR) |
| 1500000 | 5.000 | 05/15/2024 | 1516326 |
| 4775000 | 5.000 | 05/15/2030 | 4981839 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) |
| 3000000 | 5.000 | 05/15/2027 | 3098447 |
| 4875000 | 5.000 | 05/15/2049 | 4765258 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)<sup>(a)(b)</sup> | Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)<sup>(a)(b)</sup> | Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)<sup>(a)(b)</sup> | Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)<sup>(a)(b)</sup> |
| 10295000 | 4.000 | 12/01/2029 | 10013216 |
| Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 1850000 | 1.000 | 08/21/2026 | 1652901 |
| Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A) |
| 2210000 | 5.000 | 01/01/2023 | 2210000 |
| 4155000 | 5.000 | 01/01/2024 | 4221755 |
| 4360000 | 5.000 | 01/01/2025 | 4508292 |
| 4575000 | 5.000 | 01/01/2026 | 4808126 |
| 4805000 | 5.000 | 01/01/2027 | 5107035 |
| 5040000 | 5.000 | 01/01/2028 | 5416311 |
| 5295000 | 5.000 | 01/01/2029 | 5698033 |
| 1080000 | 5.000 | 01/01/2034 | 1140364 |
| Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-) | Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-) | Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-) | Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-) |
| 495000 | 5.000 | 06/01/2031 | 549586 |
| 400000 | 5.000 | 06/01/2032 | 441380 |
| 500000 | 5.000 | 06/01/2033 | 550022 |
| 400000 | 4.000 | 06/01/2034 | 405715 |
| 500000 | 4.000 | 06/01/2035 | 499313 |
| 850000 | 4.000 | 06/01/2045 | 774138 |
| Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)<sup>(f)</sup> | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)<sup>(f)</sup> | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)<sup>(f)</sup> | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)<sup>(f)</sup> |
| 1275000 | 4.000 | 01/01/2038 | 1152887 |
| Savanah Economic Development Authority Recovery Zone Facility Revenune Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Savanah Economic Development Authority Recovery Zone Facility Revenune Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Savanah Economic Development Authority Recovery Zone Facility Revenune Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Savanah Economic Development Authority Recovery Zone Facility Revenune Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 400000 | 2.000 | 10/01/2024 | 384903 |
| Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB) | Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB) | Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB) | Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB) |
| 1925000 | 1.900 | 08/01/2024 | 1858401 |
| State of Georgia GO Bonds Series 2021A (Aaa\AAA) | State of Georgia GO Bonds Series 2021A (Aaa\AAA) | State of Georgia GO Bonds Series 2021A (Aaa\AAA) | State of Georgia GO Bonds Series 2021A (Aaa\AAA) |
| 1000000 | 4.000 | 07/01/2035 | 1052752 |
|  |  |  | 151586512 |
| **Guam – 0.7%** | **Guam – 0.7%** | **Guam – 0.7%** | **Guam – 0.7%** |
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(h)</sup> | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(h)</sup> | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(h)</sup> | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(h)</sup> |
| 1265000 | 5.250 | 10/01/2029 | 1289632 |
| 1285000 | 5.250 | 10/01/2030 | 1305888 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Guam – (continued)** | **Guam – (continued)** | **Guam – (continued)** | **Guam – (continued)** |
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) |
| 765000 | 3.099% | 10/01/2028 | $662998 |
| 550000 | 3.189 | 10/01/2029 | 465591 |
| 740000 | 3.489 | 10/01/2031 | 608838 |
| Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) |
| 875000 | 3.625 | 02/01/2025 | 849324 |
| 2045000 | 4.250 | 02/01/2030 | 1986492 |
| Guam Government GO Bonds Series 2019 (AMT) (Ba1/BB-) | Guam Government GO Bonds Series 2019 (AMT) (Ba1/BB-) | Guam Government GO Bonds Series 2019 (AMT) (Ba1/BB-) | Guam Government GO Bonds Series 2019 (AMT) (Ba1/BB-) |
| 2165000 | 5.000 | 11/15/2031 | 2278784 |
| Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) | Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) | Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) | Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) |
| 2755000 | 5.000 | 12/01/2025 | 2839297 |
| 2255000 | 5.000 | 12/01/2026 | 2344407 |
| 2000000 | 5.000 | 12/01/2027 | 2078817 |
| Guam Government RB Refunding Series 2021 E (Ba1/NR) | Guam Government RB Refunding Series 2021 E (Ba1/NR) | Guam Government RB Refunding Series 2021 E (Ba1/NR) | Guam Government RB Refunding Series 2021 E (Ba1/NR) |
| 7795000 | 3.250 | 11/15/2026 | 7368933 |
| Guam Government RB Refunding Series 2021 F (Ba1/NR) | Guam Government RB Refunding Series 2021 F (Ba1/NR) | Guam Government RB Refunding Series 2021 F (Ba1/NR) | Guam Government RB Refunding Series 2021 F (Ba1/NR) |
| 525000 | 5.000 | 01/01/2028 | 550901 |
| 1225000 | 5.000 | 01/01/2029 | 1293973 |
| 1100000 | 5.000 | 01/01/2030 | 1169693 |
| 1100000 | 5.000 | 01/01/2031 | 1176204 |
| 7065000 | 4.000 | 01/01/2042 | 6157220 |
| Guam Power Authority RB Series 2014 A (AGM) (A2/AA) | Guam Power Authority RB Series 2014 A (AGM) (A2/AA) | Guam Power Authority RB Series 2014 A (AGM) (A2/AA) | Guam Power Authority RB Series 2014 A (AGM) (A2/AA) |
| 325000 | 5.000 | 10/01/2039 | 333949 |
| 250000 | 5.000 | 10/01/2044 | 256323 |
| Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-) |
| 1030000 | 5.000 | 01/01/2046 | 1013434 |
| Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) |
| 6615000 | 5.000 | 01/01/2050 | 6556003 |
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) |
| 350000 | 5.000 | 07/01/2025 | 356669 |
| 560000 | 5.000 | 07/01/2026 | 575083 |
| 350000 | 5.000 | 07/01/2027 | 361796 |
| 370000 | 5.000 | 07/01/2028 | 382395 |
| 725000 | 5.000 | 07/01/2029 | 748819 |
| 700000 | 5.000 | 07/01/2030 | 722803 |
| 700000 | 5.000 | 07/01/2031 | 722152 |
| 700000 | 5.000 | 07/01/2032 | 721030 |
| Guam Waterworks Authority Water and Wastewater System RB Series 2013 (CASH) (Baa2\A-)<sup>(b)</sup> | Guam Waterworks Authority Water and Wastewater System RB Series 2013 (CASH) (Baa2\A-)<sup>(b)</sup> | Guam Waterworks Authority Water and Wastewater System RB Series 2013 (CASH) (Baa2\A-)<sup>(b)</sup> | Guam Waterworks Authority Water and Wastewater System RB Series 2013 (CASH) (Baa2\A-)<sup>(b)</sup> |
| 1450000 | 5.500 | 07/01/2023 | 1467888 |
| Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A) | Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A) | Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A) | Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A) |
| 400000 | 5.000 | 07/01/2029 | 425426 |
| 600000 | 5.000 | 07/01/2031 | 636938 |
| 250000 | 5.000 | 07/01/2033 | 264567 |
| 225000 | 5.000 | 07/01/2034 | 237478 |
| 425000 | 5.000 | 07/01/2036 | 444158 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Guam – (continued)** | **Guam – (continued)** | **Guam – (continued)** | **Guam – (continued)** |
| Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR) |
| 300000 | 5.000% | 11/01/2027 | $314350 |
| 450000 | 5.000 | 11/01/2028 | 474939 |
| 450000 | 5.000 | 11/01/2029 | 477932 |
| 375000 | 5.000 | 11/01/2030 | 400783 |
|  |  |  | 52321907 |
| **Hawaii – 0.4%** | **Hawaii – 0.4%** | **Hawaii – 0.4%** | **Hawaii – 0.4%** |
| City & County Honolulu RB for Wastewater System Series 2018 A (Aa2/NR) | City & County Honolulu RB for Wastewater System Series 2018 A (Aa2/NR) | City & County Honolulu RB for Wastewater System Series 2018 A (Aa2/NR) | City & County Honolulu RB for Wastewater System Series 2018 A (Aa2/NR) |
| 8000000 | 4.000 | 07/01/2042 | 7832131 |
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (Baa1/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (Baa1/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (Baa1/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (Baa1/NR) |
| 5025000 | 4.000 | 03/01/2037 | 4673214 |
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR) |
| 9055000 | 3.200 | 07/01/2039 | 7366636 |
| Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui'ula Development Series 2019 (NR/NR) | Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui'ula Development Series 2019 (NR/NR) | Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui'ula Development Series 2019 (NR/NR) | Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui'ula Development Series 2019 (NR/NR) |
| 30000 | 4.000 | 05/15/2026 | 29929 |
| 75000 | 5.000 | 05/15/2029 | 77596 |
| 35000 | 5.000 | 05/15/2030 | 36074 |
| 150000 | 5.000 | 05/15/2031 | 153935 |
| 180000 | 5.000 | 05/15/2032 | 184134 |
| 60000 | 3.000 | 05/15/2033 | 49482 |
| 100000 | 3.000 | 05/15/2034 | 81061 |
| 150000 | 3.000 | 05/15/2035 | 119532 |
| 670000 | 3.250 | 05/15/2039 | 519838 |
| 575000 | 5.000 | 05/15/2044 | 572503 |
| State of Hawaii Airports System RB Series 2022A (AMT) (A1/A+) | State of Hawaii Airports System RB Series 2022A (AMT) (A1/A+) | State of Hawaii Airports System RB Series 2022A (AMT) (A1/A+) | State of Hawaii Airports System RB Series 2022A (AMT) (A1/A+) |
| 9000000 | 5.000 | 07/01/2051 | 9165118 |
|  |  |  | 30861183 |
| **Idaho – 0.0%** | **Idaho – 0.0%** | **Idaho – 0.0%** | **Idaho – 0.0%** |
| Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (Baa3/BBB-) | Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (Baa3/BBB-) | Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (Baa3/BBB-) | Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (Baa3/BBB-) |
| 2000000 | 2.750 | 10/01/2024 | 1965526 |
| **Illinois – 11.5%** | **Illinois – 11.5%** | **Illinois – 11.5%** | **Illinois – 11.5%** |
| Barrington Community Unit School District GO School Bonds Series 2021 (AAA/NR) | Barrington Community Unit School District GO School Bonds Series 2021 (AAA/NR) | Barrington Community Unit School District GO School Bonds Series 2021 (AAA/NR) | Barrington Community Unit School District GO School Bonds Series 2021 (AAA/NR) |
| 2255000 | 5.000 | 12/01/2029 | 2582391 |
| Berwyn Municipal Securitization Corp. RB Refunding Series 2019<br>(AGM-CR) (NR/AA) | Berwyn Municipal Securitization Corp. RB Refunding Series 2019<br>(AGM-CR) (NR/AA) | Berwyn Municipal Securitization Corp. RB Refunding Series 2019<br>(AGM-CR) (NR/AA) | Berwyn Municipal Securitization Corp. RB Refunding Series 2019<br>(AGM-CR) (NR/AA) |
| 7200000 | 5.000 | 01/01/2035 | 7956129 |
| Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) |
| 625000 | 4.000 | 10/01/2043 | 564070 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA) | Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA) | Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA) | Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA) |
| 350000 | 0.000 %<sup>(g)</sup> | 01/01/2026 | $316325 |
| 165000 | 0.000 <sup>(g)</sup> | 01/01/2027 | 143851 |
| 240000 | 0.000 <sup>(g)</sup> | 01/01/2028 | 201808 |
| 300000 | 5.000 | 01/01/2029 | 331049 |
| 175000 | 5.000 | 01/01/2030 | 192358 |
| 1875000 | 5.000 | 01/01/2032 | 2049573 |
| 765000 | 5.000 | 01/01/2033 | 833690 |
| 1115000 | 5.000 | 01/01/2034 | 1213851 |
| Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB) | Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB) | Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB) | Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB) |
| 555000 | 5.382 | 12/01/2023 | 548486 |
| 7690000 | 5.482 | 12/01/2024 | 7495288 |
| Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) |
| 3550000 | 6.000 | 04/01/2046 | 3681189 |
| Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR) |
| 760000 | 5.000 | 04/01/2034 | 773005 |
| 575000 | 5.000 | 04/01/2035 | 582285 |
| 525000 | 5.000 | 04/01/2036 | 529813 |
| 1110000 | 5.000 | 04/01/2037 | 1119434 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(g)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(g)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(g)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(g)</sup> |
| 2225000 | 0.000 | 12/01/2026 | 1907711 |
| 1125000 | 0.000 | 12/01/2027 | 923488 |
| 3095000 | 0.000 | 12/01/2029 | 2320423 |
| 2660000 | 0.000 | 12/01/2030 | 1900199 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(g)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(g)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(g)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(g)</sup> |
| 965000 | 0.000 | 12/01/2027 | 792147 |
| 1040000 | 0.000 | 12/01/2028 | 816106 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Ba1/BBB+)<sup>(g)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Ba1/BBB+)<sup>(g)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Ba1/BBB+)<sup>(g)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Ba1/BBB+)<sup>(g)</sup> |
| 670000 | 0.000 | 01/01/2031 | 474304 |
| Chicago Illinois Board of Education GO Bonds Series 2015 C (NR/BB) | Chicago Illinois Board of Education GO Bonds Series 2015 C (NR/BB) | Chicago Illinois Board of Education GO Bonds Series 2015 C (NR/BB) | Chicago Illinois Board of Education GO Bonds Series 2015 C (NR/BB) |
| 2500000 | 6.000 | 12/01/2035 | 2572668 |
| Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB) <sup>(g)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB) <sup>(g)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB) <sup>(g)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB) <sup>(g)</sup> |
| 4705000 | 0.000 | 12/01/2031 | 3196872 |
| Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL) (Baa2/BB) <sup>(g)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL) (Baa2/BB) <sup>(g)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL) (Baa2/BB) <sup>(g)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL) (Baa2/BB) <sup>(g)</sup> |
| 3485000 | 0.000 | 12/01/2023 | 3362113 |
| Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) |
| 2500000 | 5.500 | 12/01/2026 | 2604436 |
| 6330000 | 5.500 | 12/01/2027 | 6653481 |
| 3000000 | 5.500 | 12/01/2028 | 3180235 |
| 2115000 | 5.500 | 12/01/2029 | 2259586 |
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB) |
| 1020000 | 5.250 | 12/01/2039 | 1015414 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (Ba3/BB) |
| 5225000 | 5.000% | 12/01/2042 | $5002405 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) |
| 10380000 | 6.038 | 12/01/2029 | 9730544 |
| 2500000 | 6.138 | 12/01/2039 | 2136777 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) |
| 5160000 | 7.000 | 12/01/2044 | 5463538 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) |
| 7125000 | 6.500 | 12/01/2046 | 7509736 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) |
| 5325000 | 5.000 | 12/01/2025 | 5492371 |
| 1270000 | 5.000 | 12/01/2026 | 1321288 |
| 2375000 | 5.000 | 12/01/2027 | 2489296 |
| 2000000 | 5.000 | 12/01/2028 | 2111182 |
| 1500000 | 5.000 | 12/01/2030 | 1575858 |
| 3350000 | 5.000 | 12/01/2031 | 3512841 |
| 2550000 | 5.000 | 12/01/2032 | 2668707 |
| 2800000 | 5.000 | 12/01/2033 | 2915121 |
| 600000 | 5.000 | 12/01/2034 | 619534 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (NR/AA) |
| 2180000 | 5.000 | 12/01/2028 | 2301189 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (NR/BB) |
| 2000000 | 0.000 <sup>(g)</sup> | 12/01/2025 | 1782603 |
| 2000000 | 0.000 <sup>(g)</sup> | 12/01/2026 | 1708239 |
| 300000 | 0.000 <sup>(g)</sup> | 12/01/2027 | 245082 |
| 2500000 | 4.000 | 12/01/2027 | 2445957 |
| 5000000 | 5.000 | 12/01/2030 | 5123821 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (NR/BB) |
| 1200000 | 5.000 | 12/01/2023 | 1211412 |
| 1250000 | 5.000 | 12/01/2024 | 1272932 |
| 1200000 | 5.000 | 12/01/2025 | 1227683 |
| 1000000 | 5.000 | 12/01/2026 | 1024014 |
| 3060000 | 5.000 | 12/01/2028 | 3134396 |
| 1000000 | 5.000 | 12/01/2029 | 1026007 |
| 3000000 | 5.000 | 12/01/2030 | 3074293 |
| 1000000 | 5.000 | 12/01/2031 | 1023204 |
| 1000000 | 5.000 | 12/01/2032 | 1020724 |
| 1000000 | 5.000 | 12/01/2033 | 1017572 |
| Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A2/AA)<sup>(g)</sup> | Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A2/AA)<sup>(g)</sup> | Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A2/AA)<sup>(g)</sup> | Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A2/AA)<sup>(g)</sup> |
| 1465000 | 0.000 | 01/01/2030 | 1121070 |
| Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL) (Baa2/BBB+)<sup>(g)</sup> | Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL) (Baa2/BBB+)<sup>(g)</sup> | Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL) (Baa2/BBB+)<sup>(g)</sup> | Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL) (Baa2/BBB+)<sup>(g)</sup> |
| 1200000 | 0.000 | 01/01/2028 | 985100 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)<sup>(g)</sup> | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)<sup>(g)</sup> | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)<sup>(g)</sup> | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)<sup>(g)</sup> |
| 750000 | 0.000% | 01/01/2032 | $504495 |
| Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+) | Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+) | Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+) | Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+) |
| 330000 | 5.500 | 01/01/2037 | 334900 |
| 3020000 | 5.500 | 01/01/2040 | 3057711 |
| Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+) | Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+) | Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+) | Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+) |
| 1500000 | 5.250 | 01/01/2033 | 1504157 |
| 630000 | 5.000 | 01/01/2034 | 630105 |
| Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+) | Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+) | Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+) | Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+) |
| 1130000 | 7.517 | 01/01/2040 | 1190597 |
| Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) |
| 1320000 | 5.500 | 01/01/2039 | 1338347 |
| Chicago Illinois GO Bonds Series 2015 B (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 B (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 B (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 B (NR/BBB+) |
| 13893000 | 7.375 | 01/01/2033 | 14672290 |
| Chicago Illinois GO Bonds Series 2019 (NR/BBB+) | Chicago Illinois GO Bonds Series 2019 (NR/BBB+) | Chicago Illinois GO Bonds Series 2019 (NR/BBB+) | Chicago Illinois GO Bonds Series 2019 (NR/BBB+) |
| 4890000 | 5.000 | 01/01/2029 | 5122783 |
| 2720000 | 5.000 | 01/01/2031 | 2833029 |
| Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+) | Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+) | Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+) | Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+) |
| 2385000 | 5.432 | 01/01/2042 | 2007416 |
| Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) |
| 2575000 | 5.000 | 01/01/2024 | 2602443 |
| 4435000 | 5.000 | 01/01/2025 | 4520268 |
| 5600000 | 5.000 | 01/01/2038 | 5640140 |
| Chicago Illinois Midway Airport RB Refunding Second Lien Series<br>2013 A (AMT) (A3/A-) | Chicago Illinois Midway Airport RB Refunding Second Lien Series<br>2013 A (AMT) (A3/A-) | Chicago Illinois Midway Airport RB Refunding Second Lien Series<br>2013 A (AMT) (A3/A-) | Chicago Illinois Midway Airport RB Refunding Second Lien Series<br>2013 A (AMT) (A3/A-) |
| 4235000 | 5.500 | 01/01/2029 | 4240019 |
| Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2018 B (NR/A) | Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2018 B (NR/A) | Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2018 B (NR/A) | Chicago Illinois O'Hare International Airport RB General Airport Senior Lien Series 2018 B (NR/A) |
| 6000000 | 5.000 | 01/01/2048 | 6126845 |
| Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (NR/A) |
| 2605000 | 5.000 | 01/01/2023 | 2605000 |
| Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A) |
| 4855000 | 5.000 | 01/01/2037 | 5016696 |
| Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (NR/A) |
| 8955000 | 5.250 | 01/01/2035 | 9541694 |
| Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (NR/NR) | Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (NR/NR) | Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (NR/NR) | Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (NR/NR) |
| 1105000 | 5.000 | 01/01/2025 | 1153673 |
| Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) | Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) | Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) | Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) |
| 475000 | 5.250 | 01/01/2042 | 487693 |
| 1330000 | 4.000 | 01/01/2052 | 1247047 |
| Chicago Illinois Water RB Refunding for Second Lien Project Series 2017-2 (AGM) (NR/AA) | Chicago Illinois Water RB Refunding for Second Lien Project Series 2017-2 (AGM) (NR/AA) | Chicago Illinois Water RB Refunding for Second Lien Project Series 2017-2 (AGM) (NR/AA) | Chicago Illinois Water RB Refunding for Second Lien Project Series 2017-2 (AGM) (NR/AA) |
| 1000000 | 5.000 | 11/01/2033 | 1063201 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (NR/A/NR) | Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (NR/A/NR) | Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (NR/A/NR) | Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (NR/A/NR) |
| 1645000 | 5.000% | 11/01/2026 | $1732840 |
| Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A) | Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A) | Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A) | Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A) |
| 15475000 | 5.000 | 11/01/2042 | 15475506 |
| Chicago Park District GO LT Refunding Bonds Series 2021C (AA-/AA-) | Chicago Park District GO LT Refunding Bonds Series 2021C (AA-/AA-) | Chicago Park District GO LT Refunding Bonds Series 2021C (AA-/AA-) | Chicago Park District GO LT Refunding Bonds Series 2021C (AA-/AA-) |
| 4400000 | 4.000 | 01/01/2035 | 4306450 |
| Chicago Transit Authority Sales Tax Recepts RB Series 2014 (NR/AA) | Chicago Transit Authority Sales Tax Recepts RB Series 2014 (NR/AA) | Chicago Transit Authority Sales Tax Recepts RB Series 2014 (NR/AA) | Chicago Transit Authority Sales Tax Recepts RB Series 2014 (NR/AA) |
| 4500000 | 5.250 | 12/01/2049 | 4546377 |
| City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) | City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) | City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) | City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) |
| 680000 | 3.250 | 07/01/2029 | 598632 |
| City of Chicago Board of Education GO Bonds Series 1999 A (Ba2/BB) | City of Chicago Board of Education GO Bonds Series 1999 A (Ba2/BB) | City of Chicago Board of Education GO Bonds Series 1999 A (Ba2/BB) | City of Chicago Board of Education GO Bonds Series 1999 A (Ba2/BB) |
| 4725000 | 5.500 | 12/01/2026 | 4876749 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/AA) |
| 15000000 | 5.000 | 12/01/2027 | 15721867 |
| 7950000 | 5.000 | 12/01/2029 | 8375838 |
| 4690000 | 5.000 | 12/01/2030 | 4927183 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB) |
| 1900000 | 5.000 | 12/01/2024 | 1934857 |
| 6270000 | 5.000 | 12/01/2025 | 6414643 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR\BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR\BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR\BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR\BB) |
| 2250000 | 4.000 | 12/01/2037 | 2003136 |
| City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) |
| 11590000 | 5.000 | 01/01/2036 | 11484181 |
| City of Chicago GO Bonds Refunding Series 2019A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2019A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2019A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2019A (NR/BBB+) |
| 3775000 | 5.000 | 01/01/2027 | 3906506 |
| City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) |
| 4675000 | 5.000 | 01/01/2026 | 4801497 |
| 4870000 | 5.000 | 01/01/2028 | 5072141 |
| City of Chicago GO Bonds Refunding Series 2021A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2021A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2021A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2021A (NR/BBB+) |
| 1260000 | 5.000 | 01/01/2027 | 1303893 |
| City of Chicago GO Bonds Refunding Series 2021B (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2021B (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2021B (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2021B (NR/BBB+) |
| 301000 | 4.000 | 01/01/2028 | 302297 |
| City of Chicago GO Bonds Series 2015A (NR/BBB+) | City of Chicago GO Bonds Series 2015A (NR/BBB+) | City of Chicago GO Bonds Series 2015A (NR/BBB+) | City of Chicago GO Bonds Series 2015A (NR/BBB+) |
| 2700000 | 5.250 | 01/01/2028 | 2757533 |
| City of Chicago GO Bonds Series 2021B (BBB+/BBB-) | City of Chicago GO Bonds Series 2021B (BBB+/BBB-) | City of Chicago GO Bonds Series 2021B (BBB+/BBB-) | City of Chicago GO Bonds Series 2021B (BBB+/BBB-) |
| 5579000 | 4.000 | 01/01/2030 | 5381933 |
| 2956000 | 4.000 | 01/01/2038 | 2657800 |
| 5330000 | 4.000 | 01/01/2044 | 4482958 |
| City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(h)</sup> | City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(h)</sup> | City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(h)</sup> | City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(h)</sup> |
| 1950000 | 4.000 | 01/01/2035 | 1839715 |
| 3250000 | 5.000 | 01/01/2035 | 3371329 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+) | City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+) | City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+) | City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+) |
| 2745000 | 5.000% | 01/01/2025 | $2797776 |
| 8480000 | 5.000 | 01/01/2029 | 8883680 |
| 9315000 | 5.000 | 01/01/2030 | 9817890 |
| City of Chicago IL GO Bonds Series 2019 (BBB+/NR) | City of Chicago IL GO Bonds Series 2019 (BBB+/NR) | City of Chicago IL GO Bonds Series 2019 (BBB+/NR) | City of Chicago IL GO Bonds Series 2019 (BBB+/NR) |
| 2900000 | 5.500 | 01/01/2049 | 2947265 |
| City of Chicago IL Waterworks Revenue RB Series 1999 (A/NR/Baa2/WR) | City of Chicago IL Waterworks Revenue RB Series 1999 (A/NR/Baa2/WR) | City of Chicago IL Waterworks Revenue RB Series 1999 (A/NR/Baa2/WR) | City of Chicago IL Waterworks Revenue RB Series 1999 (A/NR/Baa2/WR) |
| 1560000 | 5.000 | 11/01/2028 | 1625114 |
| 1780000 | 5.000 | 11/01/2029 | 1851261 |
| 1000000 | 5.000 | 11/01/2030 | 1039822 |
| City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (A3/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (A3/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (A3/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (A3/A-) |
| 1000000 | 5.000 | 01/01/2029 | 1009470 |
| City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2016B (NR/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2016B (NR/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2016B (NR/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2016B (NR/A-) |
| 10000000 | 5.000 | 01/01/2041 | 10115679 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) |
| 3650000 | 5.000 | 01/01/2042 | 3772577 |
| 2250000 | 4.500 | 01/01/2048 | 2123481 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2016B (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2016B (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2016B (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2016B (NR/A+) |
| 4250000 | 5.000 | 01/01/2033 | 4465694 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (NR/A+) |
| 2000000 | 5.000 | 01/01/2025 | 2058275 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+) |
| 2500000 | 4.000 | 01/01/2042 | 2378083 |
| City of Chicago Second Lien Wastewater Transmission Revenue Refunding Bonds Series 2008C (NR/A) | City of Chicago Second Lien Wastewater Transmission Revenue Refunding Bonds Series 2008C (NR/A) | City of Chicago Second Lien Wastewater Transmission Revenue Refunding Bonds Series 2008C (NR/A) | City of Chicago Second Lien Wastewater Transmission Revenue Refunding Bonds Series 2008C (NR/A) |
| 2000000 | 5.000 | 01/01/2035 | 2028051 |
| City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA) |
| 265000 | 5.432 | 01/01/2042 | 242338 |
| City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA) |
| 5650000 | 6.314 | 01/01/2044 | 5665674 |
| City of Peoria GO Refunding Bonds Series 2019 (AGM) (A2/AA) | City of Peoria GO Refunding Bonds Series 2019 (AGM) (A2/AA) | City of Peoria GO Refunding Bonds Series 2019 (AGM) (A2/AA) | City of Peoria GO Refunding Bonds Series 2019 (AGM) (A2/AA) |
| 880000 | 5.000 | 01/01/2029 | 968972 |
| 1470000 | 5.000 | 01/01/2031 | 1617481 |
| Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (Aa2/NR) | Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (Aa2/NR) | Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (Aa2/NR) | Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (Aa2/NR) |
| 195000 | 4.000 | 01/01/2026 | 200271 |
| 115000 | 4.000 | 01/01/2027 | 118954 |
| 200000 | 4.000 | 01/01/2028 | 207663 |
| 200000 | 4.000 | 01/01/2029 | 209394 |
| 145000 | 4.000 | 01/01/2030 | 151005 |
| Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (NR/AA) | Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (NR/AA) | Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (NR/AA) | Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (NR/AA) |
| 10350000 | 5.500 | 12/01/2036 | 11677477 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (Aa2/NR) | Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (Aa2/NR) | Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (Aa2/NR) | Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (Aa2/NR) |
| 840000 | 4.000% | 12/01/2023 | $846615 |
| County of Cook Sales Tax RB Refunding Series 2021 A (NR/AA-) | County of Cook Sales Tax RB Refunding Series 2021 A (NR/AA-) | County of Cook Sales Tax RB Refunding Series 2021 A (NR/AA-) | County of Cook Sales Tax RB Refunding Series 2021 A (NR/AA-) |
| 2330000 | 5.000 | 11/15/2032 | 2576391 |
| 2080000 | 5.000 | 11/15/2038 | 2230805 |
| 8905000 | 4.000 | 11/15/2039 | 8387227 |
| County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) | County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) | County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) | County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) |
| 1500000 | 4.000 | 11/15/2047 | 1437344 |
| Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+) | Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+) | Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+) | Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+) |
| 605000 | 5.000 | 12/01/2034 | 630494 |
| 775000 | 5.000 | 12/01/2039 | 790101 |
| 1000000 | 5.000 | 12/01/2044 | 1005327 |
| Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (A1/AA) | Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (A1/AA) | Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (A1/AA) | Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (A1/AA) |
| 2325000 | 4.000 | 12/01/2036 | 2340769 |
| 1420000 | 4.000 | 12/01/2037 | 1430721 |
| 4230000 | 4.000 | 12/01/2042 | 4132636 |
| Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (Aa2/NR) | Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (Aa2/NR) | Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (Aa2/NR) | Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (Aa2/NR) |
| 500000 | 4.000 | 12/01/2038 | 493086 |
| 400000 | 4.000 | 12/01/2040 | 391413 |
| 1085000 | 4.000 | 12/01/2042 | 1062904 |
| Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) |
| 1000000 | 5.000 | 03/01/2040 | 972365 |
| 685000 | 5.000 | 03/01/2042 | 660342 |
| Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+) | Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+) | Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+) | Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+) |
| 1300000 | 4.000 | 12/15/2032 | 1344989 |
| 3740000 | 4.000 | 12/15/2033 | 3850119 |
| 1700000 | 4.000 | 12/15/2034 | 1734854 |
| 1395000 | 4.000 | 12/15/2035 | 1410720 |
| 2750000 | 3.000 | 12/15/2036 | 2497825 |
| 2000000 | 3.000 | 12/15/2037 | 1792108 |
| Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (Aa2/AA+) | Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (Aa2/AA+) | Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (Aa2/AA+) | Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (Aa2/AA+) |
| 19555000 | 4.000 | 07/15/2047 | 17909981 |
| Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) |
| 685000 | 5.500 | 05/15/2026 | 692904 |
| 725000 | 5.500 | 05/15/2027 | 733908 |
| 765000 | 5.500 | 05/15/2028 | 774856 |
| Illinois Finance Authority RB for Plymouth Place Series 2022B-3 (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022B-3 (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022B-3 (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022B-3 (NR/NR) |
| 1750000 | 4.750 | 11/15/2027 | 1754432 |
| Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(f)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(f)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(f)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(f)</sup> |
| 5600000 | 6.125 | 04/01/2049 | 5376770 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2021 B (NR/NR) | Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2021 B (NR/NR) | Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2021 B (NR/NR) | Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2021 B (NR/NR) |
| 2280000 | 3.250% | 05/15/2027 | $1977510 |
| Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/A)<sup>(b)</sup> | Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/A)<sup>(b)</sup> | Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/A)<sup>(b)</sup> | Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/A)<sup>(b)</sup> |
| 4000000 | 4.250 | 01/01/2028 | 4227795 |
| Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) | Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) | Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) | Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) |
| 1425000 | 4.000 | 05/15/2027 | 1373463 |
| Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) |
| 750000 | 5.000 | 09/01/2026 | 770517 |
| 500000 | 5.000 | 09/01/2027 | 515874 |
| 500000 | 5.000 | 09/01/2028 | 517518 |
| 1600000 | 5.000 | 09/01/2030 | 1655029 |
| 1000000 | 5.000 | 09/01/2031 | 1031006 |
| 1000000 | 5.000 | 09/01/2032 | 1027022 |
| 1035000 | 5.000 | 09/01/2033 | 1058286 |
| 1150000 | 5.000 | 09/01/2034 | 1170195 |
| Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) |
| 900000 | 4.000 | 09/01/2041 | 818503 |
| 3875000 | 5.000 | 09/01/2046 | 3908260 |
| Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (NR/BBB) | Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (NR/BBB) | Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (NR/BBB) | Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (NR/BBB) |
| 650000 | 4.000 | 11/01/2041 | 577714 |
| Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) |
| 375000 | 5.000 | 05/15/2041 | 327905 |
| Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (Aa2/AA-) | Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (Aa2/AA-) | Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (Aa2/AA-) | Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (Aa2/AA-) |
| 2100000 | 5.000 | 10/01/2041 | 2240044 |
| Illinois Finance Authority RB Refunding for University of Chicago Series 2021 A (Aa2/AA-) | Illinois Finance Authority RB Refunding for University of Chicago Series 2021 A (Aa2/AA-) | Illinois Finance Authority RB Refunding for University of Chicago Series 2021 A (Aa2/AA-) | Illinois Finance Authority RB Refunding for University of Chicago Series 2021 A (Aa2/AA-) |
| 1380000 | 5.000 | 10/01/2037 | 1590635 |
| 4400000 | 5.000 | 10/01/2038 | 5072479 |
| Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(f)</sup> | Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(f)</sup> | Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(f)</sup> | Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(f)</sup> |
| 375000 | 4.000 | 10/01/2042 | 288520 |
| Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/AA-) | Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/AA-) | Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/AA-) | Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/AA-) |
| 1130000 | 5.000 | 01/01/2036 | 1206975 |
| 5290000 | 4.000 | 01/01/2038 | 5099484 |
| Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/AA-) | Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/AA-) | Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/AA-) | Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/AA-) |
| 10685000 | 5.000 | 01/01/2026 | 11270092 |
| 8170000 | 5.000 | 01/01/2027 | 8708742 |
| 15355000 | 5.000 | 01/01/2028 | 16479583 |
| 11790000 | 5.000 | 01/01/2029 | 12761014 |
| Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR\BB+) | Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR\BB+) | Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR\BB+) | Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR\BB+) |
| 1500000 | 5.000 | 06/15/2030 | 1523023 |
| 575000 | 5.000 | 06/15/2031 | 581699 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Illinois Sports Facilities Authority Refunding Bonds Series 2014<br>(AGM) (NR/AA) | Illinois Sports Facilities Authority Refunding Bonds Series 2014<br>(AGM) (NR/AA) | Illinois Sports Facilities Authority Refunding Bonds Series 2014<br>(AGM) (NR/AA) | Illinois Sports Facilities Authority Refunding Bonds Series 2014<br>(AGM) (NR/AA) |
| 4160000 | 5.000% | 06/15/2027 | $4242931 |
| Illinois State GO Bonds Series 2013 (Baa2/BBB) | Illinois State GO Bonds Series 2013 (Baa2/BBB) | Illinois State GO Bonds Series 2013 (Baa2/BBB) | Illinois State GO Bonds Series 2013 (Baa2/BBB) |
| 5000000 | 5.500 | 07/01/2024 | 5042802 |
| 4000000 | 5.500 | 07/01/2025 | 4034632 |
| 5500000 | 5.250 | 07/01/2028 | 5527436 |
| 9490000 | 5.500 | 07/01/2038 | 9511803 |
| Illinois State GO Bonds Series 2017 A (Baa2/BBB) | Illinois State GO Bonds Series 2017 A (Baa2/BBB) | Illinois State GO Bonds Series 2017 A (Baa2/BBB) | Illinois State GO Bonds Series 2017 A (Baa2/BBB) |
| 375000 | 4.500 | 12/01/2041 | 339223 |
| Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) |
| 48140000 | 5.000 | 11/01/2024 | 49052999 |
| 2000000 | 5.000 | 11/01/2025 | 2050126 |
| 13250000 | 5.000 | 11/01/2026 | 13657988 |
| 24005000 | 5.000 | 11/01/2028 | 24686605 |
| Illinois State GO Bonds Series 2018 A (Baa2/BBB) | Illinois State GO Bonds Series 2018 A (Baa2/BBB) | Illinois State GO Bonds Series 2018 A (Baa2/BBB) | Illinois State GO Bonds Series 2018 A (Baa2/BBB) |
| 16380000 | 5.000 | 05/01/2031 | 16716307 |
| 1760000 | 5.000 | 05/01/2042 | 1725689 |
| 1760000 | 5.000 | 05/01/2043 | 1720343 |
| Illinois State GO Bonds Series 2019 A (Baa2/BBB) | Illinois State GO Bonds Series 2019 A (Baa2/BBB) | Illinois State GO Bonds Series 2019 A (Baa2/BBB) | Illinois State GO Bonds Series 2019 A (Baa2/BBB) |
| 8000000 | 5.000 | 11/01/2024 | 8151724 |
| Illinois State GO Bonds Series 2019 C (Baa2/BBB) | Illinois State GO Bonds Series 2019 C (Baa2/BBB) | Illinois State GO Bonds Series 2019 C (Baa2/BBB) | Illinois State GO Bonds Series 2019 C (Baa2/BBB) |
| 4980000 | 4.000 | 11/01/2042 | 4200982 |
| Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) |
| 1525000 | 5.500 | 05/01/2039 | 1573926 |
| 4100000 | 5.750 | 05/01/2045 | 4258331 |
| Illinois State GO Refunding Bonds Series 2016 (AGM) (A2/AA) | Illinois State GO Refunding Bonds Series 2016 (AGM) (A2/AA) | Illinois State GO Refunding Bonds Series 2016 (AGM) (A2/AA) | Illinois State GO Refunding Bonds Series 2016 (AGM) (A2/AA) |
| 1185000 | 4.000 | 02/01/2031 | 1192061 |
| Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB) | Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB) | Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB) | Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB) |
| 2340000 | 5.000 | 10/01/2031 | 2384231 |
| Illinois State Toll Highway Authority Toll Highway Senior RB 2019<br>Series C (AA-/Aa3) | Illinois State Toll Highway Authority Toll Highway Senior RB 2019<br>Series C (AA-/Aa3) | Illinois State Toll Highway Authority Toll Highway Senior RB 2019<br>Series C (AA-/Aa3) | Illinois State Toll Highway Authority Toll Highway Senior RB 2019<br>Series C (AA-/Aa3) |
| 9395000 | 5.000 | 01/01/2025 | 9805109 |
| Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (A1/AA) | Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (A1/AA) | Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (A1/AA) | Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (A1/AA) |
| 405000 | 4.000 | 12/01/2028 | 426589 |
| Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (Baa3/A-)<sup>(g)</sup> | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (Baa3/A-)<sup>(g)</sup> | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (Baa3/A-)<sup>(g)</sup> | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (Baa3/A-)<sup>(g)</sup> |
| 2000000 | 0.000 | 06/15/2034 | 1201104 |
| 1860000 | 0.000 | 06/15/2038 | 874061 |
| Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(g)</sup> | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(g)</sup> | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(g)</sup> | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(g)</sup> |
| 5600000 | 0.000 | 12/15/2032 | 3669310 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/BBB+)<sup>(g)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/BBB+)<sup>(g)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/BBB+)<sup>(g)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/BBB+)<sup>(g)</sup> |
| 2690000 | 0.000 | 12/15/2031 | 1858292 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+) |
| 2000000 | 5.000 | 12/15/2028 | 2059893 |
| 300000 | 5.000 | 12/15/2032 | 307374 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+) – (continued) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+) – (continued) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+) – (continued) | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+) – (continued) |
| 600000 | 5.000% | 12/15/2033 | $612891 |
| 500000 | 5.000 | 12/15/2034 | 509968 |
| 1260000 | 0.000 <sup>(c)</sup> | 12/15/2037 | 738643 |
| 3500000 | 0.000 <sup>(c)</sup> | 12/15/2042 | 1956310 |
| 3850000 | 0.000 <sup>(c)</sup> | 12/15/2047 | 2073867 |
| Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)<sup>(g)</sup> | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)<sup>(g)</sup> | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)<sup>(g)</sup> | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)<sup>(g)</sup> |
| 2000000 | 0.000 | 12/15/2034 | 1166661 |
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) |
| 5355000 | 4.000 | 06/15/2052 | 4334541 |
| Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (NR/AA) | Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (NR/AA) | Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (NR/AA) | Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (NR/AA) |
| 4430000 | 5.000 | 07/01/2029 | 4821113 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) |
| 4355000 | 5.000 | 01/01/2026 | 4593472 |
| 5150000 | 5.000 | 01/01/2027 | 5489599 |
| 2665000 | 5.000 | 01/01/2028 | 2860181 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) |
| 4000000 | 5.000 | 01/01/2029 | 4329436 |
| South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (Baa1/AA) | South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (Baa1/AA) | South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (Baa1/AA) | South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (Baa1/AA) |
| 875000 | 4.000 | 01/01/2032 | 913414 |
| 450000 | 4.000 | 01/01/2033 | 468524 |
| 475000 | 4.000 | 01/01/2034 | 494435 |
| 420000 | 4.000 | 01/01/2035 | 433705 |
| 470000 | 4.000 | 01/01/2037 | 477354 |
| Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (NR/AA)<sup>(g)</sup> | Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (NR/AA)<sup>(g)</sup> | Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (NR/AA)<sup>(g)</sup> | Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (NR/AA)<sup>(g)</sup> |
| 6055000 | 0.000 | 12/01/2025 | 5455679 |
| Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (A2/AA) | Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (A2/AA) | Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (A2/AA) | Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (A2/AA) |
| 4000000 | 3.500 | 03/01/2030 | 4021687 |
| State of Illinois GO Bonds Series 2014 (Baa2/BBB) | State of Illinois GO Bonds Series 2014 (Baa2/BBB) | State of Illinois GO Bonds Series 2014 (Baa2/BBB) | State of Illinois GO Bonds Series 2014 (Baa2/BBB) |
| 570000 | 5.000 | 02/01/2024 | 577422 |
| State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) |
| 875000 | 4.250 | 12/01/2040 | 778857 |
| State of Illinois GO Bonds Series 2017 D (Baa2/BBB) | State of Illinois GO Bonds Series 2017 D (Baa2/BBB) | State of Illinois GO Bonds Series 2017 D (Baa2/BBB) | State of Illinois GO Bonds Series 2017 D (Baa2/BBB) |
| 925000 | 3.250 | 11/01/2026 | 896754 |
| State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) |
| 12830000 | 5.000 | 11/01/2029 | 13143783 |
| State of Illinois GO Bonds Series 2017D (Baa1/BBB+) | State of Illinois GO Bonds Series 2017D (Baa1/BBB+) | State of Illinois GO Bonds Series 2017D (Baa1/BBB+) | State of Illinois GO Bonds Series 2017D (Baa1/BBB+) |
| 10000000 | 5.000 | 11/01/2027 | 10336717 |
| State of Illinois GO Bonds Series 2020D (Baa1/BBB+) | State of Illinois GO Bonds Series 2020D (Baa1/BBB+) | State of Illinois GO Bonds Series 2020D (Baa1/BBB+) | State of Illinois GO Bonds Series 2020D (Baa1/BBB+) |
| 5425000 | 5.000 | 10/01/2024 | 5525137 |
| State of Illinois GO Bonds Series 2021A (Baa1/BBB+) | State of Illinois GO Bonds Series 2021A (Baa1/BBB+) | State of Illinois GO Bonds Series 2021A (Baa1/BBB+) | State of Illinois GO Bonds Series 2021A (Baa1/BBB+) |
| 4195000 | 4.000 | 03/01/2041 | 3598961 |
| State of Illinois GO Bonds Series 2022A (Baa1/BBB+) | State of Illinois GO Bonds Series 2022A (Baa1/BBB+) | State of Illinois GO Bonds Series 2022A (Baa1/BBB+) | State of Illinois GO Bonds Series 2022A (Baa1/BBB+) |
| 3875000 | 5.500 | 03/01/2047 | 3964227 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) |
| 500000 | 5.000% | 10/01/2028 | $516836 |
| State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB) |
| 1500000 | 4.000 | 12/01/2033 | 1401386 |
| 5000000 | 4.250 | 12/01/2037 | 4613939 |
| State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB) |
| 5100000 | 5.000 | 10/01/2027 | 5271224 |
| State of Illinois RB Refunding Series 2016 C (BAM-TCRS) (NR/AA) | State of Illinois RB Refunding Series 2016 C (BAM-TCRS) (NR/AA) | State of Illinois RB Refunding Series 2016 C (BAM-TCRS) (NR/AA) | State of Illinois RB Refunding Series 2016 C (BAM-TCRS) (NR/AA) |
| 5580000 | 4.000 | 06/15/2028 | 5687210 |
| Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)<sup>(f)</sup> | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)<sup>(f)</sup> | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)<sup>(f)</sup> | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)<sup>(f)</sup> |
| 375000 | 4.000 | 01/01/2031 | 335869 |
| 335000 | 5.000 | 01/01/2045 | 285664 |
| Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR) | Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR) | Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR) | Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR) |
| 450000 | 5.000 | 01/01/2024 | 450729 |
| 2690000 | 5.000 | 01/01/2030 | 2646270 |
| Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) | Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) | Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) | Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) |
| 1500000 | 4.250 | 01/01/2029 | 1411576 |
| Village of Romeoville GO Refunding Bonds Series 2019 (Aa2/NR) | Village of Romeoville GO Refunding Bonds Series 2019 (Aa2/NR) | Village of Romeoville GO Refunding Bonds Series 2019 (Aa2/NR) | Village of Romeoville GO Refunding Bonds Series 2019 (Aa2/NR) |
| 3055000 | 5.000 | 12/30/2027 | 3373005 |
| 3235000 | 5.000 | 12/30/2028 | 3633267 |
| Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) | Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) | Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) | Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) |
| 210000 | 4.125 | 10/01/2041 | 173431 |
| 420000 | 4.125 | 10/01/2046 | 329443 |
| Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (Baa1/AA) | Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (Baa1/AA) | Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (Baa1/AA) | Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (Baa1/AA) |
| 650000 | 4.000 | 01/01/2034 | 659320 |
|  |  |  | 874753302 |
| **Indiana – 0.6%** | **Indiana – 0.6%** | **Indiana – 0.6%** | **Indiana – 0.6%** |
| City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (NR/AA) | City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (NR/AA) | City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (NR/AA) | City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (NR/AA) |
| 1845000 | 2.000 | 09/01/2038 | 1422478 |
| City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 11500000 | 5.000 | 06/05/2026 | 11771416 |
| Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) | Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) | Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) | Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) |
| 540000 | 5.000 | 09/15/2034 | 565162 |
| 680000 | 5.000 | 09/15/2039 | 695635 |
| 445000 | 4.000 | 09/15/2044 | 384471 |
| Indiana Finance Authority First Lien Wastewater Utility RB Series 2015A (AA/NR) | Indiana Finance Authority First Lien Wastewater Utility RB Series 2015A (AA/NR) | Indiana Finance Authority First Lien Wastewater Utility RB Series 2015A (AA/NR) | Indiana Finance Authority First Lien Wastewater Utility RB Series 2015A (AA/NR) |
| 16825000 | 5.000 | 10/01/2045 | 17219913 |
| Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)<sup>(a)(b)</sup> | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)<sup>(a)(b)</sup> | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)<sup>(a)(b)</sup> | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)<sup>(a)(b)</sup> |
| 2300000 | 2.100 | 11/01/2026 | 2216385 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Indiana – (continued)** | **Indiana – (continued)** | **Indiana – (continued)** | **Indiana – (continued)** |
| Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) | Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) | Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) | Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) |
| 185000 | 4.000% | 07/01/2030 | $173447 |
| 300000 | 5.000 | 07/01/2040 | 283605 |
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR) |
| 2110000 | 3.000 | 11/01/2030 | 1866043 |
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR) |
| 2350000 | 3.000 | 11/01/2030 | 2078295 |
| Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) | Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) | Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) | Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) |
| 300000 | 1.720 | 11/15/2023 | 288941 |
| 350000 | 1.990 | 11/15/2024 | 325884 |
| 360000 | 2.450 | 11/15/2025 | 327163 |
| 465000 | 2.520 | 11/15/2026 | 415092 |
| 610000 | 2.920 | 11/15/2027 | 536404 |
| 850000 | 3.210 | 11/15/2028 | 736582 |
| 880000 | 3.260 | 11/15/2029 | 750505 |
| 670000 | 3.300 | 11/15/2030 | 563896 |
| Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)<sup>(b)(e)</sup> | Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)<sup>(b)(e)</sup> | Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)<sup>(b)(e)</sup> | Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)<sup>(b)(e)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.55%) | (SIFMA Municipal Swap Index Yield + 0.55%) | (SIFMA Municipal Swap Index Yield + 0.55%) |  |
| 3560000 | 3.680 | 11/01/2023 | 3560588 |
| Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) | Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) | Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) | Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) |
| 1300000 | 4.000 | 09/01/2033 | 1284083 |
|  |  |  | 47465988 |
| **Iowa – 0.4%** | **Iowa – 0.4%** | **Iowa – 0.4%** | **Iowa – 0.4%** |
| City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR) |
| 11195000 | 5.000 | 05/01/2042 | 10685755 |
| City of Davenport GO Corporate Bonds Series 2019 IA (Aa3/AA) | City of Davenport GO Corporate Bonds Series 2019 IA (Aa3/AA) | City of Davenport GO Corporate Bonds Series 2019 IA (Aa3/AA) | City of Davenport GO Corporate Bonds Series 2019 IA (Aa3/AA) |
| 1060000 | 4.000 | 06/01/2031 | 1097967 |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)<sup>(a)(b)</sup> | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)<sup>(a)(b)</sup> | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)<sup>(a)(b)</sup> | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)<sup>(a)(b)</sup> |
| 5800000 | 4.000 | 12/01/2032 | 5547638 |
| Iowa Finance Authority RB for Gevo NW Iowa RNG LLC Series 2021 (AMT) (Aa3/VMIG1/NR)<sup>(a)(b)</sup> | Iowa Finance Authority RB for Gevo NW Iowa RNG LLC Series 2021 (AMT) (Aa3/VMIG1/NR)<sup>(a)(b)</sup> | Iowa Finance Authority RB for Gevo NW Iowa RNG LLC Series 2021 (AMT) (Aa3/VMIG1/NR)<sup>(a)(b)</sup> | Iowa Finance Authority RB for Gevo NW Iowa RNG LLC Series 2021 (AMT) (Aa3/VMIG1/NR)<sup>(a)(b)</sup> |
| 5500000 | 1.500 | 04/01/2024 | 5374070 |
| Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) |
| 1700000 | 4.000 | 05/15/2055 | 1108831 |
| 2300000 | 5.000 | 05/15/2055 | 1846413 |
| Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) |
| 925000 | 5.375 | 10/01/2052 | 937822 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Iowa – (continued)** | **Iowa – (continued)** | **Iowa – (continued)** | **Iowa – (continued)** |
| Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-1 (NR/BBB) | Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-1 (NR/BBB) | Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-1 (NR/BBB) | Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-1 (NR/BBB) |
| 6995000 | 4.000% | 06/01/2049 | $6878157 |
|  |  |  | 33476653 |
| **Kansas – 0.1%** | **Kansas – 0.1%** | **Kansas – 0.1%** | **Kansas – 0.1%** |
| City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) |
| 825000 | 4.000 | 06/01/2036 | 686520 |
| City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) | City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) | City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) | City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) |
| 1750000 | 6.500 | 12/01/2052 | 1738448 |
| City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) | City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) | City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) | City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) |
| 1300000 | 4.000 | 05/15/2023 | 1294902 |
| 1015000 | 4.000 | 05/15/2024 | 1000156 |
| 1060000 | 5.000 | 05/15/2025 | 1054809 |
| 1165000 | 5.000 | 05/15/2027 | 1144361 |
|  |  |  | 6919196 |
| **Kentucky – 1.2%** | **Kentucky – 1.2%** | **Kentucky – 1.2%** | **Kentucky – 1.2%** |
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)<sup>(f)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)<sup>(f)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)<sup>(f)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)<sup>(f)</sup> |
| 1925000 | 4.450 | 01/01/2042 | 1749913 |
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)<sup>(f)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)<sup>(f)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)<sup>(f)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)<sup>(f)</sup> |
| 2250000 | 3.700 | 01/01/2032 | 2140502 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) |
| 4525000 | 2.125 | 10/01/2034 | 3457546 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) |
| 6100000 | 2.000 | 02/01/2032 | 4918435 |
| Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) |
| 180000 | 4.000 | 03/01/2046 | 157129 |
| 110000 | 4.000 | 03/01/2049 | 94439 |
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) |
| 1200000 | 4.000 | 06/01/2037 | 1125760 |
| 400000 | 4.000 | 06/01/2045 | 351710 |
| Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) |
| 1000000 | 5.000 | 08/01/2035 | 1047722 |
| 1000000 | 5.000 | 08/01/2036 | 1042499 |
| Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A1/A-) | Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A1/A-) | Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A1/A-) | Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A1/A-) |
| 8145000 | 5.000 | 11/01/2025 | 8593583 |
| Kentucky State University COPS Series 2021 (BAM) (NR/AA) | Kentucky State University COPS Series 2021 (BAM) (NR/AA) | Kentucky State University COPS Series 2021 (BAM) (NR/AA) | Kentucky State University COPS Series 2021 (BAM) (NR/AA) |
| 400000 | 4.000 | 11/01/2046 | 377109 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Kentucky – (continued)** | **Kentucky – (continued)** | **Kentucky – (continued)** | **Kentucky – (continued)** |
| Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (NR/A) | Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (NR/A) | Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (NR/A) | Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (NR/A) |
| 2000000 | 4.000% | 10/01/2034 | $1970674 |
| Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) | Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) | Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) | Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) |
| 17250000 | 2.000 | 10/01/2033 | 13334728 |
| Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (Aa3/AA) | Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (Aa3/AA) | Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (Aa3/AA) | Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (Aa3/AA) |
| 10000000 | 4.000 | 05/15/2038 | 9911075 |
| Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR)<sup>(a)(b)</sup> |
| 25000000 | 4.000 | 06/01/2026 | 24747450 |
| Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (NR/NR)<sup>(a)(b)</sup> |
| 16775000 | 4.000 | 08/01/2030 | 16247180 |
| University of Kentucky General Receipts Refunding Bonds Series 2015 A (ST INTERCEPT) (Aa2/AA+) | University of Kentucky General Receipts Refunding Bonds Series 2015 A (ST INTERCEPT) (Aa2/AA+) | University of Kentucky General Receipts Refunding Bonds Series 2015 A (ST INTERCEPT) (Aa2/AA+) | University of Kentucky General Receipts Refunding Bonds Series 2015 A (ST INTERCEPT) (Aa2/AA+) |
| 3260000 | 4.000 | 04/01/2026 | 3342766 |
|  |  |  | 94610220 |
| **Louisiana – 1.8%** | **Louisiana – 1.8%** | **Louisiana – 1.8%** | **Louisiana – 1.8%** |
| Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) | Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) | Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) | Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) |
| 1135000 | 4.000 | 12/01/2023 | 1135655 |
| 1150000 | 4.000 | 12/01/2024 | 1150456 |
| 1385000 | 5.000 | 12/01/2025 | 1423922 |
| 1455000 | 5.000 | 12/01/2026 | 1507881 |
| 1530000 | 5.000 | 12/01/2027 | 1596684 |
| 1605000 | 5.000 | 12/01/2028 | 1687312 |
| 1000000 | 5.000 | 12/01/2029 | 1058370 |
| City of New Orleans Sewerage Service RB Series 2020 B (AGM) (NR/AA) | City of New Orleans Sewerage Service RB Series 2020 B (AGM) (NR/AA) | City of New Orleans Sewerage Service RB Series 2020 B (AGM) (NR/AA) | City of New Orleans Sewerage Service RB Series 2020 B (AGM) (NR/AA) |
| 275000 | 4.000 | 06/01/2035 | 284364 |
| 310000 | 4.000 | 06/01/2036 | 316389 |
| 285000 | 4.000 | 06/01/2037 | 287091 |
| 310000 | 4.000 | 06/01/2038 | 306841 |
| 355000 | 4.000 | 06/01/2039 | 349193 |
| 310000 | 4.000 | 06/01/2040 | 302633 |
| City of New Orleans Sewerage Service RB Series 2020 B (NR/A) | City of New Orleans Sewerage Service RB Series 2020 B (NR/A) | City of New Orleans Sewerage Service RB Series 2020 B (NR/A) | City of New Orleans Sewerage Service RB Series 2020 B (NR/A) |
| 1325000 | 5.000 | 06/01/2045 | 1373107 |
| Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 17000000 | 1.000 | 12/01/2024 | 15950932 |
| Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)<sup>(f)</sup> | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)<sup>(f)</sup> | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)<sup>(f)</sup> | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)<sup>(f)</sup> |
| 630000 | 3.625 | 06/01/2024 | 622706 |
| 2540000 | 3.750 | 06/01/2030 | 2354282 |
| 5070000 | 4.375 | 06/01/2048 | 4300135 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Louisiana – (continued)** | **Louisiana – (continued)** | **Louisiana – (continued)** | **Louisiana – (continued)** |
| Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) |
| 485000 | 2.375% | 06/01/2026 | $448269 |
| Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)<sup>(f)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)<sup>(f)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)<sup>(f)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)<sup>(f)</sup> |
| 16590000 | 5.000 | 04/01/2035 | 16867410 |
| Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB) | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB) | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB) | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB) |
| 14185000 | 3.500 | 11/01/2032 | 13228698 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (WR/A+)<sup>(b)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (WR/A+)<sup>(b)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (WR/A+)<sup>(b)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (WR/A+)<sup>(b)</sup> |
| 6250000 | 4.375 | 02/01/2024 | 6352398 |
| Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project Series 2017 (AGM) (NR/AA) | Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project Series 2017 (AGM) (NR/AA) | Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project Series 2017 (AGM) (NR/AA) | Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project Series 2017 (AGM) (NR/AA) |
| 900000 | 2.750 | 10/01/2023 | 896768 |
| 670000 | 5.000 | 10/01/2023 | 679355 |
| Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 420000 | 5.625 | 06/01/2037 | 408075 |
| Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(f)</sup> |
| 400000 | 6.000 | 06/01/2037 | 380011 |
| Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(f)</sup> |
| 300000 | 6.125 | 06/01/2037 | 287126 |
| Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (AGM) (NR/AA) | Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (AGM) (NR/AA) | Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (AGM) (NR/AA) | Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (AGM) (NR/AA) |
| 3530000 | 3.000 | 06/01/2050 | 2578043 |
| Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (NR/A+) | Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (NR/A+) | Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (NR/A+) | Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (NR/A+) |
| 1295000 | 4.000 | 06/01/2050 | 1188224 |
| Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR) | Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR) | Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR) | Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR) |
| 900000 | 4.000 | 07/01/2044 | 810994 |
| Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) | Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) | Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) | Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) |
| 1435000 | 4.000 | 10/01/2036 | 1347363 |
| 885000 | 4.000 | 10/01/2037 | 821255 |
| 1530000 | 4.000 | 10/01/2039 | 1389168 |
| 550000 | 4.000 | 10/01/2041 | 487143 |
| Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) |
| 3695000 | 4.000 | 05/15/2042 | 3512405 |
| 600000 | 5.000 | 05/15/2046 | 613409 |
| Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(f)</sup> |
| 580000 | 4.000 | 06/01/2031 | 530090 |
| 1235000 | 4.000 | 06/01/2041 | 998724 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Louisiana – (continued)** | **Louisiana – (continued)** | **Louisiana – (continued)** | **Louisiana – (continued)** |
| Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(f)</sup> | Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(f)</sup> |
| 490000 | 4.000% | 06/01/2031 | $447834 |
| 785000 | 4.000 | 06/01/2041 | 634817 |
| Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) |
| 2400000 | 5.000 | 05/15/2042 | 2465031 |
| New Orleans Aviation Board GARB Series 2015 B (AMT) (A2/A-) | New Orleans Aviation Board GARB Series 2015 B (AMT) (A2/A-) | New Orleans Aviation Board GARB Series 2015 B (AMT) (A2/A-) | New Orleans Aviation Board GARB Series 2015 B (AMT) (A2/A-) |
| 3750000 | 5.000 | 01/01/2034 | 3823924 |
| New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) |
| 1000000 | 5.000 | 01/01/2048 | 987028 |
| Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 6000000 | 2.000 | 04/01/2023 | 5962947 |
| Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (NON-AMT) (NR/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (NON-AMT) (NR/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (NON-AMT) (NR/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (NON-AMT) (NR/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 21235000 | 2.200 | 07/01/2026 | 19543643 |
| Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> | Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> | Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> | Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 15505000 | 2.100 | 07/01/2024 | 15019354 |
| Port of New Orleans Board of Commissioners RB Refunding Series<br>2013 B (A2/A)<sup>(b)</sup> | Port of New Orleans Board of Commissioners RB Refunding Series<br>2013 B (A2/A)<sup>(b)</sup> | Port of New Orleans Board of Commissioners RB Refunding Series<br>2013 B (A2/A)<sup>(b)</sup> | Port of New Orleans Board of Commissioners RB Refunding Series<br>2013 B (A2/A)<sup>(b)</sup> |
| 500000 | 5.000 | 04/01/2023 | 502175 |
|  |  |  | 139219634 |
| **Maine – 0.3%** | **Maine – 0.3%** | **Maine – 0.3%** | **Maine – 0.3%** |
| City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+) | City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+) | City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+) | City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+) |
| 800000 | 3.000 | 01/01/2026 | 791806 |
| 800000 | 3.000 | 01/01/2027 | 787011 |
| 300000 | 5.000 | 01/01/2028 | 324117 |
| 225000 | 5.000 | 01/01/2029 | 245055 |
| 270000 | 5.000 | 01/01/2030 | 297142 |
| 370000 | 5.000 | 01/01/2031 | 406577 |
| 810000 | 5.000 | 01/01/2032 | 887996 |
| 890000 | 5.000 | 01/01/2033 | 967717 |
| 620000 | 5.000 | 01/01/2034 | 670813 |
| Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (A2/AA) | Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (A2/AA) | Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (A2/AA) | Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (A2/AA) |
| 500000 | 5.000 | 12/01/2023 | 507478 |
| 500000 | 5.000 | 12/01/2024 | 515706 |
| 450000 | 5.000 | 12/01/2025 | 470959 |
| 1530000 | 5.000 | 12/01/2026 | 1615652 |
| 1500000 | 5.000 | 12/01/2027 | 1599779 |
| 1000000 | 5.000 | 12/01/2028 | 1072076 |
| Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A1/A+) |
| 200000 | 4.000 | 07/01/2045 | 180649 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds - (continued)** | **Municipal Bonds - (continued)** | **Municipal Bonds - (continued)** | **Municipal Bonds - (continued)** |
| **Maine – (continued)** | **Maine – (continued)** | **Maine – (continued)** | **Maine – (continued)** |
| Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) |
| 6785000 | 4.000% | 07/01/2050 | $6008822 |
| Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (A1/AA) | Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (A1/AA) | Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (A1/AA) | Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (A1/AA) |
| 500000 | 2.500 | 07/01/2029 | 483631 |
| Maine State Housing Authority RB Refunding Series 1 (Aa3/A+) | Maine State Housing Authority RB Refunding Series 1 (Aa3/A+) | Maine State Housing Authority RB Refunding Series 1 (Aa3/A+) | Maine State Housing Authority RB Refunding Series 1 (Aa3/A+) |
| 3445000 | 5.000 | 06/15/2036 | 3838040 |
| Maine Turnpike Authority RB Refunding Series 2015 (Aa3/AA-) | Maine Turnpike Authority RB Refunding Series 2015 (Aa3/AA-) | Maine Turnpike Authority RB Refunding Series 2015 (Aa3/AA-) | Maine Turnpike Authority RB Refunding Series 2015 (Aa3/AA-) |
| 1575000 | 5.000 | 07/01/2026 | 1662639 |
|  |  |  | 23333665 |
| **Maryland – 1.2%** | **Maryland – 1.2%** | **Maryland – 1.2%** | **Maryland – 1.2%** |
| Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) | Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) | Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) | Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) |
| 425000 | 4.000 | 09/01/2027 | 415319 |
| 650000 | 4.500 | 09/01/2033 | 626421 |
| City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (Aa1/AA+) | City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (Aa1/AA+) | City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (Aa1/AA+) | City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (Aa1/AA+) |
| 1725000 | 4.000 | 08/01/2027 | 1823934 |
| City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)<sup>(f)</sup> | City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)<sup>(f)</sup> | City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)<sup>(f)</sup> | City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)<sup>(f)</sup> |
| 150000 | 2.700 | 06/01/2023 | 148561 |
| 100000 | 2.750 | 06/01/2024 | 96952 |
| 140000 | 3.000 | 06/01/2024 | 135969 |
| 125000 | 2.800 | 06/01/2025 | 118793 |
| 135000 | 2.850 | 06/01/2026 | 126011 |
| 175000 | 2.950 | 06/01/2027 | 160647 |
| 190000 | 3.050 | 06/01/2028 | 170417 |
| 200000 | 3.150 | 06/01/2029 | 177296 |
| 300000 | 3.375 | 06/01/2029 | 267970 |
| 200000 | 3.200 | 06/01/2030 | 174495 |
| 200000 | 3.250 | 06/01/2031 | 171981 |
| 250000 | 3.300 | 06/01/2032 | 211540 |
| 270000 | 3.350 | 06/01/2033 | 224852 |
| City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) | City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) | City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) | City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) |
| 475000 | 3.000 | 07/01/2024 | 466005 |
| 945000 | 4.000 | 07/01/2029 | 913486 |
| County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) |
| 440000 | 4.000 | 01/01/2038 | 408064 |
| 525000 | 4.000 | 01/01/2039 | 482002 |
| 1125000 | 4.000 | 01/01/2040 | 1026676 |
| County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) |
| 615000 | 4.000 | 01/01/2032 | 613674 |
| 530000 | 4.000 | 01/01/2033 | 526667 |
| 600000 | 4.000 | 01/01/2034 | 591042 |
| 1065000 | 4.000 | 01/01/2035 | 1037465 |
| 1170000 | 4.000 | 01/01/2036 | 1126502 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Maryland – (continued)** | **Maryland – (continued)** | **Maryland – (continued)** | **Maryland – (continued)** |
| County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) – (continued) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) – (continued) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) – (continued) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) – (continued) |
| 1310000 | 4.000% | 01/01/2037 | $1243662 |
| 1240000 | 4.000 | 01/01/2038 | 1170458 |
| 1530000 | 4.000 | 01/01/2040 | 1421616 |
| Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (AGC) (NR/AA) | Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (AGC) (NR/AA) | Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (AGC) (NR/AA) | Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (AGC) (NR/AA) |
| 465000 | 5.700 | 07/01/2029 | 465953 |
| Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) |
| 1410000 | 3.750 | 07/01/2039 | 1181294 |
| Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) | Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) | Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) | Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) |
| 270000 | 4.000 | 07/01/2040 | 236181 |
| Hagerstown Stadium Authority Multi-Use Sports and Events Facility Lease RB Series 2022A (Aa2\NR) | Hagerstown Stadium Authority Multi-Use Sports and Events Facility Lease RB Series 2022A (Aa2\NR) | Hagerstown Stadium Authority Multi-Use Sports and Events Facility Lease RB Series 2022A (Aa2\NR) | Hagerstown Stadium Authority Multi-Use Sports and Events Facility Lease RB Series 2022A (Aa2\NR) |
| 1990000 | 5.000 | 06/01/2040 | 2216390 |
| 2085000 | 5.000 | 06/01/2041 | 2310585 |
| 2190000 | 5.000 | 06/01/2042 | 2412411 |
| Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR) |
| 1000000 | 5.000 | 06/01/2044 | 1012673 |
| Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) |
| 5565000 | 3.997 | 04/01/2034 | 4390143 |
| Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (Baa3/NR) | Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (Baa3/NR) | Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (Baa3/NR) | Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (Baa3/NR) |
| 10850000 | 5.500 | 01/01/2046 | 10506623 |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR) |
| 800000 | 3.250 | 07/01/2039 | 641061 |
| 350000 | 4.000 | 07/01/2040 | 325925 |
| 750000 | 4.000 | 07/01/2045 | 679588 |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) |
| 305000 | 4.000 | 10/01/2026 | 309387 |
| 425000 | 4.000 | 10/01/2027 | 431571 |
| 440000 | 4.000 | 10/01/2028 | 446637 |
| 355000 | 4.000 | 10/01/2029 | 359765 |
| 475000 | 4.000 | 10/01/2030 | 480726 |
| 795000 | 3.000 | 10/01/2034 | 695857 |
| 475000 | 4.000 | 10/01/2040 | 443093 |
| Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(f)</sup> | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(f)</sup> | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(f)</sup> | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(f)</sup> |
| 650000 | 5.500 | 05/01/2042 | 610933 |
| Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2020B-1<br>(A/A2)<sup>(a)(b)</sup> | Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2020B-1<br>(A/A2)<sup>(a)(b)</sup> | Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2020B-1<br>(A/A2)<sup>(a)(b)</sup> | Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2020B-1<br>(A/A2)<sup>(a)(b)</sup> |
| 3325000 | 5.000 | 07/01/2025 | 3441343 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Maryland – (continued)** | **Maryland – (continued)** | **Maryland – (continued)** | **Maryland – (continued)** |
| Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C<br>(ST INTERCEPT) (Aa3/AA-)<sup>(g)</sup> | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C<br>(ST INTERCEPT) (Aa3/AA-)<sup>(g)</sup> | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C<br>(ST INTERCEPT) (Aa3/AA-)<sup>(g)</sup> | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C<br>(ST INTERCEPT) (Aa3/AA-)<sup>(g)</sup> |
| 10300000 | 0.000% | 05/01/2051 | $2741941 |
| 10300000 | 0.000 | 05/01/2052 | 2604236 |
| Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) | Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) | Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) | Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) |
| 390000 | 4.500 | 06/01/2033 | 374615 |
| 675000 | 4.875 | 06/01/2042 | 631134 |
| Montgomery Count GO Consolidated Public Improvement Project and Refunding Bonds of 2021 Series A (Aaa/AAA) | Montgomery Count GO Consolidated Public Improvement Project and Refunding Bonds of 2021 Series A (Aaa/AAA) | Montgomery Count GO Consolidated Public Improvement Project and Refunding Bonds of 2021 Series A (Aaa/AAA) | Montgomery Count GO Consolidated Public Improvement Project and Refunding Bonds of 2021 Series A (Aaa/AAA) |
| 6655000 | 5.000 | 08/01/2030 | 7758062 |
| Prince George's County GO Bonds Consolidated Public Improvement Bonds Series 2014A (AAA/Aaa) | Prince George's County GO Bonds Consolidated Public Improvement Bonds Series 2014A (AAA/Aaa) | Prince George's County GO Bonds Consolidated Public Improvement Bonds Series 2014A (AAA/Aaa) | Prince George's County GO Bonds Consolidated Public Improvement Bonds Series 2014A (AAA/Aaa) |
| 4010000 | 4.000 | 09/01/2032 | 4090966 |
| 1545000 | 4.000 | 09/01/2033 | 1571201 |
| State of Maryland Department of Transportation RB Series 2015 (Aa1/AAA)<sup>(b)</sup> | State of Maryland Department of Transportation RB Series 2015 (Aa1/AAA)<sup>(b)</sup> | State of Maryland Department of Transportation RB Series 2015 (Aa1/AAA)<sup>(b)</sup> | State of Maryland Department of Transportation RB Series 2015 (Aa1/AAA)<sup>(b)</sup> |
| 12000000 | 4.000 | 02/01/2023 | 12008798 |
| State of Maryland GO Bonds for State & Local Facilities Loan Series 2022A (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2022A (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2022A (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2022A (Aaa/AAA) |
| 10000000 | 5.000 | 06/01/2037 | 11459665 |
|  |  |  | 92917234 |
| **Massachusetts – 0.6%** | **Massachusetts – 0.6%** | **Massachusetts – 0.6%** | **Massachusetts – 0.6%** |
| Commonwealth of Massachusetts Special Obligation RB for Unemployment Insurance Trust Fund 2022 Series A (Aa1/NR) | Commonwealth of Massachusetts Special Obligation RB for Unemployment Insurance Trust Fund 2022 Series A (Aa1/NR) | Commonwealth of Massachusetts Special Obligation RB for Unemployment Insurance Trust Fund 2022 Series A (Aa1/NR) | Commonwealth of Massachusetts Special Obligation RB for Unemployment Insurance Trust Fund 2022 Series A (Aa1/NR) |
| 2500000 | 3.670 | 01/15/2026 | 2435281 |
| 1500000 | 3.680 | 07/15/2026 | 1455679 |
| Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds 2021 Series A (Aa3/AA) | Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds 2021 Series A (Aa3/AA) | Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds 2021 Series A (Aa3/AA) | Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds 2021 Series A (Aa3/AA) |
| 10000000 | 4.000 | 07/01/2051 | 9136515 |
| Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) |
| 5000000 | 5.000 | 07/15/2036 | 5898479 |
| Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)<sup>(f)</sup> | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)<sup>(f)</sup> | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)<sup>(f)</sup> | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)<sup>(f)</sup> |
| 495000 | 4.000 | 11/15/2023 | 493860 |
| 1500000 | 5.000 | 11/15/2028 | 1581215 |
| Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-) | Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-) | Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-) | Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-) |
| 225000 | 4.000 | 12/01/2042 | 205020 |
| 245000 | 5.000 | 12/01/2042 | 249491 |
| Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(f)</sup> | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(f)</sup> | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(f)</sup> | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(f)</sup> |
| 125000 | 5.000 | 07/15/2024 | 127098 |
| 125000 | 5.000 | 07/15/2025 | 128180 |
| Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) | Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) | Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) | Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) |
| 350000 | 5.000 | 10/01/2026 | 372866 |
| 495000 | 5.000 | 10/01/2027 | 535224 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Massachusetts – (continued)** | **Massachusetts – (continued)** | **Massachusetts – (continued)** | **Massachusetts – (continued)** |
| Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) – (continued) | Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) – (continued) | Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) – (continued) | Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) – (continued) |
| 500000 | 5.000% | 10/01/2028 | $548351 |
| 425000 | 5.000 | 10/01/2029 | 471533 |
| 325000 | 5.000 | 10/01/2030 | 364393 |
| 450000 | 5.000 | 10/01/2031 | 496724 |
| 400000 | 5.000 | 10/01/2032 | 437590 |
| 500000 | 5.000 | 10/01/2033 | 543480 |
| 450000 | 5.000 | 10/01/2034 | 485943 |
| Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) |
| 825000 | 5.000 | 07/01/2038 | 837402 |
| 1850000 | 5.000 | 07/01/2039 | 1869438 |
| Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2018 Series B (Aa3/AA) | Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2018 Series B (Aa3/AA) | Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2018 Series B (Aa3/AA) | Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2018 Series B (Aa3/AA) |
| 10735000 | 4.000 | 02/15/2041 | 10448695 |
| Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(e)</sup> |
| (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) |  |
| 1970000 | 3.545 | 05/01/2037 | 1929861 |
| Massachusetts State GO Bonds Consolidated Loan Series 2012 A<br>(BHAC-CR FGIC) (Aa1/AA+)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2012 A<br>(BHAC-CR FGIC) (Aa1/AA+)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2012 A<br>(BHAC-CR FGIC) (Aa1/AA+)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2012 A<br>(BHAC-CR FGIC) (Aa1/AA+)<sup>(e)</sup> |
| (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) |  |
| 1735000 | 3.545 | 05/01/2037 | 1699638 |
| Massachusetts State GO Bonds Consolidated Loan Series 2018 D (Aa1/AA) | Massachusetts State GO Bonds Consolidated Loan Series 2018 D (Aa1/AA) | Massachusetts State GO Bonds Consolidated Loan Series 2018 D (Aa1/AA) | Massachusetts State GO Bonds Consolidated Loan Series 2018 D (Aa1/AA) |
| 4030000 | 4.000 | 05/01/2039 | 3984054 |
|  |  |  | 46736010 |
| **Michigan – 2.6%** | **Michigan – 2.6%** | **Michigan – 2.6%** | **Michigan – 2.6%** |
| City of Detroit Financial Recovery GO Bonds Series 2014 B-1<br>(NR/NR)<sup>(a)</sup> | City of Detroit Financial Recovery GO Bonds Series 2014 B-1<br>(NR/NR)<sup>(a)</sup> | City of Detroit Financial Recovery GO Bonds Series 2014 B-1<br>(NR/NR)<sup>(a)</sup> | City of Detroit Financial Recovery GO Bonds Series 2014 B-1<br>(NR/NR)<sup>(a)</sup> |
| 50843183 | 4.000 | 04/01/2044 | 36466251 |
| City of Detroit GO Bonds Series 2020 (Ba3/BB-) | City of Detroit GO Bonds Series 2020 (Ba3/BB-) | City of Detroit GO Bonds Series 2020 (Ba3/BB-) | City of Detroit GO Bonds Series 2020 (Ba3/BB-) |
| 245000 | 5.000 | 04/01/2023 | 245535 |
| 265000 | 5.000 | 04/01/2024 | 268589 |
| 275000 | 5.000 | 04/01/2025 | 281864 |
| 290000 | 5.000 | 04/01/2026 | 299862 |
| 615000 | 5.000 | 04/01/2027 | 636852 |
| 645000 | 5.000 | 04/01/2028 | 669520 |
| 455000 | 5.000 | 04/01/2029 | 471289 |
| 710000 | 5.000 | 04/01/2030 | 736339 |
| City of Detroit GO Bonds Series 2021 A (Ba3/BB-) | City of Detroit GO Bonds Series 2021 A (Ba3/BB-) | City of Detroit GO Bonds Series 2021 A (Ba3/BB-) | City of Detroit GO Bonds Series 2021 A (Ba3/BB-) |
| 1365000 | 5.000 | 04/01/2030 | 1415637 |
| 1100000 | 5.000 | 04/01/2032 | 1133752 |
| 1540000 | 5.000 | 04/01/2034 | 1570104 |
| 2280000 | 5.000 | 04/01/2036 | 2291012 |
| 1900000 | 5.000 | 04/01/2038 | 1874142 |
| 1750000 | 5.000 | 04/01/2039 | 1712529 |
| City of Detroit GO Bonds Series 2021 B (Ba3/BB-) | City of Detroit GO Bonds Series 2021 B (Ba3/BB-) | City of Detroit GO Bonds Series 2021 B (Ba3/BB-) | City of Detroit GO Bonds Series 2021 B (Ba3/BB-) |
| 365000 | 2.017 | 04/01/2023 | 361955 |
| 400000 | 2.189 | 04/01/2024 | 383370 |
| 500000 | 2.511 | 04/01/2025 | 465003 |
| 675000 | 2.711 | 04/01/2026 | 611684 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** |
| City of Grand Rapids RB Refunding for Sanitary Sewerage System Series 2020 (Aa2/AA) | City of Grand Rapids RB Refunding for Sanitary Sewerage System Series 2020 (Aa2/AA) | City of Grand Rapids RB Refunding for Sanitary Sewerage System Series 2020 (Aa2/AA) | City of Grand Rapids RB Refunding for Sanitary Sewerage System Series 2020 (Aa2/AA) |
| 1000000 | 5.000% | 01/01/2045 | $1085899 |
| Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) | Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) | Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) | Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) |
| 1075000 | 5.000 | 07/01/2026 | 1104453 |
| 1130000 | 5.000 | 07/01/2027 | 1160794 |
| 1000000 | 5.000 | 07/01/2028 | 1025633 |
| 1000000 | 5.000 | 07/01/2029 | 1025486 |
| 3435000 | 5.000 | 07/01/2033 | 3507440 |
| 3330000 | 5.000 | 07/01/2036 | 3381803 |
| Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> |
| 2556114 | 4.000 | 04/01/2044 | 1833321 |
| Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (A1/AA-) | Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (A1/AA-) | Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (A1/AA-) | Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (A1/AA-) |
| 8300000 | 5.250 | 07/01/2033 | 8862450 |
| Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds Series 2016C (A1/AA-) | Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds Series 2016C (A1/AA-) | Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds Series 2016C (A1/AA-) | Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds Series 2016C (A1/AA-) |
| 20000000 | 5.250 | 07/01/2035 | 21219912 |
| Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) |
| 475000 | 4.000 | 11/15/2031 | 438727 |
| Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) |
| 645000 | 4.000 | 02/01/2042 | 532835 |
| Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) | Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) | Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) | Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) |
| 3700000 | 4.000 | 11/15/2050 | 3280289 |
| Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) | Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) | Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) | Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) |
| 6380000 | 4.000 | 02/15/2047 | 5839298 |
| 13070000 | 4.000 | 02/15/2050 | 11784755 |
| Michigan Finance Authority Hospital Revenue Refunding Bonds for Henry Ford Health System Series 2016 (A2\A) | Michigan Finance Authority Hospital Revenue Refunding Bonds for Henry Ford Health System Series 2016 (A2\A) | Michigan Finance Authority Hospital Revenue Refunding Bonds for Henry Ford Health System Series 2016 (A2\A) | Michigan Finance Authority Hospital Revenue Refunding Bonds for Henry Ford Health System Series 2016 (A2\A) |
| 1500000 | 5.000 | 11/15/2032 | 1569412 |
| Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (NR/BB+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (NR/BB+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (NR/BB+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (NR/BB+) |
| 1000000 | 3.875 | 10/01/2023 | 997204 |
| Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A2/A+) |
| 3000000 | 5.000 | 07/01/2034 | 3088659 |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL) (A2/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL) (A2/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL) (A2/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL) (A2/A+) |
| 650000 | 5.000 | 07/01/2036 | 664088 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA) |
| 325000 | 5.000% | 07/01/2032 | $333665 |
| 250000 | 5.000 | 07/01/2033 | 256519 |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+) |
| 1945000 | 5.000 | 07/01/2033 | 2007157 |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (A1/AA) |
| 400000 | 5.000 | 07/01/2035 | 409255 |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-) |
| 1000000 | 5.000 | 07/01/2029 | 1039698 |
| Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB) | Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB) | Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB) | Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB) |
| 1120000 | 3.500 | 09/01/2030 | 973175 |
| Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) |
| 450000 | 4.000 | 09/01/2045 | 406299 |
| 475000 | 4.000 | 09/01/2050 | 417586 |
| Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR) |
| 6600000 | 5.000 | 06/01/2040 | 6677062 |
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) |
| 1570000 | 5.000 | 06/01/2049 | 1552000 |
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(g)</sup> | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(g)</sup> | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(g)</sup> | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(g)</sup> |
| 101825000 | 0.000 | 06/01/2065 | 8828268 |
| Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA) |
| 15000000 | 4.250 | 12/31/2038 | 14135738 |
| Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 1995 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 1995 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 1995 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 1995 (Aa3/A) |
| 7500000 | 1.450 | 09/01/2030 | 6265100 |
| Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 2008 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 2008 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 2008 (Aa3/A) | Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 2008 (Aa3/A) |
| 7175000 | 1.350 | 08/01/2029 | 6122171 |
| Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(g)</sup> | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(g)</sup> | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(g)</sup> | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(g)</sup> |
| 40075000 | 0.000 | 06/01/2058 | 1567425 |
| Universal Academy RB Refunding Series 2021 (NR/BBB-) | Universal Academy RB Refunding Series 2021 (NR/BBB-) | Universal Academy RB Refunding Series 2021 (NR/BBB-) | Universal Academy RB Refunding Series 2021 (NR/BBB-) |
| 345000 | 2.000 | 12/01/2026 | 325761 |
| 450000 | 4.000 | 12/01/2031 | 426014 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** |
| Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (NR/AA) | Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (NR/AA) | Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (NR/AA) | Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (NR/AA) |
| 2485000 | 4.000% | 11/01/2026 | $2591042 |
| 2585000 | 4.000 | 11/01/2027 | 2719464 |
| Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (NR/AA) | Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (NR/AA) | Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (NR/AA) | Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (NR/AA) |
| 3705000 | 5.000 | 05/01/2027 | 3966540 |
| Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (AA/NR) | Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (AA/NR) | Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (AA/NR) | Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (AA/NR) |
| 1145000 | 5.000 | 05/01/2025 | 1199992 |
| 1215000 | 5.000 | 05/01/2026 | 1299171 |
| Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/AA) | Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/AA) | Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/AA) | Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/AA) |
| 580000 | 2.019 | 05/01/2025 | 542293 |
| Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A1/A-) | Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A1/A-) | Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A1/A-) | Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A1/A-) |
| 400000 | 5.000 | 12/01/2033 | 420453 |
| 1065000 | 5.000 | 12/01/2034 | 1114024 |
| 650000 | 5.000 | 12/01/2035 | 676652 |
| 800000 | 5.000 | 12/01/2036 | 830012 |
| 880000 | 5.000 | 12/01/2037 | 910452 |
| Wayne County Airport Authority RB Series 2021A (NON-AMT) (NR/A) | Wayne County Airport Authority RB Series 2021A (NON-AMT) (NR/A) | Wayne County Airport Authority RB Series 2021A (NON-AMT) (NR/A) | Wayne County Airport Authority RB Series 2021A (NON-AMT) (NR/A) |
| 2200000 | 5.000 | 12/01/2037 | 2411556 |
| 2015000 | 5.000 | 12/01/2041 | 2144226 |
|  |  |  | 196866517 |
| **Minnesota – 0.4%** | **Minnesota – 0.4%** | **Minnesota – 0.4%** | **Minnesota – 0.4%** |
| City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) | City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) | City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) | City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) |
| 1315000 | 4.000 | 07/01/2031 | 1192589 |
| City of Minneapolis GO Green Bonds Series 2019 (NR/AAA) | City of Minneapolis GO Green Bonds Series 2019 (NR/AAA) | City of Minneapolis GO Green Bonds Series 2019 (NR/AAA) | City of Minneapolis GO Green Bonds Series 2019 (NR/AAA) |
| 2390000 | 2.000 | 12/01/2029 | 2210270 |
| 2940000 | 2.000 | 12/01/2030 | 2710845 |
| City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR) | City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR) | City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR) | City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR) |
| 1075000 | 5.000 | 05/01/2048 | 1097571 |
| City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-) |
| 400000 | 3.000 | 12/01/2030 | 363707 |
| Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) |
| 2160000 | 4.250 | 02/15/2048 | 1946119 |
| Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) |
| 325000 | 5.000 | 06/15/2027 | 336519 |
| 460000 | 5.000 | 06/15/2028 | 479468 |
| 400000 | 5.000 | 06/15/2029 | 418371 |
| 425000 | 5.000 | 06/15/2030 | 446919 |
| 450000 | 5.000 | 06/15/2031 | 475124 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Minnesota – (continued)** | **Minnesota – (continued)** | **Minnesota – (continued)** | **Minnesota – (continued)** |
| Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) | Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) | Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) | Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) |
| 370000 | 3.000% | 07/01/2024 | $361662 |
| 400000 | 3.000 | 07/01/2025 | 384821 |
| 360000 | 3.000 | 07/01/2026 | 340723 |
| Duluth Independent School District No.709 COPS Refunding Series<br>2019 A (Ba2/NR) | Duluth Independent School District No.709 COPS Refunding Series<br>2019 A (Ba2/NR) | Duluth Independent School District No.709 COPS Refunding Series<br>2019 A (Ba2/NR) | Duluth Independent School District No.709 COPS Refunding Series<br>2019 A (Ba2/NR) |
| 630000 | 3.000 | 03/01/2023 | 628688 |
| 650000 | 3.250 | 03/01/2024 | 642127 |
| Duluth Independent School District No.709 COPS Refunding Series<br>2019 B (SD CRED PROG) (Aa2/NR) | Duluth Independent School District No.709 COPS Refunding Series<br>2019 B (SD CRED PROG) (Aa2/NR) | Duluth Independent School District No.709 COPS Refunding Series<br>2019 B (SD CRED PROG) (Aa2/NR) | Duluth Independent School District No.709 COPS Refunding Series<br>2019 B (SD CRED PROG) (Aa2/NR) |
| 380000 | 5.000 | 02/01/2023 | 380495 |
| 400000 | 5.000 | 02/01/2024 | 408284 |
| 375000 | 5.000 | 02/01/2025 | 389687 |
| 1105000 | 5.000 | 02/01/2027 | 1186230 |
| 350000 | 5.000 | 02/01/2028 | 381121 |
| Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) | Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) | Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) | Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) |
| 500000 | 5.000 | 05/01/2047 | 433539 |
| Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) |
| 165000 | 4.000 | 12/01/2026 | 166270 |
| 165000 | 4.000 | 12/01/2027 | 166078 |
| 205000 | 4.000 | 12/01/2028 | 206006 |
| 125000 | 4.000 | 12/01/2029 | 125272 |
| 250000 | 4.000 | 12/01/2030 | 250009 |
| 170000 | 4.000 | 12/01/2031 | 169170 |
| Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (NR/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (NR/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (NR/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (NR/NR) |
| 5650000 | 4.000 | 12/01/2026 | 5707815 |
| Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aa1/AAA) | Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aa1/AAA) | Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aa1/AAA) | Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aa1/AAA) |
| 1680000 | 3.000 | 10/01/2029 | 1636660 |
| State of Minnesota GO State Various Purpose Bonds Series 2015A (AAA/Aa1) | State of Minnesota GO State Various Purpose Bonds Series 2015A (AAA/Aa1) | State of Minnesota GO State Various Purpose Bonds Series 2015A (AAA/Aa1) | State of Minnesota GO State Various Purpose Bonds Series 2015A (AAA/Aa1) |
| 5500000 | 5.000 | 08/01/2035 | 5777428 |
|  |  |  | 31419587 |
| **Mississippi – 0.3%** | **Mississippi – 0.3%** | **Mississippi – 0.3%** | **Mississippi – 0.3%** |
| Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(d)</sup> | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(d)</sup> | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(d)</sup> | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 9125000 | 2.650 | 04/01/2027 | 8522964 |
| Mississippi Business Finance Corp. Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> | Mississippi Business Finance Corp. Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> | Mississippi Business Finance Corp. Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> | Mississippi Business Finance Corp. Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> |
| 2350000 | 7.750 | 07/15/2032 | 2363432 |
| Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(f)</sup> | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(f)</sup> | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(f)</sup> | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(f)</sup> |
| 415000 | 5.000 | 10/01/2023 | 417570 |
| 440000 | 5.000 | 10/01/2024 | 447421 |
| 660000 | 5.000 | 10/01/2025 | 673528 |
| 750000 | 5.000 | 10/01/2026 | 770408 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Mississippi – (continued)** | **Mississippi – (continued)** | **Mississippi – (continued)** | **Mississippi – (continued)** |
| Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(f)</sup> – (continued) | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(f)</sup> – (continued) | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(f)</sup> – (continued) | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(f)</sup> – (continued) |
| 800000 | 5.000% | 10/01/2027 | $826131 |
| 850000 | 5.000 | 10/01/2028 | 881901 |
| 875000 | 5.000 | 10/01/2029 | 911403 |
| 1225000 | 5.000 | 10/01/2030 | 1279405 |
| Mississippi State GO Bonds Series 2015 F (Aa2/AA)<sup>(b)</sup> | Mississippi State GO Bonds Series 2015 F (Aa2/AA)<sup>(b)</sup> | Mississippi State GO Bonds Series 2015 F (Aa2/AA)<sup>(b)</sup> | Mississippi State GO Bonds Series 2015 F (Aa2/AA)<sup>(b)</sup> |
| 1000000 | 4.000 | 11/01/2025 | 1037807 |
| Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 2700000 | 2.900 | 09/01/2023 | 2686260 |
|  |  |  | 20818230 |
| **Missouri – 0.9%** | **Missouri – 0.9%** | **Missouri – 0.9%** | **Missouri – 0.9%** |
| Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) |
| 1200000 | 4.000 | 03/01/2041 | 1040062 |
| City of Poplar Bluff COPS Series 2021 (NR/BBB+) | City of Poplar Bluff COPS Series 2021 (NR/BBB+) | City of Poplar Bluff COPS Series 2021 (NR/BBB+) | City of Poplar Bluff COPS Series 2021 (NR/BBB+) |
| 875000 | 2.500 | 10/01/2041 | 593278 |
| 1060000 | 2.625 | 10/01/2046 | 677382 |
| I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)<sup>(f)</sup> | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)<sup>(f)</sup> | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)<sup>(f)</sup> | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)<sup>(f)</sup> |
| 800000 | 4.500 | 12/01/2029 | 777752 |
| Industrial Development Authority of The City of St Louis Missouri (The) | Industrial Development Authority of The City of St Louis Missouri (The) | Industrial Development Authority of The City of St Louis Missouri (The) | Industrial Development Authority of The City of St Louis Missouri (The) |
| 1650000 | 5.000 | 05/15/2041 | 1599769 |
| Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A2/A-) | Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A2/A-) | Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A2/A-) | Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A2/A-) |
| 4200000 | 5.000 | 03/01/2030 | 4468341 |
| 4410000 | 5.000 | 03/01/2031 | 4688968 |
| 4630000 | 5.000 | 03/01/2032 | 4912665 |
| 4865000 | 5.000 | 03/01/2033 | 5150825 |
| Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A2/A-) | Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A2/A-) | Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A2/A-) | Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A2/A-) |
| 2000000 | 5.000 | 03/01/2033 | 2197806 |
| 3200000 | 5.000 | 03/01/2034 | 3495157 |
| Metropolitan St. Louis Sewer District RB Refunding Series 2017 A (Aa1/AAA) | Metropolitan St. Louis Sewer District RB Refunding Series 2017 A (Aa1/AAA) | Metropolitan St. Louis Sewer District RB Refunding Series 2017 A (Aa1/AAA) | Metropolitan St. Louis Sewer District RB Refunding Series 2017 A (Aa1/AAA) |
| 5000000 | 5.000 | 05/01/2047 | 5230029 |
| Metropolitan St. Louis Sewer District Wastewater System Improvement and Refunding RB Series 2017A (Aa1/AAA) | Metropolitan St. Louis Sewer District Wastewater System Improvement and Refunding RB Series 2017A (Aa1/AAA) | Metropolitan St. Louis Sewer District Wastewater System Improvement and Refunding RB Series 2017A (Aa1/AAA) | Metropolitan St. Louis Sewer District Wastewater System Improvement and Refunding RB Series 2017A (Aa1/AAA) |
| 11000000 | 5.000 | 05/01/2042 | 11660530 |
| Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) | Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) | Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) | Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) |
| 830000 | 5.000 | 09/01/2038 | 866527 |
| Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR) |
| 370000 | 4.000 | 08/01/2036 | 322217 |
| 475000 | 4.000 | 08/01/2041 | 387919 |
| Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) |
| 320000 | 5.000 | 09/01/2025 | 327537 |
| 860000 | 5.000 | 09/01/2027 | 886570 |
| 1355000 | 5.000 | 09/01/2028 | 1397666 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) |
| 420000 | 4.000% | 02/15/2037 | $415457 |
| 675000 | 4.000 | 02/15/2038 | 663020 |
| 500000 | 4.000 | 02/15/2039 | 488584 |
| 1850000 | 4.000 | 02/15/2044 | 1733522 |
| Missouri Southern State University Auxiliary Enterprise System RB Refunding Series 2021 (NR/NR) | Missouri Southern State University Auxiliary Enterprise System RB Refunding Series 2021 (NR/NR) | Missouri Southern State University Auxiliary Enterprise System RB Refunding Series 2021 (NR/NR) | Missouri Southern State University Auxiliary Enterprise System RB Refunding Series 2021 (NR/NR) |
| 630000 | 3.000 | 10/01/2026 | 593181 |
| 875000 | 4.000 | 10/01/2031 | 793889 |
| Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (NR/AA) |
| 275000 | 5.000 | 10/01/2030 | 305002 |
| Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) |
| 210000 | 5.000 | 10/01/2026 | 223873 |
| 210000 | 5.000 | 10/01/2029 | 233127 |
| 150000 | 5.000 | 10/01/2032 | 165698 |
| 240000 | 4.000 | 10/01/2034 | 245134 |
| 125000 | 4.000 | 10/01/2035 | 126835 |
| 150000 | 4.000 | 10/01/2036 | 151459 |
| 170000 | 4.000 | 10/01/2037 | 170777 |
| 145000 | 4.000 | 10/01/2038 | 144673 |
| 110000 | 4.000 | 10/01/2039 | 108592 |
| Plaza at Noah's Ark Community Improvement District RB Refunding Series 2021 (NR/NR) | Plaza at Noah's Ark Community Improvement District RB Refunding Series 2021 (NR/NR) | Plaza at Noah's Ark Community Improvement District RB Refunding Series 2021 (NR/NR) | Plaza at Noah's Ark Community Improvement District RB Refunding Series 2021 (NR/NR) |
| 350000 | 3.000 | 05/01/2024 | 342297 |
| 250000 | 3.000 | 05/01/2026 | 235944 |
| St Louis Municipal Finance Corp. RB for City of St Louis Series 2020 (AGM) (A2/AA) | St Louis Municipal Finance Corp. RB for City of St Louis Series 2020 (AGM) (A2/AA) | St Louis Municipal Finance Corp. RB for City of St Louis Series 2020 (AGM) (A2/AA) | St Louis Municipal Finance Corp. RB for City of St Louis Series 2020 (AGM) (A2/AA) |
| 1000000 | 5.000 | 10/01/2040 | 1048596 |
| St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (NR/AA) | St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (NR/AA) | St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (NR/AA) | St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (NR/AA) |
| 5000000 | 5.000 | 10/01/2049 | 5116675 |
| State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 4000000 | 3.500 | 07/01/2025 | 3967358 |
|  |  |  | 67954693 |
| **Montana – 0.0%** | **Montana – 0.0%** | **Montana – 0.0%** | **Montana – 0.0%** |
| City of Billings RB for Sewer System Series 2017 (Aa3/NR) | City of Billings RB for Sewer System Series 2017 (Aa3/NR) | City of Billings RB for Sewer System Series 2017 (Aa3/NR) | City of Billings RB for Sewer System Series 2017 (Aa3/NR) |
| 575000 | 5.000 | 07/01/2029 | 627806 |
| **Nebraska – 0.1%** | **Nebraska – 0.1%** | **Nebraska – 0.1%** | **Nebraska – 0.1%** |
| Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) | Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) | Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) | Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) |
| 415000 | 4.000 | 01/01/2033 | 423039 |
| 1000000 | 4.000 | 01/01/2034 | 1019184 |
| 1000000 | 4.000 | 01/01/2035 | 1012883 |
| 1250000 | 4.000 | 01/01/2036 | 1258730 |
| 1185000 | 4.000 | 01/01/2037 | 1184824 |
| 1500000 | 4.000 | 01/01/2038 | 1481825 |
| 2000000 | 4.000 | 01/01/2039 | 1966087 |
|  |  |  | 8346572 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Nevada – 0.6%** | **Nevada – 0.6%** | **Nevada – 0.6%** | **Nevada – 0.6%** |
| City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) | City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) | City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) | City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) |
| 195000 | 3.500% | 06/01/2025 | $188884 |
| 180000 | 3.500 | 06/01/2026 | 172019 |
| 195000 | 3.500 | 06/01/2027 | 183310 |
| 145000 | 3.500 | 06/01/2028 | 134036 |
| 165000 | 3.500 | 06/01/2029 | 149764 |
| 165000 | 3.250 | 06/01/2030 | 144477 |
| 305000 | 3.250 | 06/01/2031 | 263517 |
| 400000 | 3.500 | 06/01/2032 | 349186 |
| 450000 | 3.500 | 06/01/2033 | 388432 |
| 960000 | 3.500 | 06/01/2034 | 818131 |
| City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) |
| 415000 | 2.750 | 06/01/2033 | 329149 |
| 730000 | 2.750 | 06/01/2036 | 546505 |
| City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) | City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) | City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) | City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) |
| 240000 | 4.250 | 06/01/2034 | 225720 |
| 285000 | 4.500 | 06/01/2039 | 264475 |
| 235000 | 4.625 | 06/01/2043 | 214803 |
| 375000 | 4.625 | 06/01/2049 | 333377 |
| City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)<sup>(f)</sup> | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)<sup>(f)</sup> | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)<sup>(f)</sup> | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)<sup>(f)</sup> |
| 200000 | 2.500 | 06/15/2024 | 193964 |
| 1505000 | 2.750 | 06/15/2028 | 1343241 |
| Clark County Jet Aviation Fuel Tax Refunding RB Series 2013A (AMT) (A+/A1)<sup>(b)</sup> | Clark County Jet Aviation Fuel Tax Refunding RB Series 2013A (AMT) (A+/A1)<sup>(b)</sup> | Clark County Jet Aviation Fuel Tax Refunding RB Series 2013A (AMT) (A+/A1)<sup>(b)</sup> | Clark County Jet Aviation Fuel Tax Refunding RB Series 2013A (AMT) (A+/A1)<sup>(b)</sup> |
| 2250000 | 5.000 | 01/03/2023 | 2250000 |
| Clark County School District Building GO Bonds Series 2019 B (AGM) (A1/AA) | Clark County School District Building GO Bonds Series 2019 B (AGM) (A1/AA) | Clark County School District Building GO Bonds Series 2019 B (AGM) (A1/AA) | Clark County School District Building GO Bonds Series 2019 B (AGM) (A1/AA) |
| 9795000 | 5.000 | 06/15/2030 | 11010974 |
| Clark County School District GO Bonds Series 2018 A (A1/A+) | Clark County School District GO Bonds Series 2018 A (A1/A+) | Clark County School District GO Bonds Series 2018 A (A1/A+) | Clark County School District GO Bonds Series 2018 A (A1/A+) |
| 3745000 | 5.000 | 06/15/2030 | 4147264 |
| Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) | Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) | Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) | Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) |
| 725000 | 5.000 | 06/15/2033 | 817938 |
| 835000 | 5.000 | 06/15/2034 | 934796 |
| 880000 | 5.000 | 06/15/2035 | 975078 |
| 835000 | 4.000 | 06/15/2036 | 847102 |
| 900000 | 4.000 | 06/15/2037 | 907521 |
| 855000 | 4.000 | 06/15/2038 | 859020 |
| 950000 | 4.000 | 06/15/2039 | 948441 |
| 700000 | 4.000 | 06/15/2040 | 690055 |
| Henderson Nevada Local Improvement District No. T-18 (Inspirada) Special Assessment Refunding Limited Obligation Series 2016 (NR/NR) | Henderson Nevada Local Improvement District No. T-18 (Inspirada) Special Assessment Refunding Limited Obligation Series 2016 (NR/NR) | Henderson Nevada Local Improvement District No. T-18 (Inspirada) Special Assessment Refunding Limited Obligation Series 2016 (NR/NR) | Henderson Nevada Local Improvement District No. T-18 (Inspirada) Special Assessment Refunding Limited Obligation Series 2016 (NR/NR) |
| 1285000 | 4.000 | 09/01/2025 | 1271366 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Nevada – (continued)** | **Nevada – (continued)** | **Nevada – (continued)** | **Nevada – (continued)** |
| Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/A) |
| 1250000 | 5.000% | 07/01/2026 | $1332155 |
| Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) |
| 715000 | 5.000 | 07/01/2026 | 761993 |
| Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A) |
| 605000 | 5.000 | 07/01/2035 | 647390 |
| Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A) |
| 2685000 | 5.000 | 07/01/2043 | 2796314 |
| Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A) |
| 1050000 | 5.000 | 07/01/2027 | 1137203 |
| State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (Aa1/AA+) | State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (Aa1/AA+) | State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (Aa1/AA+) | State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (Aa1/AA+) |
| 5000000 | 5.000 | 11/01/2026 | 5260909 |
| Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) |
| 1700000 | 5.000 | 07/01/2040 | 1693006 |
|  |  |  | 45531515 |
| **New Hampshire – 0.8%** | **New Hampshire – 0.8%** | **New Hampshire – 0.8%** | **New Hampshire – 0.8%** |
| National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR) | National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR) | National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR) | National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR) |
| 3500000 | 3.000 | 08/15/2046 | 2611453 |
| National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-) |
| 8235000 | 4.000 | 12/01/2028 | 8371119 |
| New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) |
| 5450000 | 4.000 | 01/01/2041 | 4562112 |
| New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 2695000 | 2.800 | 10/02/2023 | 2682263 |
| New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A) | New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A) | New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A) | New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A) |
| 10695000 | 5.000 | 08/01/2032 | 11516602 |
| 2150000 | 5.000 | 08/01/2033 | 2310268 |
| 4075000 | 5.000 | 08/01/2034 | 4355094 |
| 4290000 | 5.000 | 08/01/2035 | 4555508 |
| 4505000 | 5.000 | 08/01/2036 | 4758290 |
| 4735000 | 5.000 | 08/01/2037 | 4974502 |
| 1470000 | 5.000 | 08/01/2038 | 1538311 |
| 5270000 | 5.000 | 08/01/2039 | 5491033 |
| 6000000 | 5.000 | 08/01/2040 | 6168644 |
|  |  |  | 63895199 |
| **New Jersey – 4.4%** | **New Jersey – 4.4%** | **New Jersey – 4.4%** | **New Jersey – 4.4%** |
| Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) | Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) | Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) | Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) |
| 300000 | 5.000 | 03/01/2024 | 306316 |
| 250000 | 5.000 | 03/01/2026 | 265562 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** |
| Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA) | Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA) | Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA) | Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA) |
| 3925000 | 4.000% | 07/01/2047 | $3625895 |
| Borough of Stone Harbor GO Bonds Series 2018 (NR/AA+) | Borough of Stone Harbor GO Bonds Series 2018 (NR/AA+) | Borough of Stone Harbor GO Bonds Series 2018 (NR/AA+) | Borough of Stone Harbor GO Bonds Series 2018 (NR/AA+) |
| 1345000 | 4.000 | 11/01/2026 | 1394253 |
| City of Hoboken GO Bonds for Open Space Bonds and General Improvement Bonds and Parking Utility Bonds Series 2022 (NR\AA+) | City of Hoboken GO Bonds for Open Space Bonds and General Improvement Bonds and Parking Utility Bonds Series 2022 (NR\AA+) | City of Hoboken GO Bonds for Open Space Bonds and General Improvement Bonds and Parking Utility Bonds Series 2022 (NR\AA+) | City of Hoboken GO Bonds for Open Space Bonds and General Improvement Bonds and Parking Utility Bonds Series 2022 (NR\AA+) |
| 1455000 | 3.000 | 02/15/2049 | 1158592 |
| 1455000 | 3.000 | 02/15/2050 | 1149725 |
| Essex County Improvement Authority RB for Friends of TEAM Academy Charter School Obligated Group Series 2021 (NR/BBB) | Essex County Improvement Authority RB for Friends of TEAM Academy Charter School Obligated Group Series 2021 (NR/BBB) | Essex County Improvement Authority RB for Friends of TEAM Academy Charter School Obligated Group Series 2021 (NR/BBB) | Essex County Improvement Authority RB for Friends of TEAM Academy Charter School Obligated Group Series 2021 (NR/BBB) |
| 470000 | 4.000 | 06/15/2038 | 428870 |
| Essex County Improvement Authority RB for New Jersey Institute of Technology Series 2021 A (BAM) (A1/AA) | Essex County Improvement Authority RB for New Jersey Institute of Technology Series 2021 A (BAM) (A1/AA) | Essex County Improvement Authority RB for New Jersey Institute of Technology Series 2021 A (BAM) (A1/AA) | Essex County Improvement Authority RB for New Jersey Institute of Technology Series 2021 A (BAM) (A1/AA) |
| 325000 | 4.000 | 08/01/2046 | 306045 |
| Hawthorne School District GO Bonds Series 2019 (BAM SCH BD RES FD) (NR/AA) | Hawthorne School District GO Bonds Series 2019 (BAM SCH BD RES FD) (NR/AA) | Hawthorne School District GO Bonds Series 2019 (BAM SCH BD RES FD) (NR/AA) | Hawthorne School District GO Bonds Series 2019 (BAM SCH BD RES FD) (NR/AA) |
| 1100000 | 3.000 | 09/01/2034 | 1033512 |
| 1350000 | 3.000 | 09/01/2035 | 1235697 |
| 1350000 | 3.000 | 09/01/2036 | 1201963 |
| 1350000 | 3.000 | 09/01/2037 | 1171723 |
| 1350000 | 3.000 | 09/01/2038 | 1152480 |
| 1100000 | 3.000 | 09/01/2039 | 923744 |
| New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/B) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/B) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/B) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/B) |
| 500000 | 5.000 | 07/01/2032 | 479561 |
| New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB) |
| 4000000 | 5.500 | 06/15/2033 | 4263345 |
| New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (Baa1/BBB) |
| 5805000 | 5.000 | 06/15/2028 | 6270965 |
| 10295000 | 5.000 | 06/15/2029 | 11186816 |
| New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (A2/AA) | New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (A2/AA) | New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (A2/AA) | New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (A2/AA) |
| 1300000 | 5.000 | 06/01/2042 | 1327716 |
| New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB) |
| 9340000 | 5.000 | 06/15/2029 | 10149088 |
| New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (NR/A) | New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (NR/A) | New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (NR/A) | New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (NR/A) |
| 785000 | 3.000 | 06/01/2032 | 744749 |
| 1545000 | 5.000 | 06/01/2032 | 1635429 |
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)<sup>(b)</sup> | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)<sup>(b)</sup> | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)<sup>(b)</sup> | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)<sup>(b)</sup> |
| 5900000 | 5.500 | 12/15/2026 | 6562323 |
| New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2\NR) | New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2\NR) | New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2\NR) | New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2\NR) |
| 8325000 | 5.000 | 10/01/2047 | 8094049 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** |
| New Jersey Economic Development Authority State Lease RB for Health Department & Taxation Division Office Project 2018 Series A (A3/BBB+) | New Jersey Economic Development Authority State Lease RB for Health Department & Taxation Division Office Project 2018 Series A (A3/BBB+) | New Jersey Economic Development Authority State Lease RB for Health Department & Taxation Division Office Project 2018 Series A (A3/BBB+) | New Jersey Economic Development Authority State Lease RB for Health Department & Taxation Division Office Project 2018 Series A (A3/BBB+) |
| 1955000 | 5.000% | 06/15/2024 | $2004266 |
| New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB) |
| 5380000 | 5.000 | 06/15/2037 | 5567576 |
| New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR) |
| 10325000 | 5.375 | 01/01/2043 | 10339721 |
| New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+) |
| 1600000 | 4.000 | 07/01/2042 | 1212403 |
| New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (Aaa/AAA) | New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (Aaa/AAA) | New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (Aaa/AAA) | New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (Aaa/AAA) |
| 2675000 | 5.000 | 07/01/2033 | 2945042 |
| New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A2/A) | New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A2/A) | New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A2/A) | New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A2/A) |
| 1250000 | 3.000 | 07/01/2040 | 971612 |
| New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (AA-/Aa3)<sup>(a)(b)</sup> | New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (AA-/Aa3)<sup>(a)(b)</sup> | New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (AA-/Aa3)<sup>(a)(b)</sup> | New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (AA-/Aa3)<sup>(a)(b)</sup> |
| 5700000 | 5.000 | 07/01/2025 | 5970812 |
| New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR) |
| 1320000 | 0.650 | 05/01/2024 | 1276106 |
| 2555000 | 0.750 | 11/01/2024 | 2447033 |
| 1910000 | 0.900 | 11/01/2025 | 1796562 |
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/BBB+)<sup>(g)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/BBB+)<sup>(g)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/BBB+)<sup>(g)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/BBB+)<sup>(g)</sup> |
| 18750000 | 0.000 | 12/15/2036 | 9876319 |
| New Jersey State Turnpike Authority RB Series 2014 A (A2/A+) | New Jersey State Turnpike Authority RB Series 2014 A (A2/A+) | New Jersey State Turnpike Authority RB Series 2014 A (A2/A+) | New Jersey State Turnpike Authority RB Series 2014 A (A2/A+) |
| 6420000 | 5.000 | 01/01/2027 | 6619596 |
| New Jersey State Turnpike Authority RB Series 2015 E (A2/A+) | New Jersey State Turnpike Authority RB Series 2015 E (A2/A+) | New Jersey State Turnpike Authority RB Series 2015 E (A2/A+) | New Jersey State Turnpike Authority RB Series 2015 E (A2/A+) |
| 1675000 | 5.000 | 01/01/2032 | 1744946 |
| 7385000 | 5.000 | 01/01/2045 | 7529358 |
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A3/A+) | New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A3/A+) | New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A3/A+) | New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A3/A+) |
| 1000000 | 5.000 | 06/15/2027 | 1056315 |
| New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) |
| 8320000 | 5.000 | 12/15/2033 | 8884113 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC)<br>(Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC)<br>(Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC)<br>(Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC)<br>(Baa1/BBB)<sup>(g)</sup> |
| 5425000 | 0.000 | 12/15/2035 | 3032354 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(g)</sup> |
| 10025000 | 0.000 | 12/15/2026 | 8675763 |
| 1325000 | 0.000 | 12/15/2031 | 916132 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey -– (continued)** | **New Jersey -– (continued)** | **New Jersey -– (continued)** | **New Jersey -– (continued)** |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(g)</sup> – (continued) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(g)</sup> – (continued) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(g)</sup> – (continued) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(g)</sup> – (continued) |
| 5000000 | 0.000% | 12/15/2036 | $2608680 |
| 1495000 | 0.000 | 12/15/2037 | 734530 |
| New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB) |
| 755000 | 5.000 | 06/15/2046 | 759469 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(g)</sup> |
| 18565000 | 0.000 | 12/15/2031 | 12926559 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)<sup>(g)</sup> |
| 25925000 | 0.000 | 12/15/2036 | 13526006 |
| 42640000 | 0.000 | 12/15/2037 | 20950055 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(g)</sup> |
| 35250000 | 0.000 | 12/15/2038 | 16215257 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB) |
| 1390000 | 4.000 | 12/15/2039 | 1283857 |
| 1620000 | 5.000 | 12/15/2039 | 1679950 |
| New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (Baa1/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (Baa1/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (Baa1/A+) | New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (Baa1/A+) |
| 2330000 | 5.000 | 06/15/2030 | 2452092 |
| 1825000 | 5.000 | 06/15/2031 | 1916316 |
| New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) |
| 2905000 | 4.000 | 12/15/2031 | 2953099 |
| 2000000 | 5.000 | 12/15/2032 | 2148051 |
| 7775000 | 5.000 | 12/15/2034 | 8236411 |
| 2770000 | 5.000 | 12/15/2035 | 2913236 |
| 3455000 | 5.000 | 12/15/2036 | 3619508 |
| 2410000 | 4.250 | 12/15/2038 | 2347520 |
| New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) |
| 120000 | 3.000 | 06/15/2050 | 84299 |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (BBB+/A3) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (BBB+/A3) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (BBB+/A3) | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (BBB+/A3) |
| 4600000 | 4.000 | 06/15/2045 | 4016976 |
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (Baa1/BBB) |
| 6155000 | 5.000 | 06/15/2030 | 6668582 |
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB) |
| 3060000 | 5.000 | 06/15/2034 | 3251352 |
| 10000000 | 5.000 | 06/15/2037 | 10410853 |
| 3000000 | 5.250 | 06/15/2043 | 3116505 |
| 10000000 | 4.500 | 06/15/2049 | 9400874 |
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB) |
| 2000000 | 4.000 | 06/15/2044 | 1760131 |
| New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)<sup>(g)</sup> |
| 8320000 | 0.000 | 12/15/2032 | 5472824 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A3/BBB+)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A3/BBB+)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A3/BBB+)<sup>(g)</sup> | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A3/BBB+)<sup>(g)</sup> |
| 3530000 | 0.000% | 12/15/2029 | $2691231 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A3/BBB+) |
| 2500000 | 5.000 | 12/15/2032 | 2712506 |
| New Jersey Turnpike Authority Turnpike RB Series 2014 A (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2014 A (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2014 A (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2014 A (A1/AA-) |
| 10000000 | 5.000 | 01/01/2033 | 10303320 |
| New Jersey Turnpike Authority Turnpike RB Series 2021 A (A1\AA-) | New Jersey Turnpike Authority Turnpike RB Series 2021 A (A1\AA-) | New Jersey Turnpike Authority Turnpike RB Series 2021 A (A1\AA-) | New Jersey Turnpike Authority Turnpike RB Series 2021 A (A1\AA-) |
| 3500000 | 4.000 | 01/01/2042 | 3422193 |
| New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) |
| 1400000 | 4.500 | 01/01/2048 | 1418152 |
| 4725000 | 5.250 | 01/01/2052 | 5116714 |
| South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (Baa1/BB+) | South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (Baa1/BB+) | South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (Baa1/BB+) | South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (Baa1/BB+) |
| 1670000 | 4.000 | 01/01/2023 | 1670000 |
| 730000 | 4.000 | 01/01/2024 | 730074 |
| South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR) | South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR) | South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR) | South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR) |
| 1000000 | 5.000 | 01/01/2037 | 1016257 |
| South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) |
| 1585000 | 5.000 | 01/01/2048 | 1531834 |
| South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A2/AA) | South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A2/AA) | South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A2/AA) | South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A2/AA) |
| 1500000 | 5.000 | 11/01/2030 | 1612990 |
| 1000000 | 5.000 | 11/01/2031 | 1071356 |
| 1000000 | 5.000 | 11/01/2032 | 1068966 |
| 725000 | 5.000 | 11/01/2033 | 773168 |
| Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) |
| 2000000 | 5.000 | 06/01/2046 | 1909648 |
| Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+) |
| 5000 | 3.200 | 06/01/2027 | 4985 |
| Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(f)</sup> | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(f)</sup> | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(f)</sup> | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(f)</sup> |
| 6455000 | 6.750 | 12/01/2041 | 5353515 |
|  |  |  | 332794348 |
| **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** |
| City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+) | City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+) | City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+) | City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+) |
| 6000000 | 1.800 | 04/01/2029 | 5022110 |
| Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) |
| 175000 | 5.000 | 09/01/2027 | 188051 |
| 200000 | 5.000 | 09/01/2029 | 220529 |
| 450000 | 5.000 | 09/01/2030 | 502103 |
| 300000 | 5.000 | 09/01/2031 | 334130 |
| 350000 | 5.000 | 09/01/2032 | 388850 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Mexico – (continued)** | **New Mexico – (continued)** | **New Mexico – (continued)** | **New Mexico – (continued)** |
| Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(f)</sup> | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(f)</sup> | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(f)</sup> | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(f)</sup> |
| 637000 | 3.750% | 05/01/2028 | $592233 |
| 1035000 | 4.000 | 05/01/2033 | 894326 |
|  |  |  | 8142332 |
| **New York – 7.1%** | **New York – 7.1%** | **New York – 7.1%** | **New York – 7.1%** |
| Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) | Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) | Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) | Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) |
| 1725000 | 1.625 | 11/01/2025 | 1596067 |
| Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) |
| 100000 | 4.000 | 06/15/2026 | 99639 |
| 100000 | 4.000 | 06/15/2027 | 99398 |
| 100000 | 4.000 | 06/15/2028 | 99206 |
| Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) |
| 625000 | 5.000 | 06/15/2042 | 587942 |
| Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) |
| 585000 | 5.000 | 07/01/2042 | 590423 |
| Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(f)</sup> |
| 1425000 | 5.000 | 12/01/2041 | 1238912 |
| Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) |
| 2350000 | 5.000 | 07/01/2042 | 2383813 |
| Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) |
| 300000 | 4.000 | 06/15/2031 | 280708 |
| 425000 | 4.000 | 06/15/2041 | 344019 |
| Build NYC Resource Corp. RB for Shefa School Series 2021 B<br>(NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. RB for Shefa School Series 2021 B<br>(NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. RB for Shefa School Series 2021 B<br>(NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. RB for Shefa School Series 2021 B<br>(NR/NR)<sup>(f)</sup> |
| 2465000 | 4.000 | 06/15/2027 | 2247950 |
| Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(f)</sup> |
| 260000 | 6.500 | 07/01/2032 | 265812 |
| 2500000 | 6.500 | 07/01/2042 | 2464707 |
| 850000 | 6.500 | 07/01/2052 | 823482 |
| Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(f)</sup> | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(f)</sup> |
| 900000 | 9.750 | 07/01/2032 | 869580 |
| City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB) | City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB) | City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB) | City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB) |
| 325000 | 5.000 | 07/01/2025 | 337586 |
| 335000 | 5.000 | 07/01/2026 | 348164 |
| 425000 | 5.000 | 07/01/2027 | 441223 |
| City of New York GO Bonds Fiscal 2018 Series F (Aa2/AA) | City of New York GO Bonds Fiscal 2018 Series F (Aa2/AA) | City of New York GO Bonds Fiscal 2018 Series F (Aa2/AA) | City of New York GO Bonds Fiscal 2018 Series F (Aa2/AA) |
| 9725000 | 5.000 | 04/01/2045 | 10203947 |
| City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2) |
| 2500000 | 5.500 | 05/01/2046 | 2783210 |
| 3900000 | 4.500 | 05/01/2049 | 3925915 |
| Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(f)</sup> | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(f)</sup> | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(f)</sup> | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(f)</sup> |
| 900000 | 5.000 | 07/01/2040 | 865487 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR) | Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR) | Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR) | Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR) |
| 12500000 | 4.000% | 03/15/2039 | $12184683 |
| Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(f)(g)</sup> | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(f)(g)</sup> | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(f)(g)</sup> | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(f)(g)</sup> |
| 29200000 | 0.000 | 06/01/2060 | 1524739 |
| Essex County IDA Environmental Improvement Revenue Refunding Bonds Series 2019A (AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Essex County IDA Environmental Improvement Revenue Refunding Bonds Series 2019A (AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Essex County IDA Environmental Improvement Revenue Refunding Bonds Series 2019A (AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Essex County IDA Environmental Improvement Revenue Refunding Bonds Series 2019A (AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 500000 | 2.100 | 10/01/2024 | 481959 |
| Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR)<sup>(e)(f)</sup> | Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR)<sup>(e)(f)</sup> | Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR)<sup>(e)(f)</sup> | Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR)<sup>(e)(f)</sup> |
| (1M USD LIBOR + 0.50%) | (1M USD LIBOR + 0.50%) | (1M USD LIBOR + 0.50%) |  |
| 6873509 | 3.580 | 01/25/2033 | 6839879 |
| Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 C (NR/NR) | Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 C (NR/NR) | Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 C (NR/NR) | Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 C (NR/NR) |
| 1175000 | 3.000 | 07/01/2025 | 1129876 |
| Long Island Power Authority Electic System General RB Series 2019B (A/A)<sup>(a)(b)</sup> | Long Island Power Authority Electic System General RB Series 2019B (A/A)<sup>(a)(b)</sup> | Long Island Power Authority Electic System General RB Series 2019B (A/A)<sup>(a)(b)</sup> | Long Island Power Authority Electic System General RB Series 2019B (A/A)<sup>(a)(b)</sup> |
| 12825000 | 1.650 | 09/01/2024 | 12396011 |
| Long Island Power Authority Electric System RB Series 2014C (NR/A)<sup>(e)</sup> | Long Island Power Authority Electric System RB Series 2014C (NR/A)<sup>(e)</sup> | Long Island Power Authority Electric System RB Series 2014C (NR/A)<sup>(e)</sup> | Long Island Power Authority Electric System RB Series 2014C (NR/A)<sup>(e)</sup> |
| (1M USD LIBOR + 0.75%) | (1M USD LIBOR + 0.75%) | (1M USD LIBOR + 0.75%) |  |
| 2475000 | 3.808 | 05/01/2033 | 2473504 |
| Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3\BBB+) | Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3\BBB+) | Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3\BBB+) | Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3\BBB+) |
| 4750000 | 4.000 | 11/15/2047 | 3943879 |
| Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR)<sup>(a)(b)</sup> | Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR)<sup>(a)(b)</sup> | Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR)<sup>(a)(b)</sup> | Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR)<sup>(a)(b)</sup> |
| 2500000 | 5.000 | 05/15/2030 | 2648279 |
| Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+) |
| 625000 | 5.000 | 11/15/2027 | 646400 |
| Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+) |
| 7475000 | 4.750 | 11/15/2045 | 6989769 |
| 3250000 | 5.000 | 11/15/2050 | 3122363 |
| 1800000 | 5.250 | 11/15/2055 | 1799879 |
| Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) |
| 3450000 | 5.000 | 11/15/2029 | 3597646 |
| 1675000 | 5.000 | 11/15/2030 | 1754169 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/BBB+) |
| 1340000 | 5.000 | 11/15/2027 | 1399359 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+) |
| 2465000 | 4.000 | 11/15/2032 | 2372241 |
| Metropolitan Transportation Authority RB Refunding Series 2002 D-1 (A3/WR/BBB+)<sup>(b)</sup> | Metropolitan Transportation Authority RB Refunding Series 2002 D-1 (A3/WR/BBB+)<sup>(b)</sup> | Metropolitan Transportation Authority RB Refunding Series 2002 D-1 (A3/WR/BBB+)<sup>(b)</sup> | Metropolitan Transportation Authority RB Refunding Series 2002 D-1 (A3/WR/BBB+)<sup>(b)</sup> |
| 4545000 | 5.000 | 01/12/2023 | 4546874 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+) |
| 520000 | 5.000% | 11/15/2027 | $540165 |
| Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) |
| 735000 | 5.000 | 11/15/2029 | 761429 |
| 755000 | 5.250 | 11/15/2031 | 788970 |
| Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+) |
| 580000 | 5.000 | 11/15/2028 | 602329 |
| Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/BBB+) |
| 475000 | 5.000 | 11/15/2025 | 491482 |
| Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3) | Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3) | Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3) | Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3) |
| 2000000 | 5.250 | 11/15/2055 | 2000109 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019A (A3/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019A (A3/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019A (A3/AA) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019A (A3/AA) |
| 11050000 | 5.000 | 11/15/2044 | 11394577 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (AA/A3) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (AA/A3) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (AA/A3) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (AA/A3) |
| 4980000 | 4.000 | 11/15/2047 | 4500915 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) |
| 2500000 | 4.000 | 11/15/2047 | 2075726 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) |
| 3750000 | 5.000 | 11/15/2027 | 3937498 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/BBB+) |
| 1655000 | 5.000 | 11/15/2025 | 1714706 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/BBB+) |
| 2765000 | 5.000 | 11/15/2027 | 2903249 |
| MTA Hudson Rail Yards Trust Obligations Series 2016A (NR/A3) | MTA Hudson Rail Yards Trust Obligations Series 2016A (NR/A3) | MTA Hudson Rail Yards Trust Obligations Series 2016A (NR/A3) | MTA Hudson Rail Yards Trust Obligations Series 2016A (NR/A3) |
| 2500000 | 5.000 | 11/15/2056 | 2477964 |
| Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(g)</sup> | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(g)</sup> | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(g)</sup> | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(g)</sup> |
| 82790000 | 0.000 | 06/01/2060 | 4282503 |
| New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)<sup>(a)(b)</sup> | New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)<sup>(a)(b)</sup> | New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)<sup>(a)(b)</sup> | New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)<sup>(a)(b)</sup> |
| 3500000 | 2.750 | 12/29/2023 | 3468397 |
| New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (AGC) (NR/AA) | New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (AGC) (NR/AA) | New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (AGC) (NR/AA) | New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (AGC) (NR/AA) |
| 1145000 | 2.250 | 10/01/2029 | 1055648 |
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) |
| 4015000 | 3.000 | 01/01/2039 | 3305345 |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) |
| 2290000 | 3.000 | 03/01/2036 | 2011594 |
| 2555000 | 3.000 | 03/01/2040 | 2057315 |
| 1875000 | 4.000 | 03/01/2045 | 1744924 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) |
| 2125000 | 4.000% | 03/01/2045 | $1906592 |
| New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (Aa2/AA) |
| 5000000 | 5.000 | 07/15/2032 | 5302418 |
| New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR) | New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR) | New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR) | New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR) |
| 3755000 | 5.000 | 11/15/2030 | 3911368 |
| New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(g)</sup> | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(g)</sup> | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(g)</sup> | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(g)</sup> |
| 143440000 | 0.000 | 06/01/2060 | 7096837 |
| New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) | New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) | New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) | New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) |
| 4840000 | 3.500 | 02/15/2048 | 4708809 |
| New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(f)</sup> | New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(f)</sup> | New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(f)</sup> | New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(f)</sup> |
| 2300000 | 5.150 | 11/15/2034 | 2222595 |
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(f)</sup> | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(f)</sup> | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(f)</sup> | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(f)</sup> |
| 2175000 | 7.250 | 11/15/2044 | 2184832 |
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(f)</sup> | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(f)</sup> | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(f)</sup> | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(f)</sup> |
| 17410000 | 5.000 | 11/15/2044 | 15795031 |
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR) |
| 855000 | 2.625 | 09/15/2069 | 762044 |
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR) |
| 1070000 | 2.800 | 09/15/2069 | 957487 |
| New York Port Authority Consolidated Bonds 186th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 186th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 186th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 186th Series (Aa3/AA-) |
| 4000000 | 5.000 | 10/15/2033 | 4078364 |
| New York Port Authority Consolidated Bonds 273rd Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 273rd Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 273rd Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 273rd Series (Aa3/AA-) |
| 6585000 | 4.000 | 07/15/2051 | 5804641 |
| New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (Aa2/AA+)<sup>(b)</sup> | New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (Aa2/AA+)<sup>(b)</sup> | New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (Aa2/AA+)<sup>(b)</sup> | New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (Aa2/AA+)<sup>(b)</sup> |
| 1435000 | 5.000 | 08/15/2026 | 1559040 |
| New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa2/AA+)<sup>(b)</sup> | New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa2/AA+)<sup>(b)</sup> | New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa2/AA+)<sup>(b)</sup> | New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa2/AA+)<sup>(b)</sup> |
| 6235000 | 5.000 | 08/15/2026 | 6764951 |
| New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR) | New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR) | New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR) | New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR) |
| 25000000 | 4.000 | 03/15/2043 | 23804853 |
| New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+) | New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+) | New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+) | New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+) |
| 9000000 | 4.000 | 03/15/2038 | 8829575 |
| New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa2/AA+) | New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa2/AA+) | New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa2/AA+) | New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa2/AA+) |
| 5275000 | 5.000 | 03/15/2026 | 5663961 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) |
| 1400000 | 5.000% | 07/01/2033 | $1461128 |
| New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) |
| 100000 | 3.560 | 07/01/2026 | 94391 |
| 100000 | 3.670 | 07/01/2027 | 93667 |
| 40000 | 3.760 | 07/01/2028 | 37120 |
| 200000 | 3.820 | 07/01/2029 | 182387 |
| New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) |
| 1130000 | 5.000 | 07/01/2028 | 1198120 |
| 1185000 | 5.000 | 07/01/2029 | 1266837 |
| 745000 | 5.000 | 07/01/2030 | 799966 |
| 100000 | 4.000 | 07/01/2031 | 98942 |
| New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+) |
| 540000 | 5.000 | 07/01/2032 | 463014 |
| 465000 | 5.000 | 07/01/2034 | 389507 |
| 1005000 | 5.000 | 07/01/2035 | 832887 |
| 440000 | 5.000 | 07/01/2036 | 359661 |
| 545000 | 4.000 | 07/01/2040 | 371025 |
| 590000 | 5.000 | 07/01/2041 | 459011 |
| 2315000 | 4.000 | 07/01/2045 | 1484701 |
| New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) |
| 530000 | 4.000 | 09/01/2036 | 473306 |
| 500000 | 4.000 | 09/01/2037 | 441335 |
| 575000 | 4.000 | 09/01/2038 | 503282 |
| 615000 | 4.000 | 09/01/2039 | 534593 |
| 750000 | 4.000 | 09/01/2040 | 646409 |
| New York State Dormitory Authority RB Refunding for St. John's University Series 2021 A (A3/A-) | New York State Dormitory Authority RB Refunding for St. John's University Series 2021 A (A3/A-) | New York State Dormitory Authority RB Refunding for St. John's University Series 2021 A (A3/A-) | New York State Dormitory Authority RB Refunding for St. John's University Series 2021 A (A3/A-) |
| 2650000 | 4.000 | 07/01/2048 | 2416034 |
| New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR) |
| 4350000 | 3.000 | 03/15/2038 | 3748414 |
| New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR) | New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR) | New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR) | New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR) |
| 5000 | 5.000 | 03/15/2024 | 5125 |
| New York State Dormitory Authority RB Series 2020 B (Aa2/NR) | New York State Dormitory Authority RB Series 2020 B (Aa2/NR) | New York State Dormitory Authority RB Series 2020 B (Aa2/NR) | New York State Dormitory Authority RB Series 2020 B (Aa2/NR) |
| 1100000 | 3.000 | 04/01/2042 | 868625 |
| 1550000 | 3.000 | 04/01/2048 | 1094475 |
| New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (Aa2/AA+) | New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (Aa2/AA+) | New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (Aa2/AA+) | New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (Aa2/AA+) |
| 425000 | 4.900 | 03/15/2023 | 425078 |
| New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)<sup>(a)</sup> | New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)<sup>(a)</sup> | New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)<sup>(a)</sup> | New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)<sup>(a)</sup> |
| 5350000 | 6.528 | 07/01/2034 | 5350000 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)<sup>(a)(b)(d)(f)</sup> | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)<sup>(a)(b)(d)(f)</sup> | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)<sup>(a)(b)(d)(f)</sup> | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)<sup>(a)(b)(d)(f)</sup> |
| 1440000 | 2.875% | 12/03/2029 | $1243036 |
| New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> |
| 750000 | 2.750 | 09/02/2025 | 706273 |
| New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> |
| 3050000 | 1.100 | 05/01/2027 | 2717792 |
| New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (Aa2/AA+) | New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (Aa2/AA+) | New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (Aa2/AA+) | New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (Aa2/AA+) |
| 5000000 | 5.000 | 03/15/2031 | 5114461 |
| New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa2/NR) | New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa2/NR) | New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa2/NR) | New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa2/NR) |
| 7000000 | 3.000 | 03/15/2050 | 5278834 |
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) |
| 1000000 | 4.000 | 12/01/2040 | 968160 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) |
| 9545000 | 5.000 | 01/01/2023 | 9545000 |
| 4750000 | 5.000 | 01/01/2027 | 4828935 |
| 1170000 | 5.000 | 01/01/2029 | 1192731 |
| 1000000 | 5.000 | 01/01/2031 | 1017367 |
| 8150000 | 5.000 | 01/01/2033 | 8239568 |
| 5000000 | 5.000 | 01/01/2034 | 5032875 |
| 14460000 | 4.000 | 01/01/2036 | 13281756 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) |
| 2450000 | 4.000 | 10/01/2030 | 2365864 |
| 4795000 | 5.000 | 10/01/2035 | 4768907 |
| 4500000 | 5.000 | 10/01/2040 | 4330489 |
| 6175000 | 4.375 | 10/01/2045 | 5520102 |
| New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) |
| 1225000 | 2.500 | 10/31/2031 | 997642 |
| 575000 | 4.000 | 10/31/2034 | 549934 |
| 4285000 | 4.000 | 10/31/2041 | 3760446 |
| New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A2/AA) | New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A2/AA) | New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A2/AA) | New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A2/AA) |
| 1500000 | 4.000 | 07/01/2046 | 1253943 |
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) |
| 500000 | 5.000 | 12/01/2027 | 525658 |
| 500000 | 5.000 | 12/01/2028 | 527796 |
| 500000 | 5.000 | 12/01/2029 | 528876 |
| 600000 | 5.000 | 12/01/2036 | 617077 |
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) |
| 970000 | 5.000 | 12/01/2028 | 1037107 |
| 1105000 | 5.000 | 12/01/2029 | 1188816 |

---

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) – (continued) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) – (continued) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) – (continued) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) – (continued) |
| 885000 | 5.000% | 12/01/2030 | $954488 |
| 1060000 | 5.000 | 12/01/2031 | 1140486 |
| 1235000 | 5.000 | 12/01/2032 | 1327166 |
| 1370000 | 5.000 | 12/01/2033 | 1465301 |
| 1920000 | 5.000 | 12/01/2034 | 2038561 |
| 1680000 | 5.000 | 12/01/2035 | 1770840 |
| 2480000 | 5.000 | 12/01/2037 | 2586566 |
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) |
| 15675000 | 5.000 | 07/01/2041 | 15247935 |
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) |
| 8025000 | 5.250 | 01/01/2050 | 7798429 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (NR/B-) |
| 2250000 | 5.000 | 08/01/2031 | 2201342 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) |
| 6470000 | 5.250 | 08/01/2031 | 6490262 |
| 5675000 | 5.375 | 08/01/2036 | 5596845 |
| New York Transportation Development Corp. Special Facility RB Series 2021 (NR\NR) | New York Transportation Development Corp. Special Facility RB Series 2021 (NR\NR) | New York Transportation Development Corp. Special Facility RB Series 2021 (NR\NR) | New York Transportation Development Corp. Special Facility RB Series 2021 (NR\NR) |
| 3760000 | 3.000 | 08/01/2031 | 3268996 |
| New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) |
| 4520000 | 5.000 | 08/01/2026 | 4519673 |
| Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) |
| 420000 | 4.000 | 12/01/2032 | 424185 |
| 505000 | 4.000 | 12/01/2033 | 506618 |
| 420000 | 4.000 | 12/01/2034 | 416527 |
| 420000 | 4.000 | 12/01/2035 | 410489 |
| 525000 | 4.000 | 12/01/2036 | 501774 |
| 425000 | 4.000 | 12/01/2037 | 403521 |
| 420000 | 4.000 | 12/01/2038 | 396452 |
| 1260000 | 3.000 | 12/01/2039 | 1017833 |
| 840000 | 3.000 | 12/01/2040 | 668907 |
| 1680000 | 4.000 | 12/01/2049 | 1506924 |
| Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) |
| 345000 | 4.000 | 07/01/2039 | 293170 |
| 4225000 | 3.000 | 07/01/2044 | 2771552 |
| Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) |
| 4720000 | 4.000 | 07/01/2035 | 4284115 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| Port Authority of New York & New Jersey Consolidated RB Refunding Series 186 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Refunding Series 186 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Refunding Series 186 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Refunding Series 186 (AMT) (Aa3/A+) |
| 10000000 | 5.000% | 10/15/2044 | $10092888 |
| Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+) |
| 2500000 | 5.000 | 09/01/2033 | 2686656 |
| 2000000 | 5.000 | 09/01/2034 | 2136426 |
| Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (Aa3/A+) |
| 2000000 | 4.000 | 07/15/2045 | 1809269 |
| 1500000 | 4.000 | 07/15/2050 | 1328303 |
| Port Authority of New York Consolidated Bonds 227th Series (Aa3/AA-) | Port Authority of New York Consolidated Bonds 227th Series (Aa3/AA-) | Port Authority of New York Consolidated Bonds 227th Series (Aa3/AA-) | Port Authority of New York Consolidated Bonds 227th Series (Aa3/AA-) |
| 8975000 | 3.000 | 10/01/2027 | 8773162 |
| Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) | Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) | Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) | Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) |
| 3370000 | 5.250 | 08/01/2047 | 3579796 |
| Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+) | Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+) | Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+) | Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+) |
| 1555000 | 3.000 | 10/01/2028 | 1519068 |
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) |
| 6200000 | 4.250 | 05/01/2052 | 5653066 |
| 5225000 | 5.000 | 05/01/2052 | 5328363 |
| State of New York Dormitory Authority Personal Income Tax RB Series 2018A (NR/Aa1) | State of New York Dormitory Authority Personal Income Tax RB Series 2018A (NR/Aa1) | State of New York Dormitory Authority Personal Income Tax RB Series 2018A (NR/Aa1) | State of New York Dormitory Authority Personal Income Tax RB Series 2018A (NR/Aa1) |
| 10200000 | 4.000 | 03/15/2048 | 9490288 |
| State of New York Dormitory Authority Personal Income Tax RB Series 2019D (NR/Aa1) | State of New York Dormitory Authority Personal Income Tax RB Series 2019D (NR/Aa1) | State of New York Dormitory Authority Personal Income Tax RB Series 2019D (NR/Aa1) | State of New York Dormitory Authority Personal Income Tax RB Series 2019D (NR/Aa1) |
| 10000000 | 4.000 | 02/15/2047 | 9346493 |
| State of New York Dormitory Authority Personal Income Tax RB Series 2021A (AA+/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2021A (AA+/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2021A (AA+/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2021A (AA+/NR) |
| 8175000 | 4.000 | 03/15/2040 | 7941013 |
| State of New York Dormitory Authority Personal Income Tax RB Series 2021A (NR/AA+) | State of New York Dormitory Authority Personal Income Tax RB Series 2021A (NR/AA+) | State of New York Dormitory Authority Personal Income Tax RB Series 2021A (NR/AA+) | State of New York Dormitory Authority Personal Income Tax RB Series 2021A (NR/AA+) |
| 10215000 | 4.000 | 03/15/2038 | 10021568 |
| State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR) |
| 3550000 | 4.000 | 03/15/2046 | 3325145 |
| 11950000 | 4.000 | 03/15/2047 | 11167381 |
| State of New York Dormitory Authority RB for St. Joseph's College Series 2020A (NR/NR) | State of New York Dormitory Authority RB for St. Joseph's College Series 2020A (NR/NR) | State of New York Dormitory Authority RB for St. Joseph's College Series 2020A (NR/NR) | State of New York Dormitory Authority RB for St. Joseph's College Series 2020A (NR/NR) |
| 1025000 | 5.000 | 07/01/2026 | 1068504 |
| Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-) | Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-) | Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-) | Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-) |
| 3800000 | 4.000 | 06/01/2050 | 3658863 |
| Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+) | Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+) | Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+) | Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+) |
| 805000 | 4.000 | 09/01/2040 | 736847 |
| Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-) | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-) | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-) | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-) |
| 1000000 | 5.000 | 11/01/2023 | 1013044 |
| 1000000 | 5.000 | 11/01/2024 | 1012619 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) | Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) | Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) | Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) |
| 200000 | 4.000% | 10/15/2029 | $186312 |
| Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) |
| 300000 | 4.000 | 10/15/2030 | 275918 |
|  |  |  | 541615376 |
| **North Carolina – 0.6%** | **North Carolina – 0.6%** | **North Carolina – 0.6%** | **North Carolina – 0.6%** |
| Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 375000 | 2.000 | 10/01/2024 | 360847 |
| Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 400000 | 2.000 | 10/01/2024 | 384903 |
| Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(d)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(d)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(d)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 1750000 | 2.100 | 10/01/2024 | 1686858 |
| County of Mecklenburg GO Bonds for Public Improvement Series 2018 (Aaa/AAA) | County of Mecklenburg GO Bonds for Public Improvement Series 2018 (Aaa/AAA) | County of Mecklenburg GO Bonds for Public Improvement Series 2018 (Aaa/AAA) | County of Mecklenburg GO Bonds for Public Improvement Series 2018 (Aaa/AAA) |
| 5250000 | 5.000 | 03/01/2029 | 5863215 |
| Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2) |
| 5290000 | 5.500 | 07/01/2047 | 5621807 |
| North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR) | North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR) | North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR) | North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR) |
| 1310000 | 5.000 | 12/31/2037 | 1321528 |
| North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) |
| 680000 | 4.000 | 09/01/2041 | 573156 |
| 325000 | 4.000 | 09/01/2046 | 261635 |
| North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) |
| 155000 | 3.000 | 03/01/2023 | 154638 |
| 190000 | 4.000 | 03/01/2024 | 188951 |
| 235000 | 4.000 | 03/01/2025 | 232407 |
| 220000 | 5.000 | 03/01/2026 | 220878 |
| 270000 | 5.000 | 03/01/2027 | 269381 |
| 255000 | 5.000 | 03/01/2028 | 252587 |
| 250000 | 4.000 | 03/01/2029 | 232973 |
| 260000 | 4.000 | 03/01/2030 | 238174 |
| 270000 | 4.000 | 03/01/2031 | 243152 |
| 725000 | 4.000 | 03/01/2036 | 601868 |
| North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) | North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) | North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) | North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) |
| 500000 | 5.000 | 10/01/2040 | 471862 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **North Carolina – (continued)** | **North Carolina – (continued)** | **North Carolina – (continued)** | **North Carolina – (continued)** |
| North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-) | North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-) | North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-) | North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-) |
| 5995000 | 3.000% | 07/01/2045 | $4500330 |
| North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) |
| 910000 | 4.000 | 09/01/2041 | 718544 |
| North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR) |
| 590000 | 3.000 | 07/01/2026 | 554600 |
| 1785000 | 3.000 | 07/01/2027 | 1643627 |
| 1040000 | 4.000 | 07/01/2030 | 960933 |
| 1080000 | 5.000 | 07/01/2031 | 1066046 |
| 1110000 | 5.000 | 07/01/2032 | 1090270 |
| 1375000 | 5.000 | 07/01/2033 | 1343200 |
| North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (NR/AA) | North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (NR/AA) | North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (NR/AA) | North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (NR/AA) |
| 3000000 | 3.000 | 01/01/2042 | 2384628 |
| 3500000 | 5.000 | 01/01/2049 | 3600438 |
| North Carolina Turnpike Authority Triangle Expressway System Senior Lien Turnpike RB Series 2019 (NR/BBB) | North Carolina Turnpike Authority Triangle Expressway System Senior Lien Turnpike RB Series 2019 (NR/BBB) | North Carolina Turnpike Authority Triangle Expressway System Senior Lien Turnpike RB Series 2019 (NR/BBB) | North Carolina Turnpike Authority Triangle Expressway System Senior Lien Turnpike RB Series 2019 (NR/BBB) |
| 9500000 | 5.000 | 01/01/2049 | 9726849 |
|  |  |  | 46770285 |
| **North Dakota – 0.1%** | **North Dakota – 0.1%** | **North Dakota – 0.1%** | **North Dakota – 0.1%** |
| City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/AA) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/AA) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/AA) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/AA) |
| 1875000 | 3.000 | 12/01/2051 | 1326708 |
| City of Horace GO Refunding Bonds Series 2021 (Baa2/NR) | City of Horace GO Refunding Bonds Series 2021 (Baa2/NR) | City of Horace GO Refunding Bonds Series 2021 (Baa2/NR) | City of Horace GO Refunding Bonds Series 2021 (Baa2/NR) |
| 1100000 | 3.000 | 05/01/2041 | 892973 |
| 2750000 | 3.000 | 05/01/2046 | 2123599 |
| City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) |
| 5525000 | 3.250 | 08/01/2024 | 5486189 |
|  |  |  | 9829469 |
| **Ohio – 1.9%** | **Ohio – 1.9%** | **Ohio – 1.9%** | **Ohio – 1.9%** |
| American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2019B (A1/A) | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2019B (A1/A) | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2019B (A1/A) | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2019B (A1/A) |
| 1255000 | 5.000 | 02/15/2025 | 1308264 |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-) |
| 440000 | 5.000 | 06/01/2034 | 464202 |
| 1000000 | 4.000 | 06/01/2037 | 949644 |
| 920000 | 4.000 | 06/01/2038 | 865733 |
| 895000 | 4.000 | 06/01/2039 | 833526 |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+) |
| 5070000 | 3.000 | 06/01/2048 | 3568565 |
| 3835000 | 4.000 | 06/01/2048 | 3281632 |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) |
| 22225000 | 5.000 | 06/01/2055 | 19291311 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(g)</sup> | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(g)</sup> | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(g)</sup> | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(g)</sup> |
| 35885000 | 0.000% | 06/01/2057 | $4106974 |
| Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR) | Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR) | Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR) | Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR) |
| 420000 | 5.000 | 11/01/2023 | 420610 |
| County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR) | County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR) | County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR) | County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR) |
| 400000 | 4.000 | 09/01/2040 | 345139 |
| 625000 | 4.000 | 09/01/2045 | 518571 |
| 850000 | 5.000 | 09/01/2049 | 764947 |
| County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR) | County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR) | County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR) | County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR) |
| 4225000 | 4.000 | 07/01/2040 | 3577469 |
| County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) |
| 2480000 | 5.250 | 11/15/2040 | 2280182 |
| County of Franklin RB Series OH 2019A (Aa3\AA-) | County of Franklin RB Series OH 2019A (Aa3\AA-) | County of Franklin RB Series OH 2019A (Aa3\AA-) | County of Franklin RB Series OH 2019A (Aa3\AA-) |
| 5275000 | 4.000 | 12/01/2044 | 4883872 |
| County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) |
| 5800000 | 5.250 | 11/15/2048 | 5052251 |
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-) |
| 10000000 | 8.223 | 02/15/2040 | 11509354 |
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) |
| 2865000 | 5.500 | 02/15/2057 | 2892675 |
| Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+) | Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+) | Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+) | Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+) |
| 3400000 | 2.000 | 12/01/2031 | 2984797 |
| Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) | Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) | Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) | Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) |
| 2000000 | 3.750 | 12/01/2038 | 1581448 |
| Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) |
| 250000 | 5.000 | 12/01/2025 | 257441 |
| 325000 | 5.000 | 12/01/2026 | 337527 |
| 325000 | 5.000 | 12/01/2027 | 340049 |
| 425000 | 5.000 | 12/01/2028 | 447710 |
| 400000 | 5.000 | 12/01/2029 | 423843 |
| 680000 | 5.000 | 12/01/2030 | 719453 |
| 800000 | 5.000 | 12/01/2031 | 842636 |
| 660000 | 5.000 | 12/01/2032 | 692403 |
| 1170000 | 5.000 | 12/01/2033 | 1222291 |
| 1200000 | 5.000 | 12/01/2035 | 1235302 |
| 650000 | 5.000 | 12/01/2037 | 662461 |
| 1630000 | 5.000 | 12/01/2038 | 1654743 |
| Lakewood City School District GO Refunding Bonds Series 2014 C (Aa2/AA) | Lakewood City School District GO Refunding Bonds Series 2014 C (Aa2/AA) | Lakewood City School District GO Refunding Bonds Series 2014 C (Aa2/AA) | Lakewood City School District GO Refunding Bonds Series 2014 C (Aa2/AA) |
| 3215000 | 5.000 | 12/01/2027 | 3347497 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** |
| Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR) |
| 250000 | 4.000% | 12/01/2035 | $240961 |
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 3500000 | 4.250 | 06/01/2027 | 3490315 |
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 14000000 | 4.250 | 06/01/2027 | 13961259 |
| Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)<sup>(f)</sup> | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)<sup>(f)</sup> | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)<sup>(f)</sup> | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)<sup>(f)</sup> |
| 700000 | 4.500 | 01/15/2048 | 612325 |
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR) |
| 925000 | 2.875 | 02/01/2026 | 881989 |
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR) |
| 2305000 | 2.875 | 02/01/2026 | 2197822 |
| Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR) | Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR) | Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR) | Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR) |
| 3130000 | 3.250 | 09/01/2029 | 2869386 |
| Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (BBB+/NR)<sup>(a)(b)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (BBB+/NR)<sup>(a)(b)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (BBB+/NR)<sup>(a)(b)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (BBB+/NR)<sup>(a)(b)</sup> |
| 2500000 | 2.400 | 10/01/2029 | 2206664 |
| Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (BBB+/NR)<sup>(a)(b)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (BBB+/NR)<sup>(a)(b)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (BBB+/NR)<sup>(a)(b)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (BBB+/NR)<sup>(a)(b)</sup> |
| 3500000 | 2.600 | 10/01/2029 | 3118382 |
| Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014C (BBB+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014C (BBB+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014C (BBB+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014C (BBB+/NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 8000000 | 2.100 | 10/01/2024 | 7686174 |
| Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (A3/NR) | Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (A3/NR) | Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (A3/NR) | Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (A3/NR) |
| 1250000 | 5.000 | 01/15/2035 | 1269966 |
| Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) |
| 1260000 | 5.000 | 12/01/2042 | 1179941 |
| 1250000 | 5.000 | 12/01/2045 | 1150774 |
| Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR) | Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR) | Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR) | Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR) |
| 1045000 | 5.000 | 05/01/2034 | 1146895 |
| 695000 | 4.000 | 05/01/2037 | 674913 |
| 1115000 | 4.000 | 05/01/2038 | 1074162 |
| Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)<sup>(f)</sup> | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)<sup>(f)</sup> | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)<sup>(f)</sup> | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)<sup>(f)</sup> |
| 925000 | 5.000 | 12/01/2033 | 902482 |
| 1795000 | 5.000 | 12/01/2038 | 1641299 |
| 2725000 | 5.000 | 12/01/2048 | 2356255 |
| Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> |
| 1500000 | 4.375 | 06/15/2026 | 1379669 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** |
| Port of Greater Cincinnati Development Authority RB Series 2021<br>(NR/NR)<sup>(f)</sup> | Port of Greater Cincinnati Development Authority RB Series 2021<br>(NR/NR)<sup>(f)</sup> | Port of Greater Cincinnati Development Authority RB Series 2021<br>(NR/NR)<sup>(f)</sup> | Port of Greater Cincinnati Development Authority RB Series 2021<br>(NR/NR)<sup>(f)</sup> |
| 390000 | 3.750% | 12/01/2031 | $332771 |
| Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(f)</sup> | Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(f)</sup> | Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(f)</sup> | Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(f)</sup> |
| 4375000 | 7.000 | 12/01/2042 | 3006889 |
| State of Ohio Higher Educational Facilities Senior Lien Hospital Bonds Series 2020 (NR/NR) | State of Ohio Higher Educational Facilities Senior Lien Hospital Bonds Series 2020 (NR/NR) | State of Ohio Higher Educational Facilities Senior Lien Hospital Bonds Series 2020 (NR/NR) | State of Ohio Higher Educational Facilities Senior Lien Hospital Bonds Series 2020 (NR/NR) |
| 1140000 | 5.000 | 01/15/2037 | 1152095 |
| State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) | State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) | State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) | State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) |
| 1500000 | 5.750 | 09/01/2037 | 1561894 |
| 1500000 | 6.000 | 09/01/2042 | 1561355 |
| Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) |
| 3500000 | 4.000 | 01/01/2038 | 2997551 |
| 960000 | 4.000 | 01/01/2041 | 796817 |
| Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR)<sup>(b)</sup> | Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR)<sup>(b)</sup> | Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR)<sup>(b)</sup> | Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR)<sup>(b)</sup> |
| 1500000 | 5.000 | 12/01/2025 | 1598179 |
|  |  |  | 146713706 |
| **Oklahoma – 0.3%** | **Oklahoma – 0.3%** | **Oklahoma – 0.3%** | **Oklahoma – 0.3%** |
| City of Tulsa GO Bonds Series 2021 (AA/NR) | City of Tulsa GO Bonds Series 2021 (AA/NR) | City of Tulsa GO Bonds Series 2021 (AA/NR) | City of Tulsa GO Bonds Series 2021 (AA/NR) |
| 3800000 | 2.000 | 11/01/2029 | 3467930 |
| Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-) |
| 925000 | 4.000 | 09/01/2045 | 783734 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA) |
| 3670000 | 4.000 | 08/15/2048 | 3423037 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) |
| 2150000 | 5.000 | 08/15/2029 | 2127153 |
| 5400000 | 5.500 | 08/15/2057 | 4873648 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) |
| 2725000 | 5.500 | 08/15/2052 | 2490309 |
| Oklahoma Municipal Power Authority RB Refunding Series 2021 B (AGM) (NR/AA) | Oklahoma Municipal Power Authority RB Refunding Series 2021 B (AGM) (NR/AA) | Oklahoma Municipal Power Authority RB Refunding Series 2021 B (AGM) (NR/AA) | Oklahoma Municipal Power Authority RB Refunding Series 2021 B (AGM) (NR/AA) |
| 640000 | 1.602 | 01/01/2027 | 567192 |
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> |
| 3285000 | 5.000 | 06/01/2025 | 3292738 |
|  |  |  | 21025741 |
| **Oregon – 0.5%** | **Oregon – 0.5%** | **Oregon – 0.5%** | **Oregon – 0.5%** |
| Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) | Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) | Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) | Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) |
| 240000 | 5.125 | 11/15/2040 | 217644 |
| 120000 | 5.250 | 11/15/2050 | 104815 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Oregon – (continued)** | **Oregon – (continued)** | **Oregon – (continued)** | **Oregon – (continued)** |
| Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-) | Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-) | Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-) | Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-) |
| 1385000 | 3.500% | 03/01/2029 | $1319055 |
| 1540000 | 3.750 | 03/01/2032 | 1442990 |
| Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) |
| 500000 | 5.000 | 08/15/2029 | 554479 |
| 600000 | 5.000 | 08/15/2030 | 672134 |
| 1775000 | 5.000 | 08/15/2045 | 1849098 |
| Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (Aa2/AA-)<sup>(b)</sup> | Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (Aa2/AA-)<sup>(b)</sup> | Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (Aa2/AA-)<sup>(b)</sup> | Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (Aa2/AA-)<sup>(b)</sup> |
| 8895000 | 5.000 | 07/01/2027 | 9696198 |
| Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (NR/BBB+) | Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (NR/BBB+) | Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (NR/BBB+) | Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (NR/BBB+) |
| 270000 | 5.000 | 10/01/2028 | 288784 |
| 525000 | 5.000 | 10/01/2029 | 565303 |
| 225000 | 5.000 | 10/01/2035 | 236919 |
| Port of Portland RB for International Airport Series 2019 25-B (AMT) (NR/A+) | Port of Portland RB for International Airport Series 2019 25-B (AMT) (NR/A+) | Port of Portland RB for International Airport Series 2019 25-B (AMT) (NR/A+) | Port of Portland RB for International Airport Series 2019 25-B (AMT) (NR/A+) |
| 2665000 | 5.000 | 07/01/2032 | 2849347 |
| 2365000 | 5.000 | 07/01/2033 | 2515175 |
| 1000000 | 5.000 | 07/01/2034 | 1058475 |
| 1000000 | 5.000 | 07/01/2035 | 1051824 |
| Portland Oregon Water System RB Refunding First Lien Series 2016 A (Aa1/NR) | Portland Oregon Water System RB Refunding First Lien Series 2016 A (Aa1/NR) | Portland Oregon Water System RB Refunding First Lien Series 2016 A (Aa1/NR) | Portland Oregon Water System RB Refunding First Lien Series 2016 A (Aa1/NR) |
| 7090000 | 4.000 | 04/01/2029 | 7383452 |
| State of Oregon GO Refunding Bonds for Higher Education Series 2021 H (Aa1/AA+) | State of Oregon GO Refunding Bonds for Higher Education Series 2021 H (Aa1/AA+) | State of Oregon GO Refunding Bonds for Higher Education Series 2021 H (Aa1/AA+) | State of Oregon GO Refunding Bonds for Higher Education Series 2021 H (Aa1/AA+) |
| 1175000 | 1.250 | 08/01/2027 | 1065682 |
| 860000 | 1.375 | 08/01/2028 | 772554 |
| 875000 | 1.500 | 08/01/2029 | 778049 |
| Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)<sup>(f)</sup> | Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)<sup>(f)</sup> | Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)<sup>(f)</sup> | Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)<sup>(f)</sup> |
| 190000 | 5.000 | 11/01/2034 | 208427 |
| 500000 | 5.000 | 11/01/2036 | 542782 |
| Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (Aa1/NR) | Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (Aa1/NR) | Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (Aa1/NR) | Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (Aa1/NR) |
| 4155000 | 5.000 | 06/15/2029 | 4556717 |
| Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR) | Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR) | Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR) | Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR) |
| 575000 | 1.750 | 11/15/2026 | 526769 |
| Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) |
| 1625000 | 5.000 | 11/15/2051 | 1247150 |
|  |  |  | 41503822 |
| **Pennsylvania – 4.1%** | **Pennsylvania – 4.1%** | **Pennsylvania – 4.1%** | **Pennsylvania – 4.1%** |
| Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR) | Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR) | Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR) | Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR) |
| 2325000 | 4.000 | 01/01/2039 | 2171759 |
| 1900000 | 4.000 | 01/01/2040 | 1756945 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR) |
| 1000000 | 5.250% | 09/01/2035 | $1003966 |
| Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) |
| 4000000 | 5.000 | 04/01/2030 | 4307643 |
| 18400000 | 4.000 | 04/01/2044 | 16708361 |
| Allegheny County Hospital Development Authority UPMC RB Series 2019A (A/A2) | Allegheny County Hospital Development Authority UPMC RB Series 2019A (A/A2) | Allegheny County Hospital Development Authority UPMC RB Series 2019A (A/A2) | Allegheny County Hospital Development Authority UPMC RB Series 2019A (A/A2) |
| 6230000 | 4.000 | 07/15/2038 | 6013571 |
| Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) | Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) | Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) | Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) |
| 1850000 | 4.875 | 11/01/2024 | 1854518 |
| 1350000 | 5.125 | 05/01/2030 | 1374232 |
| Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) |
| 1525000 | 1.830 | 05/01/2023 | 1500450 |
| 1560000 | 2.100 | 05/01/2024 | 1461390 |
| 150000 | 5.000 | 05/01/2024 | 152562 |
| 480000 | 5.000 | 05/01/2026 | 497623 |
| 600000 | 5.000 | 05/01/2027 | 625560 |
| 625000 | 5.000 | 05/01/2029 | 654304 |
| 700000 | 5.000 | 05/01/2030 | 732005 |
| 700000 | 5.000 | 05/01/2031 | 732321 |
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)<sup>(f)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)<sup>(f)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)<sup>(f)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)<sup>(f)</sup> |
| 2420000 | 5.000 | 05/01/2027 | 2427760 |
| 1600000 | 5.000 | 05/01/2032 | 1589832 |
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)<sup>(f)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)<sup>(f)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)<sup>(f)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)<sup>(f)</sup> |
| 200000 | 5.000 | 05/01/2023 | 200593 |
| 750000 | 5.000 | 05/01/2028 | 752302 |
| Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR) |
| 900000 | 5.000 | 05/01/2033 | 936344 |
| 1000000 | 5.000 | 05/01/2034 | 1033844 |
| 900000 | 5.000 | 05/01/2035 | 922553 |
| 1000000 | 5.000 | 05/01/2036 | 1015348 |
| Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+) |
| 325000 | 5.000 | 07/01/2025 | 331965 |
| 420000 | 5.000 | 07/01/2026 | 432137 |
| 425000 | 5.000 | 07/01/2027 | 438621 |
| 450000 | 5.000 | 07/01/2028 | 464945 |
| 475000 | 5.000 | 07/01/2029 | 490402 |
| 650000 | 5.000 | 07/01/2030 | 669365 |
| Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) | Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) | Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) | Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) |
| 100000 | 5.000 | 10/01/2031 | 100705 |
| 390000 | 5.000 | 10/01/2032 | 391767 |
| 410000 | 5.000 | 10/01/2033 | 411341 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB)<sup>(f)</sup> | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB)<sup>(f)</sup> | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB)<sup>(f)</sup> | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB)<sup>(f)</sup> |
| 900000 | 6.000% | 10/15/2052 | $863797 |
| Chester County IDA RB Series 2021 (Aa2\NR) | Chester County IDA RB Series 2021 (Aa2\NR) | Chester County IDA RB Series 2021 (Aa2\NR) | Chester County IDA RB Series 2021 (Aa2\NR) |
| 10000000 | 4.000 | 12/01/2046 | 9201914 |
| City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) |
| 500000 | 4.000 | 05/01/2036 | 450263 |
| 595000 | 4.000 | 05/01/2041 | 498706 |
| 280000 | 5.000 | 05/01/2047 | 263320 |
| City of Philadelphia Airport RB Refunding Series 2020 C (AMT) (A2/NR) | City of Philadelphia Airport RB Refunding Series 2020 C (AMT) (A2/NR) | City of Philadelphia Airport RB Refunding Series 2020 C (AMT) (A2/NR) | City of Philadelphia Airport RB Refunding Series 2020 C (AMT) (A2/NR) |
| 1250000 | 5.000 | 07/01/2030 | 1353214 |
| City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR) |
| 2075000 | 4.000 | 03/01/2042 | 1721854 |
| Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (A1/AA) | Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (A1/AA) | Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (A1/AA) | Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (A1/AA) |
| 1000000 | 5.000 | 08/01/2025 | 1054258 |
| Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) |
| 24905000 | 4.000 | 06/01/2039 | 24503444 |
| Commonwealth of Pennsylvania COPS Series 2018 A (A2/A) | Commonwealth of Pennsylvania COPS Series 2018 A (A2/A) | Commonwealth of Pennsylvania COPS Series 2018 A (A2/A) | Commonwealth of Pennsylvania COPS Series 2018 A (A2/A) |
| 1250000 | 4.000 | 07/01/2046 | 1150001 |
| Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (A+/Aa3) | Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (A+/Aa3) | Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (A+/Aa3) | Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (A+/Aa3) |
| 6500000 | 5.000 | 03/15/2033 | 6754755 |
| Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa3/A+) | Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa3/A+) | Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa3/A+) | Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa3/A+) |
| 3925000 | 5.000 | 08/15/2025 | 4155586 |
| Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(f)</sup> | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(f)</sup> | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(f)</sup> | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(f)</sup> |
| 2000000 | 5.875 | 10/15/2040 | 1976987 |
| 6375000 | 6.250 | 10/15/2053 | 6377302 |
| Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB)<sup>(f)</sup> | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB)<sup>(f)</sup> | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB)<sup>(f)</sup> | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB)<sup>(f)</sup> |
| 950000 | 5.000 | 10/15/2034 | 895759 |
| Delaware County Authority RB for Villanova University Series 2015 (A1/AA-) | Delaware County Authority RB for Villanova University Series 2015 (A1/AA-) | Delaware County Authority RB for Villanova University Series 2015 (A1/AA-) | Delaware County Authority RB for Villanova University Series 2015 (A1/AA-) |
| 4945000 | 5.000 | 08/01/2045 | 5118547 |
| Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (Ba1/BBB-) | Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (Ba1/BBB-) | Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (Ba1/BBB-) | Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (Ba1/BBB-) |
| 955000 | 3.950 | 07/01/2024 | 896352 |
| Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) | Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) | Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) | Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) |
| 750000 | 5.000 | 12/01/2038 | 646117 |
| Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)<sup>(e)</sup> | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)<sup>(e)</sup> | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)<sup>(e)</sup> | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)<sup>(e)</sup> |
| (3M USD LIBOR + 0.77%) | (3M USD LIBOR + 0.77%) | (3M USD LIBOR + 0.77%) | (3M USD LIBOR + 0.77%) |
| 15800000 | 3.745 | 05/01/2037 | 13951046 |
| General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR) | General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR) | General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR) | General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR) |
| 725000 | 4.000 | 06/01/2044 | 695979 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) | Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) | Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) | Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) |
| 900000 | 5.000% | 03/01/2040 | $790289 |
| Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) |
| 80000 | 5.000 | 03/01/2024 | 80747 |
| 150000 | 5.000 | 03/01/2025 | 152657 |
| 185000 | 5.000 | 03/01/2026 | 189428 |
| 150000 | 5.000 | 03/01/2027 | 154140 |
| 135000 | 5.000 | 03/01/2028 | 139114 |
| 160000 | 5.000 | 03/01/2029 | 165232 |
| 150000 | 5.000 | 03/01/2030 | 154679 |
| 285000 | 5.000 | 03/01/2032 | 293345 |
| Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A) | Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A) | Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A) | Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A) |
| 850000 | 4.000 | 09/01/2037 | 820526 |
| 850000 | 4.000 | 09/01/2038 | 806086 |
| 850000 | 4.000 | 09/01/2039 | 804917 |
| Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) |
| 900000 | 5.000 | 11/15/2045 | 865557 |
| Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (NR/NR) | Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (NR/NR) | Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (NR/NR) | Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (NR/NR) |
| 600000 | 4.000 | 11/15/2043 | 500878 |
| Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/BBB+) | Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/BBB+) | Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/BBB+) | Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/BBB+) |
| 400000 | 4.000 | 10/01/2036 | 363753 |
| 400000 | 4.000 | 10/01/2041 | 340724 |
| North Penn Water Authority RB Refunding Series 2019 (Aa3/NR)<sup>(e)</sup> | North Penn Water Authority RB Refunding Series 2019 (Aa3/NR)<sup>(e)</sup> | North Penn Water Authority RB Refunding Series 2019 (Aa3/NR)<sup>(e)</sup> | North Penn Water Authority RB Refunding Series 2019 (Aa3/NR)<sup>(e)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.46%) | (SIFMA Municipal Swap Index Yield + 0.46%) | (SIFMA Municipal Swap Index Yield + 0.46%) | (SIFMA Municipal Swap Index Yield + 0.46%) |
| 1600000 | 3.590 | 11/01/2023 | 1599767 |
| Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR) | Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR) | Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR) | Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR) |
| 1000000 | 5.000 | 11/01/2039 | 907700 |
| Northeastern Pennsylvania Hospital & Education Authority RB for King's College Project Series 2019 (NR/BBB+) | Northeastern Pennsylvania Hospital & Education Authority RB for King's College Project Series 2019 (NR/BBB+) | Northeastern Pennsylvania Hospital & Education Authority RB for King's College Project Series 2019 (NR/BBB+) | Northeastern Pennsylvania Hospital & Education Authority RB for King's College Project Series 2019 (NR/BBB+) |
| 50000 | 5.000 | 05/01/2023 | 50090 |
| 100000 | 5.000 | 05/01/2024 | 100907 |
| Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (NR/BBB) | Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (NR/BBB) | Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (NR/BBB) | Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (NR/BBB) |
| 750000 | 5.000 | 06/30/2042 | 749878 |
| Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A1/A+) | Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A1/A+) | Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A1/A+) | Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A1/A+) |
| 8250000 | 3.000 | 04/01/2039 | 6898478 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) |
| 3000000 | 4.000% | 07/01/2033 | $2785215 |
| 1800000 | 4.000 | 07/01/2041 | 1533894 |
| Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2021 A (A2/A) | Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2021 A (A2/A) | Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2021 A (A2/A) | Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2021 A (A2/A) |
| 1050000 | 4.000 | 10/15/2040 | 973542 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> |
| 6050000 | 1.100 | 11/02/2026 | 5289157 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) |
| 5000000 | 5.000 | 12/31/2057 | 4959114 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) |
| 6650000 | 5.750 | 06/30/2048 | 6923981 |
| 1350000 | 5.250 | 06/30/2053 | 1321853 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Rapid Bridge Replacement Project Series 2015 (NR/BBB) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Rapid Bridge Replacement Project Series 2015 (NR/BBB) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Rapid Bridge Replacement Project Series 2015 (NR/BBB) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Rapid Bridge Replacement Project Series 2015 (NR/BBB) |
| 1800000 | 5.000 | 12/31/2024 | 1834712 |
| Pennsylvania Economic Development Financing Authority UPMC RB Series 2021A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB Series 2021A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB Series 2021A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB Series 2021A (A2/A) |
| 1220000 | 4.000 | 10/15/2037 | 1187845 |
| Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A2/A) | Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A2/A) | Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A2/A) | Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A2/A) |
| 350000 | 4.000 | 03/01/2037 | 342520 |
| 675000 | 5.000 | 03/01/2038 | 710395 |
| 500000 | 5.000 | 03/01/2039 | 522969 |
| Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC)<br>(WR/AA)<sup>(e)</sup> | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC)<br>(WR/AA)<sup>(e)</sup> | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC)<br>(WR/AA)<sup>(e)</sup> | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC)<br>(WR/AA)<sup>(e)</sup> |
| (3M USD LIBOR + 0.60%)  | (3M USD LIBOR + 0.60%)  | (3M USD LIBOR + 0.60%)  |  |
| 930000 | 3.785 | 07/01/2027 | 912409 |
| Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (A2/AA) | Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (A2/AA) | Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (A2/AA) | Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (A2/AA) |
| 8500000 | 5.000 | 05/01/2046 | 9007066 |
| Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (Aa3/AA) | Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (Aa3/AA) | Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (Aa3/AA) | Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (Aa3/AA) |
| 4000000 | 5.000 | 09/15/2025 | 4255748 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Subordinated RB Series 2018 B (A2/NR) | Pennsylvania Turnpike Commission Oil Franchise Tax Subordinated RB Series 2018 B (A2/NR) | Pennsylvania Turnpike Commission Oil Franchise Tax Subordinated RB Series 2018 B (A2/NR) | Pennsylvania Turnpike Commission Oil Franchise Tax Subordinated RB Series 2018 B (A2/NR) |
| 9995000 | 5.250 | 12/01/2048 | 10500119 |
| Pennsylvania Turnpike Commission RB Series 2013 C (A1/A+)<sup>(b)</sup> | Pennsylvania Turnpike Commission RB Series 2013 C (A1/A+)<sup>(b)</sup> | Pennsylvania Turnpike Commission RB Series 2013 C (A1/A+)<sup>(b)</sup> | Pennsylvania Turnpike Commission RB Series 2013 C (A1/A+)<sup>(b)</sup> |
| 1720000 | 5.500 | 12/01/2023 | 1760670 |
| Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) | Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) | Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) | Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) |
| 30675000 | 5.250 | 12/01/2044 | 32661574 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Pennsylvania Turnpike Commission RB Series 2018 A-2 (A1/NR) (Series A-2) | Pennsylvania Turnpike Commission RB Series 2018 A-2 (A1/NR) (Series A-2) | Pennsylvania Turnpike Commission RB Series 2018 A-2 (A1/NR) (Series A-2) | Pennsylvania Turnpike Commission RB Series 2018 A-2 (A1/NR) (Series A-2) |
| 2190000 | 5.000% | 12/01/2043 | $2291480 |
| Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)<sup>(e)</sup> | Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)<sup>(e)</sup> | Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)<sup>(e)</sup> | Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)<sup>(e)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.70%) | (SIFMA Municipal Swap Index Yield + 0.70%) | (SIFMA Municipal Swap Index Yield + 0.70%) | (SIFMA Municipal Swap Index Yield + 0.70%) |
| 6050000 | 3.830 | 12/01/2023 | 6050390 |
| Pennsylvania Turnpike Commission RB Series 2019 A (A3/NR) | Pennsylvania Turnpike Commission RB Series 2019 A (A3/NR) | Pennsylvania Turnpike Commission RB Series 2019 A (A3/NR) | Pennsylvania Turnpike Commission RB Series 2019 A (A3/NR) |
| 4250000 | 5.000 | 12/01/2036 | 4484083 |
| 4275000 | 5.000 | 12/01/2038 | 4491413 |
| 16160000 | 5.000 | 12/01/2044 | 16743885 |
| Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A3/NR) | Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A3/NR) | Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A3/NR) | Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A3/NR) |
| 3500000 | 5.500 | 12/01/2042 | 3653201 |
| Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) | Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) | Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) | Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) |
| 650000 | 5.125 | 06/15/2042 | 592856 |
| Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) | Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) | Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) | Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) |
| 350000 | 4.000 | 06/15/2029 | 329062 |
| 1000000 | 5.000 | 06/15/2039 | 933984 |
| Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) | Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) | Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) | Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) |
| 450000 | 5.000 | 08/01/2030 | 464902 |
| 290000 | 5.000 | 08/01/2040 | 291339 |
| Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)<sup>(f)</sup> | Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)<sup>(f)</sup> | Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)<sup>(f)</sup> | Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)<sup>(f)</sup> |
| 900000 | 5.000 | 06/15/2040 | 853771 |
| Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) |
| 4500000 | 5.000 | 07/01/2028 | 4727827 |
| Philadelphia IDA University RB for St. Joseph's University Project Series 2022 (NR/A-) | Philadelphia IDA University RB for St. Joseph's University Project Series 2022 (NR/A-) | Philadelphia IDA University RB for St. Joseph's University Project Series 2022 (NR/A-) | Philadelphia IDA University RB for St. Joseph's University Project Series 2022 (NR/A-) |
| 2500000 | 5.250 | 11/01/2052 | 2616206 |
| Philadelphia School District GO Bonds Series 2015 A (Baa3/NR) | Philadelphia School District GO Bonds Series 2015 A (Baa3/NR) | Philadelphia School District GO Bonds Series 2015 A (Baa3/NR) | Philadelphia School District GO Bonds Series 2015 A (Baa3/NR) |
| 2415000 | 5.000 | 09/01/2027 | 2534635 |
| Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A2/AA) | Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A2/AA) | Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A2/AA) | Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A2/AA) |
| 850000 | 5.000 | 09/01/2034 | 941128 |
| 1755000 | 5.000 | 09/01/2035 | 1925199 |
| 1700000 | 5.000 | 09/01/2036 | 1853595 |
| 1700000 | 5.000 | 09/01/2037 | 1843761 |
| Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (NR/AA) | Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (NR/AA) | Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (NR/AA) | Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (NR/AA) |
| 2125000 | 4.000 | 09/01/2034 | 2175829 |
| 425000 | 4.000 | 09/01/2035 | 429923 |
| Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+) |
| 395000 | 5.000 | 11/15/2028 | 376247 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR) |
| 1100000 | 5.000% | 01/01/2035 | $1141871 |
| The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) |
| 200000 | 4.000 | 10/01/2023 | 198807 |
| 750000 | 4.000 | 10/01/2029 | 702161 |
| 425000 | 5.000 | 10/01/2039 | 397491 |
| The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) | The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) | The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) | The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) |
| 4100000 | 5.000 | 11/01/2044 | 2839221 |
| The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-2 (NR/BB-)<sup>(a)(b)</sup> | The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-2 (NR/BB-)<sup>(a)(b)</sup> | The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-2 (NR/BB-)<sup>(a)(b)</sup> | The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-2 (NR/BB-)<sup>(a)(b)</sup> |
| 1915000 | 5.000 | 02/01/2027 | 1718465 |
| The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-3 (NR/BB-)<sup>(a)(b)</sup> | The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-3 (NR/BB-)<sup>(a)(b)</sup> | The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-3 (NR/BB-)<sup>(a)(b)</sup> | The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-3 (NR/BB-)<sup>(a)(b)</sup> |
| 2800000 | 5.000 | 02/01/2030 | 2335401 |
| Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR)<sup>(f)</sup> | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR)<sup>(f)</sup> | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR)<sup>(f)</sup> | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR)<sup>(f)</sup> |
| 200000 | 6.000 | 07/01/2029 | 190985 |
| Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) |
| 620000 | 5.000 | 07/01/2028 | 654542 |
| 440000 | 5.000 | 07/01/2030 | 470396 |
|  |  |  | 312351966 |
| **Puerto Rico – 4.8%** | **Puerto Rico – 4.8%** | **Puerto Rico – 4.8%** | **Puerto Rico – 4.8%** |
| HTA Trust Certificates Class 2031 Units (NR/NR) | HTA Trust Certificates Class 2031 Units (NR/NR) | HTA Trust Certificates Class 2031 Units (NR/NR) | HTA Trust Certificates Class 2031 Units (NR/NR) |
| 2315152 | 5.250 | 07/01/2031 | 2284395 |
| HTA Trust Certificates Class L-2028 Units (NR/NR) | HTA Trust Certificates Class L-2028 Units (NR/NR) | HTA Trust Certificates Class L-2028 Units (NR/NR) | HTA Trust Certificates Class L-2028 Units (NR/NR) |
| 7358596 | 5.250 | 07/01/2038 | 7247158 |
| Puerto Rico Aqueduct & Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR)<sup>(f)</sup> | Puerto Rico Aqueduct & Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR)<sup>(f)</sup> | Puerto Rico Aqueduct & Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR)<sup>(f)</sup> | Puerto Rico Aqueduct & Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR)<sup>(f)</sup> |
| 3230000 | 4.000 | 07/01/2047 | 2488671 |
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(f)</sup> | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(f)</sup> | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(f)</sup> | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(f)</sup> |
| 4350000 | 5.000 | 07/01/2035 | 4146019 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(f)</sup> |
| 9575000 | 5.000 | 07/01/2047 | 8625539 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)<sup>(f)</sup> |
| 13355000 | 5.000 | 07/01/2033 | 12900179 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (WR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (WR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (WR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (WR/NR) |
| 1080000 | 6.125 | 07/01/2024 | 1092221 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)<sup>(f)</sup> |
| 2750000 | 5.000 | 07/01/2033 | 2656345 |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(f)</sup> |
| 4650000 | 4.000 | 07/01/2042 | 3726864 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** |
| Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(c)(i)</sup> |
| 17609470 | 0.000% | 11/01/2043 | $7704143 |
| Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(c)(i)</sup> |
| 1603552 | 0.000 | 11/01/2051 | 539194 |
| Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(c)(i)</sup> |
| 1888076 | 0.000 | 11/01/2051 | 826033 |
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) |
| 216 | 5.250 | 07/01/2023 | 216 |
| 3035584 | 0.000 <sup>(g)</sup> | 07/01/2024 | 2813446 |
| 4135896 | 5.375 | 07/01/2025 | 4167073 |
| 8065508 | 5.625 | 07/01/2029 | 8252731 |
| 3884948 | 5.750 | 07/01/2031 | 4016913 |
| 9712616 | 0.000 <sup>(g)</sup> | 07/01/2033 | 5250257 |
| 5933951 | 4.000 | 07/01/2033 | 5145090 |
| 3311382 | 4.000 | 07/01/2035 | 2786822 |
| 7727039 | 4.000 | 07/01/2037 | 6321228 |
| 10189086 | 4.000 | 07/01/2041 | 7978038 |
| 8793596 | 4.000 | 07/01/2046 | 6592442 |
| Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) |
| 297155 | 5.000 | 07/01/2062 | 273754 |
| Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(g)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(g)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(g)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(g)</sup> |
| 193110 | 0.000 | 07/01/2032 | 114659 |
| Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(c)</sup> |
| 330333 | 0.000 | 07/01/2053 | 182509 |
| Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> |
| 8215000 | 6.750 | 07/01/2036 | 6140713 |
| Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)<sup>\*</sup> |
| 196972 | 10.000 | 07/01/2022 | 150684 |
| Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> |
| 1050000 | 5.250 | 07/01/2031 | 769125 |
| Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> |
| 1555000 | 5.000 | 07/01/2028 | 1135150 |
| Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)<sup>\*</sup> |
| 590915 | 10.000 | 01/01/2021 | 452050 |
| Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)<sup>\*</sup> |
| 590915 | 10.000 | 07/01/2021 | 452050 |
| Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)<sup>\*</sup> |
| 196972 | 10.000 | 01/01/2022 | 150684 |
| Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> |
| 220000 | 5.000 | 07/01/2025 | 160600 |
| 1100000 | 5.000 | 07/01/2032 | 803000 |
| Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)<sup>\*</sup> |
| 1435000 | 5.500 | 07/01/2038 | 1056519 |
| Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> |
| 10325000 | 5.250 | 07/01/2040 | 7563063 |
| Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> |
| 1000000 | 5.250 | 07/01/2019 | 722500 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(e)</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(e)</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(e)</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(e)</sup> |
| (3M USD LIBOR + 0.52%)  | (3M USD LIBOR + 0.52%)  | (3M USD LIBOR + 0.52%)  |  |
| 21915000 | 3.705% | 07/01/2029 | $19717228 |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR) | Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR) | Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR) | Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR) |
| 350000 | 5.250 | 07/01/2029 | 351909 |
| 215000 | 5.250 | 07/01/2030 | 215659 |
| 1150000 | 5.250 | 07/01/2032 | 1145451 |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR) |
| 10435000 | 4.550 | 07/01/2040 | 9573256 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(g)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(g)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(g)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(g)</sup> |
| 329000 | 0.000 | 07/01/2024 | 306898 |
| 16610000 | 0.000 | 07/01/2027 | 13437782 |
| 3658000 | 0.000 | 07/01/2029 | 2665746 |
| 25338000 | 0.000 | 07/01/2031 | 16505728 |
| 21539000 | 0.000 | 07/01/2033 | 12529307 |
| 37454000 | 0.000 | 07/01/2046 | 9228355 |
| 16872000 | 0.000 | 07/01/2051 | 3037215 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 73864000 | 4.329 | 07/01/2040 | 66539505 |
| 143000 | 4.536 | 07/01/2053 | 121917 |
| 5654000 | 4.784 | 07/01/2058 | 4905355 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 19288000 | 4.500 | 07/01/2034 | 18195632 |
| 1555000 | 4.550 | 07/01/2040 | 1426585 |
| 17965000 | 4.750 | 07/01/2053 | 15880111 |
| 44071000 | 5.000 | 07/01/2058 | 40013383 |
|  |  |  | 363485099 |
| **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** |
| Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM MUN GOVT GTD) (Aa3/AA) | Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM MUN GOVT GTD) (Aa3/AA) | Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM MUN GOVT GTD) (Aa3/AA) | Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM MUN GOVT GTD) (Aa3/AA) |
| 500000 | 5.000 | 05/15/2024 | 512391 |
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) |
| 4970000 | 5.000 | 10/01/2042 | 5170786 |
|  |  |  | 5683177 |
| **South Carolina – 0.5%** | **South Carolina – 0.5%** | **South Carolina – 0.5%** | **South Carolina – 0.5%** |
| Clemson University Athletic Facilities RB Series 2015 (Aa3/NR) | Clemson University Athletic Facilities RB Series 2015 (Aa3/NR) | Clemson University Athletic Facilities RB Series 2015 (Aa3/NR) | Clemson University Athletic Facilities RB Series 2015 (Aa3/NR) |
| 1570000 | 4.000 | 05/01/2026 | 1611916 |
| Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (Aa1/AA) | Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (Aa1/AA) | Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (Aa1/AA) | Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (Aa1/AA) |
| 2495000 | 5.000 | 02/01/2031 | 2789741 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **South Carolina – (continued)** | **South Carolina – (continued)** | **South Carolina – (continued)** | **South Carolina – (continued)** |
| Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (Aa1/AA) | Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (Aa1/AA) | Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (Aa1/AA) | Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (Aa1/AA) |
| 4530000 | 5.000% | 03/01/2031 | $4935949 |
| 1615000 | 4.000 | 03/01/2032 | 1684383 |
| Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)<sup>(f)</sup> | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)<sup>(f)</sup> | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)<sup>(f)</sup> | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)<sup>(f)</sup> |
| 710000 | 3.000 | 11/01/2026 | 644727 |
| 900000 | 3.625 | 11/01/2031 | 744772 |
| 1170000 | 3.750 | 11/01/2036 | 899966 |
| South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(f)</sup> | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(f)</sup> | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(f)</sup> | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(f)</sup> |
| 1920000 | 5.125 | 06/15/2042 | 1749135 |
| South Carolina Ports Authority RB Series 2018 (AMT) (A1/A+) | South Carolina Ports Authority RB Series 2018 (AMT) (A1/A+) | South Carolina Ports Authority RB Series 2018 (AMT) (A1/A+) | South Carolina Ports Authority RB Series 2018 (AMT) (A1/A+) |
| 3750000 | 5.000 | 07/01/2037 | 3901099 |
| South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) |
| 10000000 | 5.750 | 12/01/2047 | 10869797 |
| South Carolina State Public School Authority Revenue Obligation Bonds for Santee Cooper Series 2014D (NR/NR) | South Carolina State Public School Authority Revenue Obligation Bonds for Santee Cooper Series 2014D (NR/NR) | South Carolina State Public School Authority Revenue Obligation Bonds for Santee Cooper Series 2014D (NR/NR) | South Carolina State Public School Authority Revenue Obligation Bonds for Santee Cooper Series 2014D (NR/NR) |
| 353000 | 3.056 | 12/01/2023 | 347987 |
| South Carolina State Public School Authority Revenue Obligation Bonds Series 2014D (NR/NR) | South Carolina State Public School Authority Revenue Obligation Bonds Series 2014D (NR/NR) | South Carolina State Public School Authority Revenue Obligation Bonds Series 2014D (NR/NR) | South Carolina State Public School Authority Revenue Obligation Bonds Series 2014D (NR/NR) |
| 522000 | 3.056 | 12/01/2023 | 514134 |
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) |
| 500000 | 5.000 | 04/15/2032 | 550849 |
| 500000 | 5.000 | 04/15/2033 | 548727 |
| 500000 | 5.000 | 04/15/2034 | 545631 |
| 450000 | 5.000 | 04/15/2035 | 487012 |
| 425000 | 4.000 | 04/15/2036 | 428726 |
| 550000 | 4.000 | 04/15/2037 | 550961 |
| 525000 | 4.000 | 04/15/2038 | 523248 |
| 700000 | 4.000 | 04/15/2039 | 692032 |
| 750000 | 4.000 | 04/15/2040 | 734768 |
|  |  |  | 35755560 |
| **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** |
| County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) | County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) | County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) | County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) |
| 650000 | 4.000 | 08/01/2041 | 550086 |
| 1200000 | 4.000 | 08/01/2051 | 939603 |
| Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/AA+) | Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/AA+) | Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/AA+) | Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/AA+) |
| 630000 | 5.000 | 01/01/2024 | 643218 |
| 1075000 | 5.000 | 01/01/2025 | 1122138 |
| 730000 | 5.000 | 01/01/2026 | 779023 |
|  |  |  | 4034068 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Tennessee – 0.3%** | **Tennessee – 0.3%** | **Tennessee – 0.3%** | **Tennessee – 0.3%** |
| Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (Baa1/A-) | Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (Baa1/A-) | Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (Baa1/A-) | Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (Baa1/A-) |
| 1300000 | 5.000% | 08/01/2035 | $1362039 |
| City of Johnson GO Refunding Bonds Series 2019 B (Aa2/NR) | City of Johnson GO Refunding Bonds Series 2019 B (Aa2/NR) | City of Johnson GO Refunding Bonds Series 2019 B (Aa2/NR) | City of Johnson GO Refunding Bonds Series 2019 B (Aa2/NR) |
| 1225000 | 4.000 | 06/01/2037 | 1233832 |
| Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) | Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) | Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) | Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) |
| 4020000 | 5.000 | 07/01/2034 | 4026084 |
| 1800000 | 4.000 | 07/01/2040 | 1675012 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (A3/NR) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (A3/NR) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (A3/NR) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (A3/NR) |
| 700000 | 5.000 | 07/01/2046 | 710743 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) |
| 40000 | 3.000 | 10/01/2024 | 39073 |
| Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)<sup>(f)</sup> | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)<sup>(f)</sup> | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)<sup>(f)</sup> | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)<sup>(f)</sup> |
| 650000 | 4.500 | 06/01/2028 | 649667 |
| Tennergy Corp. RB for Gas Supply Revenue Series 2019 A (Aa2/NR)<sup>(a)(b)</sup> | Tennergy Corp. RB for Gas Supply Revenue Series 2019 A (Aa2/NR)<sup>(a)(b)</sup> | Tennergy Corp. RB for Gas Supply Revenue Series 2019 A (Aa2/NR)<sup>(a)(b)</sup> | Tennergy Corp. RB for Gas Supply Revenue Series 2019 A (Aa2/NR)<sup>(a)(b)</sup> |
| 11325000 | 5.000 | 10/01/2024 | 11489956 |
|  |  |  | 21186406 |
| **Texas – 8.6%** | **Texas – 8.6%** | **Texas – 8.6%** | **Texas – 8.6%** |
| Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) |
| 1425000 | 5.625 | 08/15/2052 | 1270434 |
| Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) |
| 155000 | 5.000 | 08/15/2023 | 155671 |
| 195000 | 5.000 | 08/15/2024 | 196613 |
| 180000 | 5.000 | 08/15/2025 | 181613 |
| 190000 | 5.000 | 08/15/2026 | 191488 |
| 200000 | 5.000 | 08/15/2027 | 201216 |
| 80000 | 5.000 | 08/15/2028 | 80112 |
| 80000 | 4.000 | 08/15/2029 | 74596 |
| 80000 | 4.000 | 08/15/2030 | 73739 |
| 90000 | 4.000 | 08/15/2031 | 81872 |
| Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) |
| 1355000 | 5.000 | 01/01/2029 | 1390651 |
| Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A-) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A-) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A-) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A-) |
| 620000 | 5.000 | 01/01/2028 | 665702 |
| 650000 | 5.000 | 01/01/2029 | 705364 |
| 1010000 | 5.000 | 01/01/2032 | 1103973 |
| 1115000 | 5.000 | 01/01/2034 | 1204954 |
| 585000 | 5.000 | 01/01/2035 | 627828 |
| 610000 | 5.000 | 01/01/2036 | 650398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A-) – (continued) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A-) – (continued) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A-) – (continued) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A-) – (continued) |
| 645000 | 5.000% | 01/01/2037 | $682735 |
| 675000 | 5.000 | 01/01/2038 | 711644 |
| 1420000 | 5.000 | 01/01/2039 | 1490305 |
| Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A-/NR) | Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A-/NR) | Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A-/NR) | Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A-/NR) |
| 1100000 | 4.000 | 01/01/2040 | 1043229 |
| City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 245000 | 5.750 | 09/01/2029 | 248576 |
| City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(f)</sup> | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(f)</sup> | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(f)</sup> | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(f)</sup> |
| 377000 | 3.250 | 09/15/2026 | 340121 |
| City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 1402000 | 5.750 | 09/01/2042 | 1375996 |
| City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 852000 | 5.250 | 09/01/2032 | 854604 |
| City of Austin Airport System RB Series 2022 (A1/A+) | City of Austin Airport System RB Series 2022 (A1/A+) | City of Austin Airport System RB Series 2022 (A1/A+) | City of Austin Airport System RB Series 2022 (A1/A+) |
| 7435000 | 5.000 | 11/15/2052 | 7559536 |
| City of Austin RB for Airport System Series 2019 B (AMT) (A1/A) | City of Austin RB for Airport System Series 2019 B (AMT) (A1/A) | City of Austin RB for Airport System Series 2019 B (AMT) (A1/A) | City of Austin RB for Airport System Series 2019 B (AMT) (A1/A) |
| 1700000 | 5.000 | 11/15/2032 | 1821907 |
| 2000000 | 5.000 | 11/15/2033 | 2138250 |
| City of Austin RB Refunding for Airport System Series 2019 (AMT) (A1/A) | City of Austin RB Refunding for Airport System Series 2019 (AMT) (A1/A) | City of Austin RB Refunding for Airport System Series 2019 (AMT) (A1/A) | City of Austin RB Refunding for Airport System Series 2019 (AMT) (A1/A) |
| 2000000 | 5.000 | 11/15/2024 | 2062963 |
| 1150000 | 5.000 | 11/15/2025 | 1200430 |
| City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)<sup>(f)</sup> | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)<sup>(f)</sup> | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)<sup>(f)</sup> | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)<sup>(f)</sup> |
| 385000 | 4.000 | 11/01/2023 | 383310 |
| 625000 | 4.500 | 11/01/2024 | 619467 |
| 2815000 | 4.000 | 11/01/2028 | 2679569 |
| City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 777000 | 5.375 | 11/01/2042 | 764839 |
| City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (NR/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (NR/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (NR/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (NR/AA) |
| 1700000 | 5.000 | 11/15/2038 | 1923360 |
| 2350000 | 5.000 | 11/15/2039 | 2642619 |
| 2500000 | 5.000 | 11/15/2040 | 2793697 |
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> |
| 375000 | 2.500 | 09/01/2025 | 351621 |
| 140000 | 3.125 | 09/01/2030 | 123543 |
| 180000 | 3.250 | 09/01/2030 | 156029 |
| 355000 | 4.000 | 09/01/2040 | 303836 |
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> |
| 174000 | 2.500 | 09/01/2026 | 159177 |
| 158000 | 3.000 | 09/01/2031 | 133709 |
| 329000 | 3.375 | 09/01/2041 | 253861 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 430000 | 4.625% | 09/01/2032 | $410941 |
| 704000 | 4.875 | 09/01/2042 | 647180 |
| City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> |
| 285000 | 2.750 | 09/01/2027 | 249326 |
| 432000 | 3.125 | 09/01/2032 | 347147 |
| City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 255000 | 4.875 | 09/01/2032 | 251127 |
| 495000 | 5.500 | 09/01/2042 | 487972 |
| City of Celina Special Assessment RB Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB Series 2022 (NR/NR)<sup>(f)</sup> | City of Celina Special Assessment RB Series 2022 (NR/NR)<sup>(f)</sup> |
| 215000 | 2.875 | 09/01/2027 | 189890 |
| 250000 | 3.250 | 09/01/2032 | 203987 |
| 1175000 | 3.500 | 09/01/2042 | 865600 |
| City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> | City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> | City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> | City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> |
| 227000 | 3.250 | 09/01/2027 | 204002 |
| 235000 | 3.625 | 09/01/2032 | 200084 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR) |
| 185000 | 4.200 | 09/01/2027 | 181725 |
| 570000 | 4.800 | 09/01/2037 | 546046 |
| 647000 | 5.250 | 09/01/2046 | 630521 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)<sup>(f)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)<sup>(f)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)<sup>(f)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)<sup>(f)</sup> |
| 40000 | 4.375 | 09/01/2023 | 39978 |
| 300000 | 5.375 | 09/01/2038 | 301210 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR) |
| 76000 | 4.625 | 09/01/2023 | 76081 |
| 365000 | 5.000 | 09/01/2028 | 367377 |
| City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 190000 | 3.250 | 09/01/2026 | 173876 |
| 185000 | 3.750 | 09/01/2031 | 157362 |
| City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> |
| 314000 | 3.375 | 09/15/2026 | 286472 |
| 410000 | 4.000 | 09/15/2031 | 367910 |
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 687000 | 5.375 | 09/15/2027 | 690061 |
| City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (NON-AMT) (A1/NR) | City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (NON-AMT) (A1/NR) | City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (NON-AMT) (A1/NR) | City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (NON-AMT) (A1/NR) |
| 3975000 | 4.000 | 11/01/2039 | 3881431 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+) |
| 3500000 | 4.000% | 11/01/2041 | $3351455 |
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(f)</sup> | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(f)</sup> | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(f)</sup> | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(f)</sup> |
| 268000 | 4.875 | 09/01/2032 | 258770 |
| 765000 | 5.125 | 09/01/2042 | 725504 |
| City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR\AAA)<sup>(a)(b)</sup> | City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR\AAA)<sup>(a)(b)</sup> | City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR\AAA)<sup>(a)(b)</sup> | City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR\AAA)<sup>(a)(b)</sup> |
| 1000000 | 2.000 | 08/01/2024 | 974925 |
| City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR\NR) (PUTABLE)<sup>(a)(b)(d)</sup> | City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR\NR) (PUTABLE)<sup>(a)(b)(d)</sup> | City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR\NR) (PUTABLE)<sup>(a)(b)(d)</sup> | City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR\NR) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 540000 | 2.000 | 08/01/2024 | 534024 |
| City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)<sup>(f)</sup> | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)<sup>(f)</sup> | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)<sup>(f)</sup> | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)<sup>(f)</sup> |
| 695000 | 2.875 | 09/01/2026 | 622477 |
| 398000 | 3.375 | 09/01/2031 | 322197 |
| 1206000 | 3.750 | 09/01/2041 | 909649 |
| City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(f)</sup> |
| 294000 | 2.625 | 08/15/2025 | 274938 |
| 171000 | 3.375 | 08/15/2030 | 148098 |
| City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> |
| 497000 | 2.750 | 08/15/2026 | 450994 |
| 612000 | 3.375 | 08/15/2031 | 518225 |
| 846000 | 3.750 | 08/15/2041 | 673123 |
| City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 483000 | 4.875 | 08/15/2027 | 477678 |
| 778000 | 5.250 | 08/15/2032 | 769796 |
| 1300000 | 5.875 | 08/15/2042 | 1274294 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)<sup>(f)</sup> |
| 100000 | 3.125 | 08/15/2024 | 97233 |
| 340000 | 3.500 | 08/15/2029 | 312435 |
| 1905000 | 4.000 | 08/15/2039 | 1662294 |
| 1825000 | 4.250 | 08/15/2049 | 1536242 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> |
| 295000 | 4.000 | 08/15/2032 | 271898 |
| 1129000 | 4.250 | 08/15/2042 | 986682 |
| City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA) | City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA) | City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA) | City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA) |
| 150000 | 4.000 | 08/15/2025 | 153290 |
| 155000 | 4.000 | 08/15/2026 | 159568 |
| 160000 | 4.000 | 08/15/2027 | 165999 |
| 165000 | 4.000 | 08/15/2028 | 171985 |
| 170000 | 4.000 | 08/15/2029 | 178031 |
| 925000 | 3.000 | 08/15/2034 | 832737 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 344000 | 3.625% | 09/15/2027 | $325272 |
| 409000 | 3.875 | 09/15/2032 | 366151 |
| City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR) |
| 325000 | 4.125 | 09/01/2027 | 319680 |
| 1350000 | 4.625 | 09/01/2037 | 1273004 |
| City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR) |
| 570000 | 4.500 | 09/01/2027 | 569485 |
| 1800000 | 4.500 | 09/01/2037 | 1679701 |
| City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) | City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) | City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) | City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) |
| 425000 | 4.000 | 09/01/2024 | 426824 |
| 440000 | 4.000 | 09/01/2025 | 443137 |
| 460000 | 4.000 | 09/01/2026 | 464128 |
| 480000 | 4.000 | 09/01/2027 | 484444 |
| City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> |
| 256000 | 3.250 | 09/01/2031 | 211113 |
| 1271000 | 3.625 | 09/01/2041 | 962883 |
| City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 100000 | 3.250 | 09/01/2024 | 97133 |
| 290000 | 3.625 | 09/01/2029 | 267494 |
| 785000 | 4.125 | 09/01/2039 | 691188 |
| City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR) | City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR) | City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR) | City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR) |
| 685000 | 3.000 | 10/01/2025 | 648666 |
| 645000 | 3.000 | 10/01/2030 | 549886 |
| 440000 | 3.250 | 10/01/2033 | 366988 |
| City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2018D (A1/NR) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2018D (A1/NR) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2018D (A1/NR) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2018D (A1/NR) |
| 1655000 | 5.000 | 07/01/2032 | 1819859 |
| City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> |
| 221000 | 2.625 | 09/01/2026 | 200179 |
| 206000 | 3.250 | 09/01/2031 | 172294 |
| City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(f)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(f)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(f)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(f)</sup> |
| 939000 | 3.500 | 09/01/2041 | 719036 |
| City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) (NR/NR)<sup>(f)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) (NR/NR)<sup>(f)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) (NR/NR)<sup>(f)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) (NR/NR)<sup>(f)</sup> |
| 360000 | 3.125 | 09/01/2031 | 300497 |
| City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 276000 | 2.750 | 09/01/2026 | 250361 |
| 392000 | 3.500 | 09/01/2031 | 332899 |
| 900000 | 3.875 | 09/01/2041 | 711800 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) | City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) | City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) | City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) |
| 130000 | 5.000% | 08/15/2024 | $132098 |
| 130000 | 5.000 | 08/15/2025 | 133622 |
| 150000 | 5.000 | 08/15/2026 | 155691 |
| 100000 | 5.000 | 08/15/2027 | 104685 |
| 125000 | 5.000 | 08/15/2028 | 131902 |
| 150000 | 5.000 | 08/15/2029 | 159344 |
| 200000 | 5.000 | 08/15/2030 | 212262 |
| 280000 | 5.000 | 08/15/2032 | 295242 |
| 300000 | 5.000 | 08/15/2034 | 314714 |
| 175000 | 5.000 | 08/15/2035 | 182319 |
| 250000 | 5.000 | 08/15/2036 | 258737 |
| 250000 | 5.000 | 08/15/2037 | 257050 |
| 300000 | 5.000 | 08/15/2038 | 307294 |
| 300000 | 5.000 | 08/15/2039 | 305972 |
| City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)<sup>(f)</sup> | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)<sup>(f)</sup> | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)<sup>(f)</sup> | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)<sup>(f)</sup> |
| 503000 | 2.500 | 09/01/2026 | 460940 |
| 768000 | 3.000 | 09/01/2031 | 658319 |
| 1537000 | 3.375 | 09/01/2041 | 1192647 |
| City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)<sup>(f)</sup> | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)<sup>(f)</sup> | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)<sup>(f)</sup> | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)<sup>(f)</sup> |
| 315000 | 2.625 | 09/15/2026 | 284217 |
| 230000 | 3.125 | 09/15/2031 | 190338 |
| City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 722000 | 5.625 | 09/15/2042 | 727838 |
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 431000 | 3.375 | 09/01/2031 | 359374 |
| 628000 | 3.750 | 09/01/2041 | 483829 |
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> |
| 410000 | 3.875 | 09/01/2024 | 403325 |
| 1180000 | 4.750 | 09/01/2044 | 1076255 |
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> |
| 210000 | 2.625 | 09/01/2025 | 194682 |
| 610000 | 3.125 | 09/01/2030 | 513539 |
| City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 1000000 | 4.125 | 09/01/2041 | 871997 |
| City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)<sup>(f)</sup> | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)<sup>(f)</sup> |
| 340000 | 4.250 | 09/01/2029 | 330572 |
| 1000000 | 4.875 | 09/01/2044 | 918770 |
| City of Kyle Special Assessment RB Series 2022 (NR/NR) | City of Kyle Special Assessment RB Series 2022 (NR/NR) | City of Kyle Special Assessment RB Series 2022 (NR/NR) | City of Kyle Special Assessment RB Series 2022 (NR/NR) |
| 481000 | 4.375 | 09/01/2027 | 471057 |
| 535000 | 4.750 | 09/01/2032 | 516866 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR) | City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR) | City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR) | City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR) |
| 470000 | 2.750% | 09/01/2025 | $448233 |
| 430000 | 3.125 | 09/01/2030 | 381984 |
| City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) |
| 2055000 | 3.000 | 09/15/2036 | 1783212 |
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 20000 | 3.500 | 09/15/2024 | 19498 |
| 250000 | 3.750 | 09/15/2029 | 229268 |
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 105000 | 4.375 | 09/15/2029 | 102553 |
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 1500000 | 5.875 | 09/15/2042 | 1511977 |
| 2126000 | 6.125 | 09/15/2052 | 2139661 |
| City of Lavon Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> | City of Lavon Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> | City of Lavon Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> | City of Lavon Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> |
| 600000 | 3.500 | 09/15/2027 | 549308 |
| 305000 | 3.750 | 09/15/2027 | 275794 |
| 1000000 | 3.875 | 09/15/2032 | 863657 |
| 455000 | 4.125 | 09/15/2032 | 403392 |
| City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (NR/NR)<sup>(b)</sup> | City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (NR/NR)<sup>(b)</sup> | City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (NR/NR)<sup>(b)</sup> | City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (NR/NR)<sup>(b)</sup> |
| 1415000 | 4.000 | 09/01/2023 | 1424341 |
| City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> |
| 355000 | 2.500 | 09/01/2025 | 331029 |
| 330000 | 3.125 | 09/01/2030 | 282453 |
| 845000 | 4.000 | 09/01/2040 | 723416 |
| City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 750000 | 2.625 | 09/01/2027 | 681468 |
| 750000 | 3.125 | 09/01/2032 | 640446 |
| 1772000 | 3.375 | 09/01/2042 | 1363818 |
| City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> |
| 310000 | 2.500 | 09/15/2026 | 273971 |
| 210000 | 3.125 | 09/15/2026 | 186889 |
| 250000 | 3.125 | 09/15/2031 | 204348 |
| 310000 | 3.750 | 09/15/2031 | 259023 |
| City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> |
| 150000 | 3.750 | 09/15/2025 | 145912 |
| City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(f)</sup> |
| 350000 | 3.375 | 09/01/2026 | 323450 |
| 350000 | 3.875 | 09/01/2031 | 306583 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 75000 | 3.500% | 09/15/2024 | $73422 |
| 280000 | 3.750 | 09/15/2029 | 262018 |
| City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 185000 | 2.625 | 09/15/2026 | 166660 |
| 480000 | 3.125 | 09/15/2031 | 398194 |
| City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 400000 | 5.375 | 09/15/2032 | 393887 |
| City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 100000 | 5.000 | 09/15/2024 | 99906 |
| 400000 | 5.250 | 09/15/2029 | 398607 |
| City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 275000 | 4.250 | 09/15/2024 | 273041 |
| 255000 | 5.125 | 09/15/2024 | 254862 |
| 795000 | 4.500 | 09/15/2029 | 779154 |
| 775000 | 5.375 | 09/15/2029 | 773383 |
| City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> |
| 410000 | 3.500 | 09/15/2031 | 349695 |
| 1000000 | 3.875 | 09/15/2041 | 798984 |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(f)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(f)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(f)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(f)</sup> |
| 678000 | 4.375 | 09/15/2027 | 658065 |
| 626000 | 4.750 | 09/15/2032 | 597822 |
| 1417000 | 5.250 | 09/15/2042 | 1324497 |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 292000 | 5.125 | 09/15/2027 | 284730 |
| 310000 | 5.500 | 09/15/2032 | 298478 |
| 600000 | 6.000 | 09/15/2042 | 585728 |
| City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 100000 | 4.500 | 09/01/2025 | 98702 |
| 50000 | 4.875 | 09/01/2025 | 49514 |
| 254000 | 4.875 | 09/01/2030 | 242696 |
| 265000 | 5.250 | 09/01/2030 | 261026 |
| 381000 | 5.250 | 09/01/2040 | 364518 |
| 310000 | 5.625 | 09/01/2040 | 300720 |
| 815000 | 4.125 | 09/01/2049 | 671596 |
| City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)<sup>(f)</sup> |
| 245000 | 2.500 | 09/01/2025 | 228934 |
| 455000 | 3.250 | 09/01/2030 | 397449 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)<sup>(f)</sup> | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)<sup>(f)</sup> |
| 50000 | 3.125% | 09/01/2024 | $48664 |
| 140000 | 3.500 | 09/01/2029 | 128826 |
| 360000 | 4.000 | 09/01/2039 | 315522 |
| City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 274000 | 2.375 | 09/01/2026 | 246918 |
| City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(f)</sup> | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(f)</sup> | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(f)</sup> | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(f)</sup> |
| 250000 | 4.000 | 09/01/2028 | 242783 |
| 1560000 | 4.500 | 09/01/2048 | 1379175 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 404000 | 4.875 | 09/15/2027 | 397323 |
| 350000 | 5.250 | 09/15/2032 | 346110 |
| 245000 | 5.750 | 09/15/2032 | 241758 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 366000 | 4.875 | 09/15/2027 | 359951 |
| 300000 | 5.250 | 09/15/2032 | 296665 |
| City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(f)</sup> | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(f)</sup> | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(f)</sup> | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(f)</sup> |
| 2127000 | 5.500 | 09/15/2048 | 2061417 |
| City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> |
| 2875000 | 4.375 | 09/15/2051 | 2283421 |
| City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(f)</sup> |
| 1969000 | 4.000 | 09/15/2051 | 1521601 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 700000 | 4.250 | 09/01/2042 | 613683 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> |
| 65000 | 3.500 | 09/01/2024 | 63834 |
| 321000 | 3.750 | 09/01/2029 | 300736 |
| 852000 | 4.250 | 09/01/2039 | 775240 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> |
| 180000 | 3.375 | 09/01/2030 | 159274 |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) |
| 145000 | 4.000 | 09/01/2024 | 143961 |
| 415000 | 4.250 | 09/01/2029 | 405543 |
| 655000 | 4.875 | 09/01/2039 | 627062 |
| 1000000 | 5.000 | 09/01/2049 | 942136 |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> |
| 289000 | 3.375 | 09/01/2041 | 217859 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 434000 | 4.250% | 09/01/2027 | $427494 |
| 382000 | 4.750 | 09/01/2032 | 373586 |
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)<sup>(f)</sup> |
| 116000 | 3.750 | 09/01/2024 | 113997 |
| 365000 | 4.000 | 09/01/2029 | 348125 |
| 580000 | 5.000 | 09/01/2029 | 579996 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 480000 | 4.250 | 09/01/2027 | 472204 |
| 460000 | 4.750 | 09/01/2032 | 450212 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> |
| 305000 | 3.250 | 09/01/2030 | 267141 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(f)</sup> |
| 240000 | 2.375 | 09/01/2026 | 216391 |
| 469000 | 3.250 | 09/01/2041 | 345501 |
| City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 350000 | 2.625 | 09/15/2026 | 314135 |
| 355000 | 3.125 | 09/15/2031 | 291711 |
| City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(f)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(f)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(f)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(f)</sup> |
| 405000 | 2.625 | 09/15/2025 | 384258 |
| 405000 | 3.375 | 09/15/2030 | 360841 |
| City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> |
| 225000 | 3.625 | 09/15/2030 | 199555 |
| 210000 | 4.375 | 09/15/2030 | 197880 |
| 500000 | 4.125 | 09/15/2040 | 431752 |
| 400000 | 4.875 | 09/15/2040 | 365539 |
| City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)<sup>(f)</sup> | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)<sup>(f)</sup> | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)<sup>(f)</sup> | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)<sup>(f)</sup> |
| 125000 | 3.750 | 09/15/2024 | 123218 |
| 370000 | 4.125 | 09/15/2029 | 358821 |
| 1050000 | 4.625 | 09/15/2039 | 979171 |
| City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(f)</sup> | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(f)</sup> | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(f)</sup> | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(f)</sup> |
| 435000 | 2.500 | 09/15/2025 | 404489 |
| 305000 | 3.250 | 09/15/2030 | 263056 |
| City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 148000 | 6.000 | 09/15/2028 | 148694 |
| 665000 | 6.000 | 09/15/2050 | 679142 |
| City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)<sup>(a)(b)</sup> |
| 26495000 | 1.750 | 12/01/2024 | 25781039 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)<sup>(a)(b)</sup> |
| 30610000 | 1.750% | 12/01/2024 | $29729959 |
| City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) | City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) | City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) | City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) |
| 265000 | 4.375 | 09/01/2025 | 264250 |
| 500000 | 4.875 | 09/01/2030 | 486057 |
| 635000 | 5.375 | 09/01/2040 | 615665 |
| City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR)<sup>(f)</sup> | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR)<sup>(f)</sup> | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR)<sup>(f)</sup> | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR)<sup>(f)</sup> |
| 300000 | 3.750 | 09/01/2027 | 281831 |
| 425000 | 4.000 | 09/01/2032 | 387210 |
| 1221000 | 4.250 | 09/01/2042 | 1027120 |
| City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)<sup>(f)</sup> |
| 233000 | 4.375 | 09/01/2027 | 225077 |
| City of Sinton Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> | City of Sinton Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> | City of Sinton Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> | City of Sinton Special Assessment RB Series 2022 (NR\NR)<sup>(f)</sup> |
| 382000 | 4.375 | 09/01/2027 | 361460 |
| 659000 | 4.750 | 09/01/2032 | 608329 |
| City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> | City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 1110000 | 3.375 | 09/15/2041 | 829475 |
| City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 1125000 | 5.500 | 08/15/2052 | 1082046 |
| Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (Aaa/NR) |
| 465000 | 5.000 | 04/01/2029 | 517057 |
| 700000 | 4.000 | 04/01/2031 | 738795 |
| 575000 | 4.000 | 04/01/2035 | 585740 |
| 1345000 | 4.000 | 04/01/2037 | 1326052 |
| Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (NR/AAA) |
| 4370000 | 4.000 | 08/15/2036 | 4331521 |
| 3875000 | 4.000 | 08/15/2037 | 3817492 |
| Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)<sup>(f)</sup> | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)<sup>(f)</sup> | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)<sup>(f)</sup> | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)<sup>(f)</sup> |
| 470000 | 3.000 | 09/01/2031 | 389564 |
| 961000 | 3.250 | 09/01/2041 | 707946 |
| Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/NR) | Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/NR) | Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/NR) | Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/NR) |
| 1970000 | 5.000 | 02/01/2025 | 2060921 |
| 2095000 | 5.000 | 02/01/2026 | 2240023 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) |
| 475000 | 2.500 | 10/01/2031 | 394439 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(f)</sup> | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(f)</sup> | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(f)</sup> | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(f)</sup> |
| 325000 | 3.500 | 10/01/2031 | 272914 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) |
| 75000 | 5.000% | 10/01/2028 | $82501 |
| 90000 | 5.000 | 10/01/2029 | 100258 |
| 95000 | 5.000 | 10/01/2030 | 107279 |
| 75000 | 5.000 | 10/01/2031 | 85227 |
| 75000 | 5.000 | 10/01/2032 | 84746 |
| 145000 | 5.000 | 10/01/2033 | 163026 |
| 160000 | 5.000 | 10/01/2034 | 179230 |
| 175000 | 5.000 | 10/01/2035 | 194325 |
| 175000 | 5.000 | 10/01/2036 | 193307 |
| 450000 | 4.000 | 10/01/2041 | 440996 |
| 650000 | 4.000 | 10/01/2046 | 603083 |
| County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)<sup>(f)</sup> |
| 280000 | 2.500 | 09/15/2025 | 260457 |
| 350000 | 3.250 | 09/15/2030 | 299510 |
| County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(f)</sup> | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(f)</sup> | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(f)</sup> | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 315000 | 3.500 | 09/01/2026 | 284202 |
| 395000 | 4.125 | 09/01/2031 | 351477 |
| Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (NR/A) | Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (NR/A) | Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (NR/A) | Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (NR/A) |
| 2500000 | 5.250 | 11/01/2030 | 2529469 |
| Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(f)</sup> | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(f)</sup> | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(f)</sup> | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(f)</sup> |
| 125000 | 3.750 | 08/15/2024 | 122091 |
| 235000 | 4.000 | 08/15/2029 | 218787 |
| 775000 | 4.500 | 08/15/2035 | 696624 |
| 575000 | 5.000 | 08/15/2044 | 524397 |
| Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) |
| 1175000 | 3.125 | 08/15/2036 | 918623 |
| 950000 | 3.250 | 08/15/2041 | 703790 |
| Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)<sup>(f)</sup> | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)<sup>(f)</sup> | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)<sup>(f)</sup> | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)<sup>(f)</sup> |
| 390000 | 5.000 | 09/01/2027 | 383568 |
| 225000 | 5.000 | 09/01/2032 | 216967 |
| 330000 | 5.125 | 09/01/2037 | 312708 |
| Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (NR/AA+) | Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (NR/AA+) | Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (NR/AA+) | Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (NR/AA+) |
| 18225000 | 5.000 | 10/01/2037 | 19458634 |
| Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)<sup>(c)</sup> | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)<sup>(c)</sup> | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)<sup>(c)</sup> | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)<sup>(c)</sup> |
| 2950000 | 0.000 | 10/01/2046 | 3080549 |
| 4075000 | 0.000 | 10/01/2047 | 4258927 |
| Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) | Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) | Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) | Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) |
| 400000 | 4.000 | 09/01/2026 | 408160 |
| 470000 | 5.000 | 09/01/2027 | 501281 |
| 500000 | 5.000 | 09/01/2028 | 536986 |
| 745000 | 5.000 | 09/01/2029 | 807549 |
| 465000 | 4.000 | 09/01/2031 | 479496 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) – (continued) | Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) – (continued) | Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) – (continued) | Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) – (continued) |
| 415000 | 4.000% | 09/01/2033 | $426325 |
| 650000 | 4.000 | 09/01/2034 | 663070 |
| 580000 | 4.000 | 09/01/2036 | 584427 |
| Harris County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding Bonds for Memorial Hermann Health System Series 2020C (A1/A+)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding Bonds for Memorial Hermann Health System Series 2020C (A1/A+)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding Bonds for Memorial Hermann Health System Series 2020C (A1/A+)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding Bonds for Memorial Hermann Health System Series 2020C (A1/A+)<sup>(a)(b)</sup> |
| 3000000 | 5.000 | 12/01/2024 | 3099301 |
| Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A1/A+)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A1/A+)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A1/A+)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A1/A+)<sup>(a)(b)</sup> |
| 5470000 | 5.000 | 12/01/2024 | 5651059 |
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2019 A (NR/A)<sup>(b)(e)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2019 A (NR/A)<sup>(b)(e)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2019 A (NR/A)<sup>(b)(e)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2019 A (NR/A)<sup>(b)(e)</sup> |
| (1M USD LIBOR + 0.65%) | (1M USD LIBOR + 0.65%) | (1M USD LIBOR + 0.65%) |  |
| 7050000 | 3.708 | 07/01/2024 | 7054941 |
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)<sup>(e)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)<sup>(e)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)<sup>(e)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)<sup>(e)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.95%) | (SIFMA Municipal Swap Index Yield + 0.95%) | (SIFMA Municipal Swap Index Yield + 0.95%) | (SIFMA Municipal Swap Index Yield + 0.95%) |
| 6770000 | 4.080 | 06/01/2023 | 6773086 |
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-) |
| 1400000 | 5.000 | 05/15/2030 | 1529177 |
| Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(e)</sup> | Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(e)</sup> | Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(e)</sup> | Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(e)</sup> |
| (3M USD LIBOR + 0.67%) | (3M USD LIBOR + 0.67%) | (3M USD LIBOR + 0.67%) |  |
| 19920000 | 3.756 | 08/15/2035 | 18156235 |
| Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 1068000 | 4.750 | 09/15/2027 | 1059952 |
| 700000 | 4.875 | 09/15/2032 | 690384 |
| Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)<sup>(f)</sup> | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)<sup>(f)</sup> | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)<sup>(f)</sup> | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)<sup>(f)</sup> |
| 665000 | 4.000 | 09/01/2029 | 640237 |
| Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) |
| 95000 | 3.000 | 09/01/2024 | 93029 |
| 100000 | 3.500 | 09/01/2025 | 98369 |
| 100000 | 3.500 | 09/01/2026 | 97602 |
| 105000 | 3.500 | 09/01/2027 | 101502 |
| Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) | Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) | Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) | Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) |
| 3295000 | 5.000 | 07/15/2028 | 3338966 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR) |
| 830000 | 5.000 | 07/01/2027 | 841986 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) |
| 2480000 | 5.000 | 07/15/2027 | 2516064 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) |
| 4250000 | 5.000% | 07/15/2027 | $4313538 |
| Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A1/NR) | Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A1/NR) | Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A1/NR) | Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A1/NR) |
| 360000 | 5.000 | 07/01/2031 | 397372 |
| 325000 | 5.000 | 07/01/2032 | 357374 |
| Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A1/NR) | Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A1/NR) | Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A1/NR) | Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A1/NR) |
| 2000000 | 5.000 | 07/01/2029 | 2215027 |
| 2175000 | 5.000 | 07/01/2030 | 2403405 |
| Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) | Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) | Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) | Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) |
| 440000 | 3.375 | 10/01/2037 | 362335 |
| Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/AAA) | Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/AAA) | Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/AAA) | Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/AAA) |
| 3425000 | 4.000 | 02/15/2042 | 3427346 |
| Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)<sup>(f)</sup> | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)<sup>(f)</sup> | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)<sup>(f)</sup> | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)<sup>(f)</sup> |
| 1315000 | 5.000 | 09/01/2038 | 1271928 |
| Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) |
| 145000 | 2.000 | 09/01/2024 | 138728 |
| 150000 | 2.000 | 09/01/2025 | 140150 |
| 150000 | 2.000 | 09/01/2026 | 136436 |
| 150000 | 2.000 | 09/01/2027 | 132940 |
| 155000 | 2.000 | 09/01/2028 | 133677 |
| 160000 | 2.000 | 09/01/2029 | 135208 |
| Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)<sup>(b)(g)</sup> | Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)<sup>(b)(g)</sup> | Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)<sup>(b)(g)</sup> | Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)<sup>(b)(g)</sup> |
| 29490000 | 0.000 | 08/15/2024 | 9103539 |
| Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) | Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) | Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) | Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) |
| 3620000 | 5.000 | 11/01/2027 | 3824141 |
| Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) | Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) | Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) | Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) |
| 2000000 | 5.000 | 05/15/2030 | 2228145 |
| 1520000 | 5.000 | 05/15/2031 | 1691694 |
| Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (Aaa/AAA) | Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (Aaa/AAA) | Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (Aaa/AAA) | Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (Aaa/AAA) |
| 1250000 | 4.000 | 02/15/2040 | 1220310 |
| Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa2/A-) | Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa2/A-) | Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa2/A-) | Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa2/A-) |
| 6350000 | 2.600 | 11/01/2029 | 5643188 |
| Memorial-Heights Redevelopment Authority RB for City of Houston Reinvestment Zone No. 5 Series 2021 (AGM) (NR/AA) | Memorial-Heights Redevelopment Authority RB for City of Houston Reinvestment Zone No. 5 Series 2021 (AGM) (NR/AA) | Memorial-Heights Redevelopment Authority RB for City of Houston Reinvestment Zone No. 5 Series 2021 (AGM) (NR/AA) | Memorial-Heights Redevelopment Authority RB for City of Houston Reinvestment Zone No. 5 Series 2021 (AGM) (NR/AA) |
| 2500000 | 3.000 | 09/01/2043 | 1933915 |
| 1500000 | 3.000 | 09/01/2048 | 1096745 |
| Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(f)</sup> | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(f)</sup> | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(f)</sup> | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(f)</sup> |
| 5575000 | 4.625 | 10/01/2031 | 5363052 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) |
| 795000 | 5.250% | 02/15/2030 | $792874 |
| 405000 | 5.375 | 02/15/2035 | 405521 |
| Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-) | Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-) | Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-) | Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-) |
| 710000 | 5.000 | 09/15/2033 | 723482 |
| 750000 | 5.000 | 09/15/2034 | 763310 |
| 790000 | 5.000 | 09/15/2035 | 801558 |
| Montgomery County Toll Road Authority Senior Lien Toll Road RB Series 2018 (NR/BBB-) | Montgomery County Toll Road Authority Senior Lien Toll Road RB Series 2018 (NR/BBB-) | Montgomery County Toll Road Authority Senior Lien Toll Road RB Series 2018 (NR/BBB-) | Montgomery County Toll Road Authority Senior Lien Toll Road RB Series 2018 (NR/BBB-) |
| 1650000 | 5.000 | 09/15/2030 | 1687975 |
| New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(f)</sup> | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(f)</sup> | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(f)</sup> | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(f)</sup> |
| 1585000 | 4.000 | 08/15/2036 | 1370174 |
| New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A2/AA) | New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A2/AA) | New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A2/AA) | New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A2/AA) |
| 250000 | 5.000 | 04/01/2046 | 251057 |
| New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) |
| 675000 | 2.000 | 01/01/2026 | 612027 |
| 1200000 | 4.000 | 01/01/2031 | 1061992 |
| New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) |
| 1500000 | 4.000 | 11/01/2055 | 1091878 |
| New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) |
| 4525000 | 5.500 | 01/01/2057 | 3261111 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)<sup>(f)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)<sup>(f)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)<sup>(f)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)<sup>(f)</sup> |
| 335000 | 4.000 | 08/15/2029 | 316316 |
| 610000 | 5.000 | 08/15/2039 | 584068 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (ETM) (WR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (ETM) (WR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (ETM) (WR/NR) | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (ETM) (WR/NR) |
| 765000 | 5.000 | 04/01/2027 | 831913 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (NR/NR)<sup>(b)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (NR/NR)<sup>(b)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (NR/NR)<sup>(b)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (NR/NR)<sup>(b)</sup> |
| 1000000 | 5.000 | 04/01/2024 | 1025540 |
| 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 (ETM) (WR/NR) | 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 (ETM) (WR/NR) | 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 (ETM) (WR/NR) | 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 (ETM) (WR/NR) |
| 320000 | 4.000 | 04/01/2023 | 320709 |
| 275000 | 4.000 | 04/01/2024 | 278359 |
| 365000 | 4.000 | 04/01/2025 | 374082 |
| 375000 | 4.000 | 04/01/2026 | 388938 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)<sup>(b)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)<sup>(b)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)<sup>(b)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)<sup>(b)</sup> |
| 250000 | 5.000 | 04/01/2025 | 261610 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| North Texas Municipal Water District Water System Revenue Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Water System Revenue Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Water System Revenue Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Water System Revenue Refunding Bonds Series 2021A (Aa1/AAA) |
| 5125000 | 5.000% | 09/01/2029 | $5835020 |
| North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR)<sup>(b)(c)</sup> | North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR)<sup>(b)(c)</sup> | North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR)<sup>(b)(c)</sup> | North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR)<sup>(b)(c)</sup> |
| 1000000 | 0.000 | 09/01/2031 | 1247526 |
| North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) |
| 1725000 | 4.000 | 01/01/2040 | 1663463 |
| North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A1/A+) | North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A1/A+) | North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A1/A+) | North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A1/A+) |
| 2750000 | 5.000 | 01/01/2038 | 2901438 |
| North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A2/A) | North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A2/A) | North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A2/A) | North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A2/A) |
| 2000000 | 5.000 | 01/01/2032 | 2127044 |
| 1500000 | 5.000 | 01/01/2048 | 1535795 |
| North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A1/A+)<sup>(b)</sup> | North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A1/A+)<sup>(b)</sup> | North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A1/A+)<sup>(b)</sup> | North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A1/A+)<sup>(b)</sup> |
| 6000000 | 6.500 | 01/01/2025 | 6421939 |
| Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> |
| 3280000 | 1.500 | 08/15/2024 | 3207804 |
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(f)</sup> | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(f)</sup> | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(f)</sup> | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(f)</sup> |
| 750000 | 1.875 | 01/01/2026 | 679401 |
| 550000 | 2.000 | 01/01/2027 | 482385 |
| 575000 | 2.125 | 01/01/2028 | 488574 |
| 800000 | 2.250 | 01/01/2029 | 659760 |
| 850000 | 2.500 | 01/01/2030 | 688501 |
| 800000 | 2.625 | 01/01/2031 | 634951 |
| Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT)<br>(NR/NR)<sup>(f)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT)<br>(NR/NR)<sup>(f)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT)<br>(NR/NR)<sup>(f)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT)<br>(NR/NR)<sup>(f)</sup> |
| 3470000 | 3.625 | 01/01/2035 | 2785311 |
| Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)<sup>(f)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)<sup>(f)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)<sup>(f)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)<sup>(f)</sup> |
| 3690000 | 6.000 | 01/01/2025 | 3463425 |
| Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B<br>(NR/NR)<sup>(f)</sup> | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B<br>(NR/NR)<sup>(f)</sup> | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B<br>(NR/NR)<sup>(f)</sup> | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B<br>(NR/NR)<sup>(f)</sup> |
| 13100000 | 4.100 | 01/01/2028 | 10653422 |
| Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (Aaa/NR) | Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (Aaa/NR) | Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (Aaa/NR) | Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (Aaa/NR) |
| 3000000 | 4.000 | 08/01/2032 | 3197834 |
| Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 234000 | 4.875 | 09/15/2027 | 231760 |
| 284000 | 5.250 | 09/15/2032 | 280793 |
| 590000 | 5.875 | 09/15/2042 | 581148 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)<sup>(f)</sup> |
| 125000 | 3.250% | 09/15/2024 | $121342 |
| 355000 | 3.625 | 09/15/2029 | 327209 |
| 1250000 | 4.125 | 09/15/2039 | 1100391 |
| Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (NR/AA) | Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (NR/AA) | Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (NR/AA) | Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (NR/AA) |
| 285000 | 5.000 | 09/01/2027 | 305109 |
| 335000 | 5.000 | 09/01/2029 | 365198 |
| 395000 | 4.000 | 09/01/2032 | 415892 |
| 395000 | 4.000 | 09/01/2034 | 406933 |
| 615000 | 4.000 | 09/01/2036 | 622543 |
| 1040000 | 2.625 | 09/01/2038 | 803316 |
| 1230000 | 2.750 | 09/01/2039 | 952321 |
| 1200000 | 2.750 | 09/01/2040 | 907556 |
| State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (Aaa/AAA) | State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (Aaa/AAA) | State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (Aaa/AAA) | State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (Aaa/AAA) |
| 5905000 | 5.000 | 08/01/2026 | 6299590 |
| 4590000 | 5.000 | 08/01/2027 | 4971469 |
| 5010000 | 5.000 | 08/01/2028 | 5497977 |
| 6835000 | 5.000 | 08/01/2029 | 7548695 |
| Tarrant County Cultural Education Facilities Finance Corp. RB for Christus Health Series 2018B (A1/A+) | Tarrant County Cultural Education Facilities Finance Corp. RB for Christus Health Series 2018B (A1/A+) | Tarrant County Cultural Education Facilities Finance Corp. RB for Christus Health Series 2018B (A1/A+) | Tarrant County Cultural Education Facilities Finance Corp. RB for Christus Health Series 2018B (A1/A+) |
| 8770000 | 5.000 | 07/01/2035 | 9318037 |
| Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A1/A+) | Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A1/A+) | Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A1/A+) | Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A1/A+) |
| 4885000 | 5.000 | 07/01/2036 | 5165497 |
| Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(e)</sup> |
| (3M USD LIBOR + 0.70%)  | (3M USD LIBOR + 0.70%)  | (3M USD LIBOR + 0.70%)  |  |
| 3570000 | 3.895 | 12/15/2026 | 3530765 |
| Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A2/A-) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A2/A-) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A2/A-) | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A2/A-) |
| 3085000 | 6.250 | 12/15/2026 | 3247507 |
| Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)<sup>(e)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.55%) | (SIFMA Municipal Swap Index Yield + 0.55%) | (SIFMA Municipal Swap Index Yield + 0.55%) | (SIFMA Municipal Swap Index Yield + 0.55%) |
| 2205000 | 3.680 | 09/15/2027 | 2137277 |
| Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (NR/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (NR/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (NR/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (NR/BBB+) |
| 2835000 | 5.000 | 12/15/2025 | 2908004 |
| Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (A3/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (A3/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (A3/BBB+) | Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (A3/BBB+) |
| 18035000 | 5.000 | 12/15/2032 | 18684579 |
| Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)<sup>(e)</sup> |
| (3M USD LIBOR + 0.69%)  | (3M USD LIBOR + 0.69%)  | (3M USD LIBOR + 0.69%)  |  |
| 65740000 | 3.838 | 09/15/2027 | 64446907 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa2/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa2/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa2/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa2/NR) |
| 5000000 | 5.000% | 12/31/2030 | $5290001 |
| 10000000 | 5.000 | 12/31/2031 | 10555473 |
| 7040000 | 5.000 | 12/31/2032 | 7414229 |
| 7030000 | 5.000 | 12/31/2036 | 7246189 |
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) |
| 17055000 | 5.000 | 06/30/2058 | 16266493 |
| Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) | Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) | Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) | Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) |
| 1495000 | 5.000 | 08/15/2042 | 1467278 |
| Texas Transportation Commission Central Texas Turnpike System RB Second Tier Revenue Refunding Bonds Series 2015-C (A-/Baa1) | Texas Transportation Commission Central Texas Turnpike System RB Second Tier Revenue Refunding Bonds Series 2015-C (A-/Baa1) | Texas Transportation Commission Central Texas Turnpike System RB Second Tier Revenue Refunding Bonds Series 2015-C (A-/Baa1) | Texas Transportation Commission Central Texas Turnpike System RB Second Tier Revenue Refunding Bonds Series 2015-C (A-/Baa1) |
| 1525000 | 5.000 | 08/15/2028 | 1560423 |
| The Lakes Fresh Water Supply District of Denton County UT Road Bonds Series 2022 (AGM) (Baa2/AA) | The Lakes Fresh Water Supply District of Denton County UT Road Bonds Series 2022 (AGM) (Baa2/AA) | The Lakes Fresh Water Supply District of Denton County UT Road Bonds Series 2022 (AGM) (Baa2/AA) | The Lakes Fresh Water Supply District of Denton County UT Road Bonds Series 2022 (AGM) (Baa2/AA) |
| 3230000 | 3.000 | 09/01/2047 | 2307092 |
| Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 400000 | 4.375 | 09/15/2027 | 388401 |
| 445000 | 4.750 | 09/15/2032 | 425294 |
| 1200000 | 5.250 | 09/15/2042 | 1122999 |
| Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 139000 | 3.250 | 09/01/2027 | 127538 |
| 205000 | 3.500 | 09/01/2032 | 172532 |
| Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 424000 | 6.000 | 09/01/2027 | 429280 |
| 712000 | 6.125 | 09/01/2032 | 730948 |
| Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)<sup>(f)</sup> |
| 831000 | 4.000 | 09/01/2047 | 667612 |
| Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)<sup>(f)</sup> | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)<sup>(f)</sup> | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)<sup>(f)</sup> | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)<sup>(f)</sup> |
| 50000 | 4.750 | 09/01/2023 | 50113 |
| 360000 | 5.250 | 09/01/2028 | 368136 |
| Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)<sup>(f)</sup> | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)<sup>(f)</sup> | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)<sup>(f)</sup> | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)<sup>(f)</sup> |
| 265000 | 4.500 | 09/01/2027 | 264438 |
| Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(f)</sup> |
| 868000 | 5.375 | 09/01/2042 | 848369 |
| University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA) | University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA) | University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA) | University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA) |
| 8500000 | 3.250 | 02/15/2041 | 7114008 |
| University of Texas System Revenue Financing System RB Refunding Series 2017 C (Aaa/AAA) | University of Texas System Revenue Financing System RB Refunding Series 2017 C (Aaa/AAA) | University of Texas System Revenue Financing System RB Refunding Series 2017 C (Aaa/AAA) | University of Texas System Revenue Financing System RB Refunding Series 2017 C (Aaa/AAA) |
| 1500000 | 5.000 | 08/15/2026 | 1626401 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) | Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) | Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) | Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) |
| 655000 | 5.000% | 09/01/2031 | $692396 |
| 320000 | 4.000 | 09/01/2033 | 305178 |
| 950000 | 3.000 | 09/01/2034 | 811755 |
| Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) |
| 194000 | 2.375 | 12/01/2025 | 178618 |
| 308000 | 2.875 | 12/01/2030 | 257063 |
| Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR) | Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR) | Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR) | Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR) |
| 90000 | 4.000 | 12/01/2023 | 89682 |
| 520000 | 4.250 | 12/01/2029 | 505941 |
| 1159000 | 4.625 | 12/01/2035 | 1104583 |
| 1604000 | 5.000 | 12/01/2045 | 1510121 |
| Westside 211 Special Improvement District Limited Ad Valorem Tax Subordinate Lien Sales Use Tax Road Bonds Series 2022 (Baa3/NR) | Westside 211 Special Improvement District Limited Ad Valorem Tax Subordinate Lien Sales Use Tax Road Bonds Series 2022 (Baa3/NR) | Westside 211 Special Improvement District Limited Ad Valorem Tax Subordinate Lien Sales Use Tax Road Bonds Series 2022 (Baa3/NR) | Westside 211 Special Improvement District Limited Ad Valorem Tax Subordinate Lien Sales Use Tax Road Bonds Series 2022 (Baa3/NR) |
| 740000 | 5.375 | 08/15/2042 | 754026 |
| 1000000 | 5.625 | 08/15/2052 | 1020442 |
| Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) |
| 325000 | 3.000 | 08/15/2034 | 281781 |
| 345000 | 3.000 | 08/15/2036 | 284556 |
| 745000 | 3.000 | 08/15/2039 | 578723 |
|  |  |  | 653575077 |
| **Utah – 0.9%** | **Utah – 0.9%** | **Utah – 0.9%** | **Utah – 0.9%** |
| Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(f)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(f)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(f)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(f)</sup> |
| 1675000 | 3.250 | 03/01/2031 | 1463944 |
| 1875000 | 3.500 | 03/01/2036 | 1536726 |
| 1900000 | 3.750 | 03/01/2041 | 1481257 |
| Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (Aaa/NR) | Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (Aaa/NR) | Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (Aaa/NR) | Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (Aaa/NR) |
| 2750000 | 5.000 | 06/15/2027 | 3024359 |
| Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)<sup>(f)</sup> | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)<sup>(f)</sup> | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)<sup>(f)</sup> | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)<sup>(f)</sup> |
| 3875000 | 5.250 | 02/01/2040 | 3300924 |
| Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A2/A) | Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A2/A) | Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A2/A) | Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A2/A) |
| 3110000 | 5.000 | 07/01/2037 | 3219875 |
| Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2) | Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2) | Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2) | Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2) |
| 7350000 | 5.250 | 07/01/2048 | 7521402 |
| Salt Lake City International Airport RB Series 2018A (A2/A) | Salt Lake City International Airport RB Series 2018A (A2/A) | Salt Lake City International Airport RB Series 2018A (A2/A) | Salt Lake City International Airport RB Series 2018A (A2/A) |
| 10525000 | 5.000 | 07/01/2036 | 10946927 |
| 5000000 | 5.000 | 07/01/2038 | 5162402 |
| Salt Lake City International Airport RB Series 2021A (A2/A) | Salt Lake City International Airport RB Series 2021A (A2/A) | Salt Lake City International Airport RB Series 2021A (A2/A) | Salt Lake City International Airport RB Series 2021A (A2/A) |
| 2000000 | 5.000 | 07/01/2046 | 2041636 |
| 1000000 | 4.000 | 07/01/2051 | 858798 |
| Salt Lake City Public Utilities RB Series 2022 (Aa1/AAA) | Salt Lake City Public Utilities RB Series 2022 (Aa1/AAA) | Salt Lake City Public Utilities RB Series 2022 (Aa1/AAA) | Salt Lake City Public Utilities RB Series 2022 (Aa1/AAA) |
| 9000000 | 5.000 | 02/01/2052 | 9683114 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Utah – (continued)** | **Utah – (continued)** | **Utah – (continued)** | **Utah – (continued)** |
| Salt Lake City RB for International Airport Series 2018 A (AMT) (A2/A) | Salt Lake City RB for International Airport Series 2018 A (AMT) (A2/A) | Salt Lake City RB for International Airport Series 2018 A (AMT) (A2/A) | Salt Lake City RB for International Airport Series 2018 A (AMT) (A2/A) |
| 5000000 | 5.000% | 07/01/2029 | $5315270 |
| 5500000 | 5.000 | 07/01/2030 | 5844909 |
| Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(f)</sup> | Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(f)</sup> | Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(f)</sup> | Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(f)</sup> |
| 1610000 | 5.625 | 06/15/2042 | 1549219 |
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(f)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(f)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(f)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(f)</sup> |
| 500000 | 4.000 | 07/15/2037 | 405184 |
| 3485000 | 4.250 | 07/15/2050 | 2585584 |
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR\BB)<sup>(f)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR\BB)<sup>(f)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR\BB)<sup>(f)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR\BB)<sup>(f)</sup> |
| 125000 | 5.750 | 07/15/2026 | 121339 |
| Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)<sup>(f)</sup> | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)<sup>(f)</sup> | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)<sup>(f)</sup> | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)<sup>(f)</sup> |
| 890000 | 4.000 | 06/15/2041 | 668529 |
| Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (UT CSCE) (NR/AA) | Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (UT CSCE) (NR/AA) | Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (UT CSCE) (NR/AA) | Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (UT CSCE) (NR/AA) |
| 700000 | 5.000 | 04/15/2039 | 727218 |
| 625000 | 5.000 | 04/15/2044 | 640949 |
| 1150000 | 5.000 | 04/15/2049 | 1171832 |
| Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA)<sup>(b)</sup> | Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA)<sup>(b)</sup> | Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA)<sup>(b)</sup> | Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA)<sup>(b)</sup> |
| 3065000 | 4.000 | 06/15/2025 | 3169564 |
|  |  |  | 72440961 |
| **Vermont – 0.1%** | **Vermont – 0.1%** | **Vermont – 0.1%** | **Vermont – 0.1%** |
| University of Vermont State Agricultural College GO Bonds Series 2017 (A+/Aa3) | University of Vermont State Agricultural College GO Bonds Series 2017 (A+/Aa3) | University of Vermont State Agricultural College GO Bonds Series 2017 (A+/Aa3) | University of Vermont State Agricultural College GO Bonds Series 2017 (A+/Aa3) |
| 1290000 | 5.000 | 10/01/2043 | 1354347 |
| Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) | Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) | Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) | Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) |
| 745000 | 5.000 | 05/01/2025 | 746081 |
| 585000 | 5.000 | 05/01/2026 | 584604 |
| Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(f)</sup> | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(f)</sup> | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(f)</sup> | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(f)</sup> |
| 2175000 | 5.000 | 06/01/2027 | 2161331 |
|  |  |  | 4846363 |
| **Virgin Islands – 0.1%** | **Virgin Islands – 0.1%** | **Virgin Islands – 0.1%** | **Virgin Islands – 0.1%** |
| Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)<sup>(f)</sup> | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)<sup>(f)</sup> | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)<sup>(f)</sup> | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)<sup>(f)</sup> |
| 4700000 | 5.000 | 10/01/2039 | 3927894 |
| Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A2/AA)<sup>(f)</sup> | Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A2/AA)<sup>(f)</sup> | Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A2/AA)<sup>(f)</sup> | Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A2/AA)<sup>(f)</sup> |
| 5000000 | 5.000 | 10/01/2034 | 5073027 |
|  |  |  | 9000921 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Virginia – 1.5%** | **Virginia – 1.5%** | **Virginia – 1.5%** | **Virginia – 1.5%** |
| Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (NR/NR)<sup>(b)</sup> | Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (NR/NR)<sup>(b)</sup> | Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (NR/NR)<sup>(b)</sup> | Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (NR/NR)<sup>(b)</sup> |
| 1250000 | 4.000% | 10/01/2024 | $1293570 |
| Fairfax County Public Improvement Bonds Series 2022A (ST AID WITHHLDG) (Aaa/AAA) | Fairfax County Public Improvement Bonds Series 2022A (ST AID WITHHLDG) (Aaa/AAA) | Fairfax County Public Improvement Bonds Series 2022A (ST AID WITHHLDG) (Aaa/AAA) | Fairfax County Public Improvement Bonds Series 2022A (ST AID WITHHLDG) (Aaa/AAA) |
| 2500000 | 4.000 | 10/01/2025 | 2590065 |
| Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-) | Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-) | Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-) | Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-) |
| 3000000 | 5.000 | 01/01/2040 | 2905210 |
| Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2\BBB+) (PUTABLE)<sup>(a)(b)(d)</sup> | Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2\BBB+) (PUTABLE)<sup>(a)(b)(d)</sup> | Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2\BBB+) (PUTABLE)<sup>(a)(b)(d)</sup> | Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2\BBB+) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 4375000 | 1.650 | 05/31/2024 | 4200882 |
| Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) | Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) | Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) | Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) |
| 305000 | 5.000 | 04/01/2026 | 316786 |
| 305000 | 5.000 | 04/01/2027 | 319468 |
| 350000 | 5.000 | 04/01/2028 | 369203 |
| 405000 | 5.000 | 04/01/2029 | 429726 |
| 305000 | 5.000 | 04/01/2030 | 324877 |
| 650000 | 5.000 | 04/01/2031 | 690089 |
| 265000 | 5.000 | 04/01/2032 | 279994 |
| 570000 | 5.000 | 04/01/2033 | 599618 |
| 345000 | 5.000 | 04/01/2034 | 361400 |
| 775000 | 5.000 | 04/01/2035 | 806177 |
| 375000 | 5.000 | 04/01/2036 | 387698 |
| 905000 | 5.000 | 04/01/2037 | 929185 |
| 410000 | 4.000 | 04/01/2039 | 371713 |
| 265000 | 4.000 | 04/01/2040 | 237276 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) |
| 8860000 | 6.706 | 06/01/2046 | 7981450 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(g)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(g)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(g)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(g)</sup> |
| 122865000 | 0.000 | 06/01/2047 | 29359784 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)<sup>(g)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)<sup>(g)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)<sup>(g)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)<sup>(g)</sup> |
| 13500000 | 0.000 | 06/01/2047 | 3121702 |
| Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)<sup>(a)(b)(d)</sup> | Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)<sup>(a)(b)(d)</sup> | Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)<sup>(a)(b)(d)</sup> | Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 1000000 | 1.900 | 06/01/2023 | 988801 |
| University of Virginia Rector & Visitors General Revenue Pledge Refunding Bonds Series 2015A (Aaa/AAA) | University of Virginia Rector & Visitors General Revenue Pledge Refunding Bonds Series 2015A (Aaa/AAA) | University of Virginia Rector & Visitors General Revenue Pledge Refunding Bonds Series 2015A (Aaa/AAA) | University of Virginia Rector & Visitors General Revenue Pledge Refunding Bonds Series 2015A (Aaa/AAA) |
| 20705000 | 5.000 | 04/01/2045 | 21538314 |
| Virginia College Building Authority Educational Facilities RB for Regent University Project Series 2021 (NR/BBB) | Virginia College Building Authority Educational Facilities RB for Regent University Project Series 2021 (NR/BBB) | Virginia College Building Authority Educational Facilities RB for Regent University Project Series 2021 (NR/BBB) | Virginia College Building Authority Educational Facilities RB for Regent University Project Series 2021 (NR/BBB) |
| 250000 | 5.000 | 06/01/2024 | 252801 |
| Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) |
| 275000 | 5.000 | 06/01/2028 | 284406 |
| 325000 | 5.000 | 06/01/2029 | 336890 |
| 300000 | 5.000 | 06/01/2030 | 311529 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Virginia – (continued)** | **Virginia – (continued)** | **Virginia – (continued)** | **Virginia – (continued)** |
| Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) – (continued) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) – (continued) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) – (continued) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) – (continued) |
| 275000 | 5.000% | 06/01/2031 | $285779 |
| 850000 | 4.000 | 06/01/2036 | 771578 |
| Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+) |
| 2445000 | 1.400 | 12/01/2023 | 2404569 |
| Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) |
| 5000000 | 3.100 | 12/01/2045 | 3903149 |
| Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (AA+/Aa1)<sup>(b)</sup> | Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (AA+/Aa1)<sup>(b)</sup> | Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (AA+/Aa1)<sup>(b)</sup> | Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (AA+/Aa1)<sup>(b)</sup> |
| 5000000 | 5.000 | 07/01/2025 | 5235102 |
| Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (WR/A)<sup>(b)</sup> | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (WR/A)<sup>(b)</sup> | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (WR/A)<sup>(b)</sup> | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (WR/A)<sup>(b)</sup> |
| 2750000 | 5.000 | 07/01/2025 | 2889440 |
| Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) |
| 7530000 | 5.000 | 12/31/2049 | 7158904 |
| 2835000 | 5.000 | 12/31/2056 | 2638536 |
| Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1\NR) | Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1\NR) | Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1\NR) | Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1\NR) |
| 1875000 | 5.000 | 12/31/2047 | 1886110 |
| Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR\BBB-) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR\BBB-) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR\BBB-) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR\BBB-) |
| 5700000 | 4.000 | 01/01/2048 | 4747633 |
| Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)<sup>(a)(b)(f)</sup> | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)<sup>(a)(b)(f)</sup> | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)<sup>(a)(b)(f)</sup> | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)<sup>(a)(b)(f)</sup> |
| 300000 | 5.000 | 07/01/2038 | 283000 |
| York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A) (PUTABLE)<sup>(a)(b)(d)</sup> | York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A) (PUTABLE)<sup>(a)(b)(d)</sup> | York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A) (PUTABLE)<sup>(a)(b)(d)</sup> | York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 3200000 | 1.900 | 06/01/2023 | 3164163 |
|  |  |  | 116956577 |
| **Washington – 2.1%** | **Washington – 2.1%** | **Washington – 2.1%** | **Washington – 2.1%** |
| City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1) | City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1) | City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1) | City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1) |
| 2525000 | 4.000 | 09/01/2036 | 2609208 |
| 2590000 | 4.000 | 09/01/2037 | 2647998 |
| City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (Aaa/AAA) | City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (Aaa/AAA) | City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (Aaa/AAA) | City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (Aaa/AAA) |
| 5000000 | 5.000 | 06/01/2026 | 5281560 |
| City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (Aa2/AA) | City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (Aa2/AA) | City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (Aa2/AA) | City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (Aa2/AA) |
| 3340000 | 4.000 | 01/01/2033 | 3468457 |
| 6715000 | 4.000 | 01/01/2034 | 6944430 |
| 11655000 | 4.000 | 01/01/2043 | 11348412 |
| City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (Aa1/AA+) | City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (Aa1/AA+) | City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (Aa1/AA+) | City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (Aa1/AA+) |
| 13715000 | 4.000 | 05/01/2044 | 13449147 |
| City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (Aa1/AA+) | City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (Aa1/AA+) | City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (Aa1/AA+) | City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (Aa1/AA+) |
| 6555000 | 4.000 | 07/01/2035 | 6708453 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Washington – (continued)** | **Washington – (continued)** | **Washington – (continued)** | **Washington – (continued)** |
| Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa2/AA-) | Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa2/AA-) | Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa2/AA-) | Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa2/AA-) |
| 8830000 | 4.000% | 07/01/2042 | $8473571 |
| Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB) |
| 7710000 | 5.000 | 04/01/2030 | 7708811 |
| Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) |
| 4740000 | 5.000 | 05/01/2042 | 4835977 |
| Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) |
| 7000000 | 5.000 | 04/01/2039 | 7266817 |
| Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A1/A+) | Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A1/A+) | Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A1/A+) | Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A1/A+) |
| 2500000 | 5.000 | 04/01/2038 | 2604608 |
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1\A+) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1\A+) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1\A+) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1\A+) |
| 10000000 | 4.000 | 08/01/2041 | 9091338 |
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (AMT) (A1/AA-) |
| 3000000 | 5.500 | 08/01/2047 | 3201313 |
| Port of Seattle RB Refunding for Intermediate Lien Series 2021 C (AMT) (A1/A+) | Port of Seattle RB Refunding for Intermediate Lien Series 2021 C (AMT) (A1/A+) | Port of Seattle RB Refunding for Intermediate Lien Series 2021 C (AMT) (A1/A+) | Port of Seattle RB Refunding for Intermediate Lien Series 2021 C (AMT) (A1/A+) |
| 9000000 | 5.000 | 08/01/2039 | 9450136 |
| State of Washington GO Bonds Various Purpose Series 2014 D (Aaa/AA+) | State of Washington GO Bonds Various Purpose Series 2014 D (Aaa/AA+) | State of Washington GO Bonds Various Purpose Series 2014 D (Aaa/AA+) | State of Washington GO Bonds Various Purpose Series 2014 D (Aaa/AA+) |
| 15055000 | 5.000 | 02/01/2026 | 15415076 |
| State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa) | State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa) | State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa) | State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa) |
| 4085000 | 5.000 | 07/01/2025 | 4220488 |
| Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) |
| 1200000 | 5.000 | 08/01/2036 | 1250998 |
| 2000000 | 5.000 | 08/01/2037 | 2075739 |
| 2000000 | 5.000 | 08/01/2038 | 2067914 |
| Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) |
| 1665000 | 5.000 | 08/01/2035 | 1744458 |
| 3820000 | 5.000 | 08/01/2036 | 3982344 |
| Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (Aa3/AA-)<sup>(a)(b)</sup> | Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (Aa3/AA-)<sup>(a)(b)</sup> | Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (Aa3/AA-)<sup>(a)(b)</sup> | Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (Aa3/AA-)<sup>(a)(b)</sup> |
| 2000000 | 4.000 | 10/01/2030 | 2052461 |
| Washington Healthcare Facilities Authority RB Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> | Washington Healthcare Facilities Authority RB Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> | Washington Healthcare Facilities Authority RB Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> | Washington Healthcare Facilities Authority RB Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> |
| 8500000 | 5.000 | 08/01/2024 | 8618288 |
| Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A) |
| 1000000 | 4.000 | 05/01/2045 | 918346 |
| Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-) | Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-) | Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-) | Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-) |
| 320000 | 5.000 | 07/01/2029 | 338710 |
| 6825000 | 5.000 | 07/01/2048 | 6856733 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Washington – (continued)** | **Washington – (continued)** | **Washington – (continued)** | **Washington – (continued)** |
| Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)<sup>(f)</sup> | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)<sup>(f)</sup> | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)<sup>(f)</sup> | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)<sup>(f)</sup> |
| 745000 | 5.000% | 01/01/2034 | $666281 |
| 1400000 | 5.000 | 01/01/2039 | 1190595 |
| Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+)<sup>(g)</sup> | Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+)<sup>(g)</sup> | Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+)<sup>(g)</sup> | Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+)<sup>(g)</sup> |
| 6855000 | 0.000 | 06/01/2028 | 5796942 |
|  |  |  | 162285609 |
| **West Virginia – 0.5%** | **West Virginia – 0.5%** | **West Virginia – 0.5%** | **West Virginia – 0.5%** |
| County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) | County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) | County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) | County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) |
| 770000 | 3.000 | 03/01/2035 | 652587 |
| 2165000 | 3.000 | 03/01/2037 | 1742405 |
| 1635000 | 3.250 | 03/01/2041 | 1267787 |
| State of West Virginia GO Bonds Series 2018 B (Aa2/AA-) | State of West Virginia GO Bonds Series 2018 B (Aa2/AA-) | State of West Virginia GO Bonds Series 2018 B (Aa2/AA-) | State of West Virginia GO Bonds Series 2018 B (Aa2/AA-) |
| 8740000 | 5.000 | 06/01/2035 | 9495511 |
| West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)<sup>(a)(b)</sup> |
| 1575000 | 5.000 | 07/01/2025 | 1570986 |
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(d)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(d)</sup> |
| 9150000 | 3.000 | 06/18/2027 | 8680342 |
| West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+) |
| 770000 | 5.000 | 01/01/2033 | 803689 |
| 910000 | 5.000 | 01/01/2034 | 949643 |
| 1095000 | 5.000 | 01/01/2035 | 1135819 |
| 2330000 | 5.000 | 01/01/2036 | 2400667 |
| West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR) | West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR) | West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR) | West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR) |
| 2325000 | 5.000 | 09/01/2029 | 2501650 |
| 2645000 | 5.000 | 09/01/2030 | 2820825 |
| 2100000 | 5.000 | 09/01/2031 | 2232224 |
| 1700000 | 5.000 | 09/01/2032 | 1803078 |
|  |  |  | 38057213 |
| **Wisconsin – 1.4%** | **Wisconsin – 1.4%** | **Wisconsin – 1.4%** | **Wisconsin – 1.4%** |
| Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(f)</sup> | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(f)</sup> | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(f)</sup> | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(f)</sup> |
| 800000 | 5.875 | 06/01/2052 | 767057 |
| Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(f)</sup> | Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(f)</sup> | Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(f)</sup> | Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(f)</sup> |
| 165000 | 4.250 | 06/15/2031 | 141152 |
| Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(f)</sup> | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(f)</sup> | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(f)</sup> | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(f)</sup> |
| 1060000 | 5.375 | 06/15/2042 | 1007838 |
| Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(f)</sup> | Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(f)</sup> | Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(f)</sup> | Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(f)</sup> |
| 900000 | 5.000 | 01/01/2042 | 811061 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** |
| Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) |
| 1000000 | 4.300% | 11/01/2030 | $959446 |
| Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB) | Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB) | Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB) | Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB) |
| 265000 | 5.000 | 07/01/2035 | 279577 |
| 310000 | 5.000 | 07/01/2036 | 324641 |
| 265000 | 5.000 | 07/01/2037 | 275409 |
| 310000 | 5.000 | 07/01/2038 | 320538 |
| 310000 | 5.000 | 07/01/2039 | 319340 |
| 285000 | 5.000 | 07/01/2040 | 292251 |
| 310000 | 5.000 | 07/01/2041 | 317553 |
| Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA) |
| 220000 | 4.000 | 07/01/2026 | 225455 |
| 220000 | 4.000 | 07/01/2027 | 226386 |
| 220000 | 4.000 | 07/01/2028 | 227629 |
| 220000 | 4.000 | 07/01/2029 | 225785 |
| 265000 | 4.000 | 07/01/2030 | 271879 |
| 355000 | 4.000 | 07/01/2031 | 362034 |
| 420000 | 4.000 | 07/01/2032 | 427506 |
| 175000 | 4.000 | 07/01/2033 | 177293 |
| 130000 | 4.000 | 07/01/2034 | 131154 |
| 155000 | 4.000 | 07/01/2035 | 155128 |
| 220000 | 4.000 | 07/01/2036 | 218289 |
| 220000 | 4.000 | 07/01/2037 | 213598 |
| 265000 | 4.000 | 07/01/2038 | 255232 |
| 265000 | 4.000 | 07/01/2039 | 248545 |
| 265000 | 4.000 | 07/01/2040 | 243744 |
| Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(f)</sup> | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(f)</sup> | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(f)</sup> | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(f)</sup> |
| 1760000 | 5.000 | 12/01/2035 | 1679335 |
| 1950000 | 5.000 | 12/01/2045 | 1745481 |
| Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-) | Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-) | Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-) | Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-) |
| 875000 | 4.000 | 07/01/2041 | 737224 |
| 1000000 | 4.000 | 07/01/2051 | 780908 |
| Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)<sup>(f)</sup> | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)<sup>(f)</sup> | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)<sup>(f)</sup> | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)<sup>(f)</sup> |
| 470000 | 4.000 | 06/15/2030 | 436629 |
| 815000 | 5.000 | 06/15/2040 | 752427 |
| Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(f)</sup> |
| 1650000 | 4.000 | 03/01/2030 | 1495043 |
| Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)<sup>\*(f)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)<sup>\*(f)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)<sup>\*(f)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)<sup>\*(f)</sup> |
| 24345 | 5.500 | 12/01/2048 | 7547 |
| Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)<sup>\*(f)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)<sup>\*(f)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)<sup>\*(f)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)<sup>\*(f)</sup> |
| 51733 | 7.250 | 12/01/2048 | 16037 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** |
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(f)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(f)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(f)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(f)</sup> |
| 6950000 | 5.625% | 06/01/2050 | $5413462 |
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(f)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(f)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(f)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(f)</sup> |
| 7575000 | 6.500 | 06/01/2045 | 5766705 |
| Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) |
| 500000 | 5.200 | 12/01/2037 | 517881 |
| Public Finance Authority RB for Providence St. Joseph Health Obligated Group Series 2021 (Aa3/AA-)<sup>(a)(b)</sup> | Public Finance Authority RB for Providence St. Joseph Health Obligated Group Series 2021 (Aa3/AA-)<sup>(a)(b)</sup> | Public Finance Authority RB for Providence St. Joseph Health Obligated Group Series 2021 (Aa3/AA-)<sup>(a)(b)</sup> | Public Finance Authority RB for Providence St. Joseph Health Obligated Group Series 2021 (Aa3/AA-)<sup>(a)(b)</sup> |
| 4400000 | 4.000 | 10/01/2030 | 4524408 |
| Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(f)</sup> | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(f)</sup> | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(f)</sup> | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(f)</sup> |
| 2470000 | 6.000 | 07/01/2031 | 2116622 |
| Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (NR/BB)<sup>(f)</sup> | Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (NR/BB)<sup>(f)</sup> | Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (NR/BB)<sup>(f)</sup> | Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (NR/BB)<sup>(f)</sup> |
| 325000 | 3.000 | 04/01/2025 | 311959 |
| 500000 | 5.000 | 04/01/2030 | 503694 |
| Public Finance Authority RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(f)</sup> | Public Finance Authority RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(f)</sup> | Public Finance Authority RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(f)</sup> | Public Finance Authority RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(f)</sup> |
| 1180000 | 4.500 | 01/01/2035 | 1055347 |
| Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) | Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) | Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) | Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) |
| 635000 | 5.000 | 01/01/2028 | 680904 |
| 750000 | 5.000 | 01/01/2029 | 810505 |
| 1000000 | 5.000 | 01/01/2030 | 1085607 |
| 1400000 | 5.000 | 01/01/2032 | 1506860 |
| 950000 | 5.000 | 01/01/2033 | 1016576 |
| 900000 | 5.000 | 01/01/2036 | 947785 |
| 500000 | 5.000 | 01/01/2037 | 520898 |
| 1400000 | 5.000 | 01/01/2039 | 1446161 |
| 500000 | 5.000 | 01/01/2040 | 514985 |
| Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)<sup>(f)</sup> | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)<sup>(f)</sup> | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)<sup>(f)</sup> | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)<sup>(f)</sup> |
| 370000 | 5.000 | 06/01/2029 | 365794 |
| 710000 | 5.000 | 06/01/2039 | 649654 |
| Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) |
| 1000000 | 4.000 | 01/01/2030 | 951812 |
| Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)<sup>(f)</sup> | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)<sup>(f)</sup> | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)<sup>(f)</sup> | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)<sup>(f)</sup> |
| 505000 | 4.000 | 09/01/2029 | 444097 |
| 770000 | 5.000 | 09/01/2039 | 647236 |
| Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 B (AGM) (NR/AA) | Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 B (AGM) (NR/AA) | Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 B (AGM) (NR/AA) | Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 B (AGM) (NR/AA) |
| 5000000 | 3.090 | 06/01/2050 | 3198983 |
| Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(f)</sup> | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(f)</sup> | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(f)</sup> | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(f)</sup> |
| 5900000 | 4.500 | 07/01/2048 | 4629670 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** |
| Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(f)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(f)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(f)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(f)</sup> |
| 2770000 | 6.125% | 10/01/2049 | $2463961 |
| Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (AMT) (NR/A-/A-2) | Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (AMT) (NR/A-/A-2) | Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (AMT) (NR/A-/A-2) | Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (AMT) (NR/A-/A-2) |
| 2000000 | 2.875 | 05/01/2027 | 1856339 |
| Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR) | Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR) | Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR) | Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR) |
| 3000000 | 5.000 | 11/15/2041 | 2949469 |
| Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) | Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) | Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) | Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) |
| 425000 | 5.000 | 11/15/2044 | 407519 |
| 570000 | 5.000 | 11/15/2049 | 536293 |
| Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (NR/BBB+) | Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (NR/BBB+) | Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (NR/BBB+) | Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (NR/BBB+) |
| 6000000 | 5.250 | 07/01/2028 | 6001592 |
| Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) | Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) | Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) | Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) |
| 8955000 | 4.000 | 01/01/2052 | 6944155 |
| Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(f)</sup> | Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(f)</sup> | Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(f)</sup> | Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(f)</sup> |
| 630000 | 4.000 | 07/01/2041 | 511053 |
| 2725000 | 4.000 | 07/01/2051 | 2008872 |
| Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)<sup>(g)</sup> | Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)<sup>(g)</sup> | Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)<sup>(g)</sup> | Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)<sup>(g)</sup> |
| 9170000 | 0.000 | 12/15/2027 | 6679457 |
| Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/BBB) | Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/BBB) | Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/BBB) | Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/BBB) |
| 350000 | 4.000 | 03/15/2030 | 343648 |
| Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) | Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) | Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) | Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) |
| 1185000 | 3.000 | 02/01/2042 | 890822 |
| 390000 | 4.000 | 02/01/2045 | 346372 |
| Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) |
| 520000 | 3.000 | 12/01/2031 | 445615 |
| 775000 | 4.000 | 12/01/2041 | 590936 |
| Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/BBB-) | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/BBB-) | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/BBB-) | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/BBB-) |
| 475000 | 4.000 | 09/15/2036 | 417913 |
| 460000 | 4.000 | 09/15/2041 | 387632 |
| 425000 | 4.000 | 09/15/2045 | 342420 |
| Wisconsin Health & Educational Facilities Authority Refunding RB Series 2022 (NR/BBB-) | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2022 (NR/BBB-) | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2022 (NR/BBB-) | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2022 (NR/BBB-) |
| 700000 | 4.000 | 09/15/2036 | 606560 |
| 680000 | 4.000 | 09/15/2041 | 562443 |
| 575000 | 4.000 | 09/15/2045 | 453832 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** |
| Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(e)</sup> | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(e)</sup> | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(e)</sup> | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(e)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.18%) | (SIFMA Municipal Swap Index Yield + 0.18%) | (SIFMA Municipal Swap Index Yield + 0.18%) | (SIFMA Municipal Swap Index Yield + 0.18%) |
| 2775000 | 3.310% | 07/01/2026 | $2682456 |
| Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)<sup>(b)(e)</sup> | Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)<sup>(b)(e)</sup> | Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)<sup>(b)(e)</sup> | Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)<sup>(b)(e)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.15%) | (SIFMA Municipal Swap Index Yield + 0.15%) | (SIFMA Municipal Swap Index Yield + 0.15%) | (SIFMA Municipal Swap Index Yield + 0.15%) |
| 5500000 | 3.280 | 12/02/2024 | 5470999 |
| Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-) |
| 3800000 | 5.000 | 02/01/2042 | 3659254 |
| Wisconsin State Health & Educational Facilities Authority RB for Saint John's Communities, Inc. Project Series 2018 A (NR/NR)<sup>(b)</sup> | Wisconsin State Health & Educational Facilities Authority RB for Saint John's Communities, Inc. Project Series 2018 A (NR/NR)<sup>(b)</sup> | Wisconsin State Health & Educational Facilities Authority RB for Saint John's Communities, Inc. Project Series 2018 A (NR/NR)<sup>(b)</sup> | Wisconsin State Health & Educational Facilities Authority RB for Saint John's Communities, Inc. Project Series 2018 A (NR/NR)<sup>(b)</sup> |
| 250000 | 4.000 | 09/15/2023 | 251660 |
| 365000 | 4.000 | 09/15/2023 | 367424 |
|  |  |  | 104882452 |
| **Wyoming – 0.2%** | **Wyoming – 0.2%** | **Wyoming – 0.2%** | **Wyoming – 0.2%** |
| County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) | County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) | County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) | County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) |
| 18675000 | 3.625 | 07/15/2039 | 16311884 |
| **TOTAL MUNICIPAL BONDS**<br> **(Cost $7,921,680,641)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $7,921,680,641)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $7,921,680,641)** | $7454558908 |
| **Corporate Bonds – 0.6%** | **Corporate Bonds – 0.6%** | **Corporate Bonds – 0.6%** | **Corporate Bonds – 0.6%** |
| **Healthcare – Services – 0.1%** | **Healthcare – Services – 0.1%** | **Healthcare – Services – 0.1%** | **Healthcare – Services – 0.1%** |
| Prime Healthcare Foundation Inc Series (NR/NR) | Prime Healthcare Foundation Inc Series (NR/NR) | Prime Healthcare Foundation Inc Series (NR/NR) | Prime Healthcare Foundation Inc Series (NR/NR) |
| 4975000 | 7.000% | 12/01/27 | $4877184 |
| Toldeo Hospital RB Series 2022 B (Ba2/BB) | Toldeo Hospital RB Series 2022 B (Ba2/BB) | Toldeo Hospital RB Series 2022 B (Ba2/BB) | Toldeo Hospital RB Series 2022 B (Ba2/BB) |
| 1895000 | 5.325 | 11/15/28 | 1472062 |
| Tower Health Series (BB-/NR) | Tower Health Series (BB-/NR) | Tower Health Series (BB-/NR) | Tower Health Series (BB-/NR) |
| 6130000 | 4.451 | 02/01/50 | 2945827 |
|  |  |  | 9295073 |
| **Leisure Time – 0.1%** | **Leisure Time – 0.1%** | **Leisure Time – 0.1%** | **Leisure Time – 0.1%** |
| YMCA of Greater New York Series (BBB/Baa2) | YMCA of Greater New York Series (BBB/Baa2) | YMCA of Greater New York Series (BBB/Baa2) | YMCA of Greater New York Series (BBB/Baa2) |
| 4300000 | 2.303 | 08/01/26 | 3833658 |
| **Real Estate – 0.4%** | **Real Estate – 0.4%** | **Real Estate – 0.4%** | **Real Estate – 0.4%** |
| Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> |
| 3008876 | 9.750 | 12/01/39 | 2809087 |
| Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(f)(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(f)(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(f)(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(f)(j)</sup> |
| 1745923 | 9.750 | 12/01/39 | 1629993 |
| Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(f)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(f)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(f)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(f)(j)</sup> |
| 14700000 | 10.000 | 12/01/51 | 13277922 |
| Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(f)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(f)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(f)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(f)(j)</sup> |
| 16042697 | 6.875 | 12/01/51 | 13549020 |
|  |  |  | 31266022 |
| **TOTAL CORPORATE BONDS**<br> **(Cost $50,039,934)** | **TOTAL CORPORATE BONDS**<br> **(Cost $50,039,934)** | **TOTAL CORPORATE BONDS**<br> **(Cost $50,039,934)** | $44394753 |
| **TOTAL INVESTMENTS – 98.3%**<br> **(Cost $7,971,720,575)** | **TOTAL INVESTMENTS – 98.3%**<br> **(Cost $7,971,720,575)** | **TOTAL INVESTMENTS – 98.3%**<br> **(Cost $7,971,720,575)** | $7498953661 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.7%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.7%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.7%** | 127655147 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $7626608808 |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Security is currently in default and/or non—income producing. |
| (a) | Variable Rate Demand Instruments — rate shown is that which is in effect on December 31, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | Pre-refunded security. Maturity date disclosed is pre—refunding date. |
| (c) | Zero coupon bond until next reset date. |
| (d) | Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on December 31, 2022. |
| (e) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (f) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (g) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (h) | When-issued security. |
| (i) | Contingent value instrument that only pays out if a portion of the territory's Sales and Use Tax outperforms the projections in the Oversight Board's Certified Fiscal Plan. |
| (j) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | 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:** | **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. |
| BHAC | — Berkshire Hathaway Assurance Corp. |
| BHAC-CR | — Insured by Berkshire Hathaway Assurance Corp. Insured Custodial Receipts |
| CFD | — Community Facilities District |
| COPS | — Certificates of Participation |
| ETM | — Escrowed to Maturity |
| FGIC | — Insured by Financial Guaranty Insurance Co. |
| FHLMC | — Insured by Federal Home Loan Mortgage Corp. |
| FNMA | — Insured by Federal National Mortgage Association |
| GARB | — General Airport Revenue Bond |
| 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 |
| 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 |
| SCH BD GTY | — School Bond Guaranty |
| SCH BD RES FED | — 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 |
| SONYMA | — State of New York Mortgage Agency |
| ST AID WITHHLDG | — State Aid Withholding |
| ST APPROP | — State Appropriation |
| TCRS | — Transferable Custody Receipts |
| UT | — Unlimited Tax |
| UPMC | — University of Pittsburgh Medical Center |
| WR | — Withdrawn Rating |

---

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS —** At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury 10 Year Ultra Note | (1556) | 03/22/23 | $(186071221) | $2633409 |
|  U.S. Treasury Ultra Bond | (838) | 03/22/23 | (114288824) | 2389636 |
|  **Total Futures Contracts** |  |  |  | $5023045 |

---

**SWAP CONTRACTS** — At December 31, 2022, the Fund had the following swap contracts:

**OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index<sup>(a)</sup>** | **Financing Rate<br>Received (Paid) by<br>the Fund** | **Credit<br>Spread at<br>December 31,<br>2022<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000's)** | **Notional<br>Amount<br>(000's)** | **Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |
|  California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023 | 1.000% | 0.171% | JPMorgan Chase Bank NA | 03/20/2023 | USD | 1000 | $2047 | $(1060) | $3107 |
|  California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023 | 1.000 | 0.171 | Bank of America NA | 03/20/2023 |  | 1000 | 2047 | (1060) | 3107 |
|  **TOTAL** |  |  |  |  |  |  | $4094 | $(2120) | $6214 |

---

(a) Payments received quarterly.

(b) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty
to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

## Schedule of Investments
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – 96.7%** | **Municipal Bonds – 96.7%** | **Municipal Bonds – 96.7%** | **Municipal Bonds – 96.7%** |
| **Alabama – 2.1%** | **Alabama – 2.1%** | **Alabama – 2.1%** | **Alabama – 2.1%** |
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> |
| 1275000 | 4.000% | 12/01/2025 | $1260948 |
| Black Belt Energy Gas District Gas Project RB Series 2022C-1<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Project RB Series 2022C-1<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Project RB Series 2022C-1<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Project RB Series 2022C-1<br>(NR/NR)<sup>(a)(b)</sup> |
| 5000000 | 5.250 | 06/01/2029 | 5212104 |
| Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR)<sup>(b)(c)</sup> | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR)<sup>(b)(c)</sup> | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR)<sup>(b)(c)</sup> | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR)<sup>(b)(c)</sup> |
| 5720000 | 6.000 | 07/01/2025 | 6145531 |
| Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR)<sup>(b)(c)</sup> | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR)<sup>(b)(c)</sup> | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR)<sup>(b)(c)</sup> | Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR)<sup>(b)(c)</sup> |
| 2880000 | 8.000 | 07/01/2025 | 3047832 |
| Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) |
| 19250000 | 5.750 | 10/01/2049 | 19854687 |
| Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA) <sup>(d)</sup> | Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA) <sup>(d)</sup> | Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA) <sup>(d)</sup> | Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA) <sup>(d)</sup> |
| 5750000 | 0.000 | 10/01/2038 | 5898338 |
| 6000000 | 0.000 | 10/01/2042 | 6144385 |
| Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) |
| 8300000 | 6.000 | 10/01/2042 | 8849341 |
| 19850000 | 7.000 | 10/01/2051 | 21275702 |
| 69020000 | 6.500 | 10/01/2053 | 73713326 |
| Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) | Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) | Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) | Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) |
| 1085000 | 4.500 | 11/01/2042 | 848036 |
| 1000000 | 4.750 | 11/01/2049 | 761577 |
| Sumter County IDA Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> | Sumter County IDA Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> | Sumter County IDA Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> | Sumter County IDA Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> |
| 12400000 | 6.000 | 07/15/2032 | 11258894 |
|  |  |  | 164270701 |
| **American Samoa – 0.0%** | **American Samoa – 0.0%** | **American Samoa – 0.0%** | **American Samoa – 0.0%** |
| American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)<sup>(c)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)<sup>(c)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)<sup>(c)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)<sup>(c)</sup> |
| 1700000 | 3.720 | 09/01/2027 | 1516411 |
| **Arizona – 1.9%** | **Arizona – 1.9%** | **Arizona – 1.9%** | **Arizona – 1.9%** |
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> |
| (3M USD LIBOR + 0.81%)  | (3M USD LIBOR + 0.81%)  | (3M USD LIBOR + 0.81%)  |  |
| 43640000 | 3.995 | 01/01/2037 | 40535341 |
| Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(c)</sup> | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(c)</sup> | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(c)</sup> | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 17000000 | 6.500 | 11/01/2053 | 15929185 |
| Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) | Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) | Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) | Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) |
| 665000 | 4.000 | 07/01/2047 | 592886 |
| Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) |
| 1500000 | 4.000 | 11/01/2049 | 1282302 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** |
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) |
| 1000000 | 5.000% | 01/01/2043 | $666452 |
| 5250000 | 4.500 | 01/01/2049 | 3028893 |
| 3300000 | 5.000 | 01/01/2054 | 2031692 |
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) |
| 275000 | 5.000 | 01/01/2037 | 177172 |
| 200000 | 5.000 | 01/01/2038 | 126526 |
| 650000 | 5.000 | 01/01/2043 | 382811 |
| 3450000 | 5.000 | 01/01/2049 | 1960347 |
| 1100000 | 5.125 | 01/01/2054 | 603455 |
| Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Baa3/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Baa3/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Baa3/NR) | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Baa3/NR) |
| 1000000 | 5.000 | 05/01/2038 | 742681 |
| 2780000 | 5.000 | 05/01/2043 | 1953378 |
| 3450000 | 5.000 | 05/01/2048 | 2325353 |
| 2000000 | 5.000 | 05/01/2051 | 1320566 |
| Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)<sup>(c)</sup> | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)<sup>(c)</sup> | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)<sup>(c)</sup> | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)<sup>(c)</sup> |
| 925000 | 4.000 | 12/15/2041 | 749767 |
| 2115000 | 4.000 | 12/15/2051 | 1569758 |
| Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A<br>(Ba1/NR)<sup>(c)</sup> | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A<br>(Ba1/NR)<sup>(c)</sup> | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A<br>(Ba1/NR)<sup>(c)</sup> | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A<br>(Ba1/NR)<sup>(c)</sup> |
| 470000 | 4.000 | 07/15/2051 | 343853 |
| 445000 | 4.000 | 07/15/2056 | 316110 |
| Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+)<sup>(c)</sup> | Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+)<sup>(c)</sup> | Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+)<sup>(c)</sup> | Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+)<sup>(c)</sup> |
| 10845000 | 5.000 | 07/15/2053 | 9810265 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A) |
| 1625000 | 3.000 | 07/01/2049 | 1195236 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A) | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A) |
| 2710000 | 3.250 | 07/01/2049 | 2024020 |
| County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(c)</sup> | County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(c)</sup> | County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(c)</sup> | County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(c)</sup> |
| 2500000 | 4.000 | 07/01/2056 | 1748976 |
| County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(c)</sup> | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(c)</sup> | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(c)</sup> | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(c)</sup> |
| 3400000 | 5.000 | 07/01/2044 | 3381504 |
| County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2\BB+)<sup>(c)</sup> | County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2\BB+)<sup>(c)</sup> | County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2\BB+)<sup>(c)</sup> | County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2\BB+)<sup>(c)</sup> |
| 6400000 | 4.000 | 10/15/2047 | 5175892 |
| County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR)<sup>(c)</sup> | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR)<sup>(c)</sup> | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR)<sup>(c)</sup> | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR)<sup>(c)</sup> |
| 4500000 | 6.875 | 11/15/2052 | 4588187 |
| 2750000 | 7.000 | 11/15/2057 | 2802584 |
| Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (A/NR) | Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (A/NR) | Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (A/NR) | Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (A/NR) |
| 4325000 | 4.000 | 11/01/2051 | 3657916 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

## Schedule of Investments (continued)
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** |
| Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) |
| 625000 | 3.500% | 07/01/2029 | $557248 |
| 595000 | 4.100 | 07/01/2034 | 527062 |
| 1854000 | 4.750 | 07/01/2043 | 1569961 |
| Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) |
| 6600000 | 5.000 | 05/15/2056 | 5627479 |
| La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)<sup>\*(c)</sup> | La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)<sup>\*(c)</sup> | La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)<sup>\*(c)</sup> | La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)<sup>\*(c)</sup> |
| 3100000 | 6.000 | 08/01/2028 | 1860000 |
| 16130000 | 6.250 | 08/01/2040 | 9678000 |
| La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) |
| 580000 | 4.000 | 02/15/2051 | 456376 |
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)<sup>(c)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)<sup>(c)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)<sup>(c)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)<sup>(c)</sup> |
| 700000 | 5.000 | 07/01/2050 | 619997 |
| 1340000 | 5.000 | 07/01/2054 | 1158109 |
| Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(c)</sup> | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(c)</sup> | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(c)</sup> | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(c)</sup> |
| 1885000 | 5.250 | 10/01/2040 | 1840213 |
| 1885000 | 5.500 | 10/01/2051 | 1844865 |
| Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) | Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) | Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) | Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) |
| 1500000 | 5.000 | 07/01/2049 | 1537847 |
| 1650000 | 5.000 | 07/01/2054 | 1685349 |
| Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A-/BBB+) | Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A-/BBB+) | Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A-/BBB+) | Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A-/BBB+) |
| 4700000 | 2.400 | 06/01/2035 | 3567742 |
| Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)<sup>(c)</sup> | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)<sup>(c)</sup> | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)<sup>(c)</sup> | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)<sup>(c)</sup> |
| 250000 | 5.500 | 05/01/2040 | 230305 |
| 950000 | 5.750 | 05/01/2050 | 868393 |
| Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A3/A-) | Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A3/A-) | Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A3/A-) | Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A3/A-) |
| 3390000 | 4.000 | 09/01/2029 | 3390513 |
| Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR) | Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR) | Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR) | Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR) |
| 1520000 | 5.000 | 12/01/2050 | 1261805 |
| 1900000 | 5.000 | 12/01/2054 | 1553119 |
| The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (Baa3/NR) | The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (Baa3/NR) | The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (Baa3/NR) | The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (Baa3/NR) |
| 850000 | 5.000 | 07/01/2037 | 854452 |
| 1000000 | 5.000 | 07/01/2042 | 980474 |
|  |  |  | 152692417 |
| **Arkansas – 0.2%** | **Arkansas – 0.2%** | **Arkansas – 0.2%** | **Arkansas – 0.2%** |
| Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-)<sup>(c)</sup> | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-)<sup>(c)</sup> | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-)<sup>(c)</sup> | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-)<sup>(c)</sup> |
| 2750000 | 5.450 | 09/01/2052 | 2659566 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Arkansas – (continued)** | **Arkansas – (continued)** | **Arkansas – (continued)** | **Arkansas – (continued)** |
| Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) | Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) | Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) | Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) |
| 5370000 | 3.200% | 12/01/2049 | $3891397 |
| Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) | Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) | Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) | Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) |
| 1300000 | 4.250 | 07/01/2041 | 1144308 |
| 775000 | 3.500 | 07/01/2046 | 505874 |
| 500000 | 4.000 | 07/01/2052 | 391511 |
| Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) |
| 5090000 | 3.500 | 07/01/2038 | 5005919 |
|  |  |  | 13598575 |
| **California – 9.8%** | **California – 9.8%** | **California – 9.8%** | **California – 9.8%** |
| ABC Unified School District GO Bonds Series 2001 C (NATL)<br>(Aa2/AA-)<sup>(f)</sup> | ABC Unified School District GO Bonds Series 2001 C (NATL)<br>(Aa2/AA-)<sup>(f)</sup> | ABC Unified School District GO Bonds Series 2001 C (NATL)<br>(Aa2/AA-)<sup>(f)</sup> | ABC Unified School District GO Bonds Series 2001 C (NATL)<br>(Aa2/AA-)<sup>(f)</sup> |
| 1600000 | 0.000 | 08/01/2026 | 1440273 |
| Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-)<sup>(d)</sup> | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-)<sup>(d)</sup> | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-)<sup>(d)</sup> | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-)<sup>(d)</sup> |
| 1850000 | 0.000 | 10/01/2047 | 885271 |
| 1850000 | 0.000 | 10/01/2048 | 883230 |
| 2300000 | 0.000 | 10/01/2049 | 1096224 |
| 1375000 | 0.000 | 10/01/2050 | 653327 |
| Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A3/A-)<sup>(d)</sup> | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A3/A-)<sup>(d)</sup> | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A3/A-)<sup>(d)</sup> | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A3/A-)<sup>(d)</sup> |
| 3225000 | 0.000 | 10/01/2051 | 1540773 |
| Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) <sup>(f)</sup> | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) <sup>(f)</sup> | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) <sup>(f)</sup> | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) <sup>(f)</sup> |
| 4995000 | 0.000 | 08/01/2037 | 2811881 |
| Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA) <sup>(f)</sup> | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA) <sup>(f)</sup> | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA) <sup>(f)</sup> | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA) <sup>(f)</sup> |
| 1850000 | 0.000 | 08/01/2036 | 1004652 |
| Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A2/AA) <sup>(f)</sup> | Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A2/AA) <sup>(f)</sup> | Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A2/AA) <sup>(f)</sup> | Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A2/AA) <sup>(f)</sup> |
| 1055000 | 0.000 | 08/01/2025 | 976129 |
| California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB) | California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB) | California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB) | California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB) |
| 2755000 | 5.250 | 05/01/2048 | 2675899 |
| 2850000 | 5.250 | 05/01/2053 | 2741158 |
| California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR)<sup>(c)</sup> | California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR)<sup>(c)</sup> | California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR)<sup>(c)</sup> | California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR)<sup>(c)</sup> |
| 5775000 | 5.750 | 07/01/2060 | 5422126 |
| California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR)<sup>(c)</sup> | California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR)<sup>(c)</sup> | California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR)<sup>(c)</sup> | California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR)<sup>(c)</sup> |
| 2875000 | 4.000 | 02/01/2056 | 2372047 |
| California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR)<sup>(c)</sup> | California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR)<sup>(c)</sup> | California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR)<sup>(c)</sup> | California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR)<sup>(c)</sup> |
| 2300000 | 4.000 | 08/01/2050 | 1566014 |
| California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)<sup>(c)</sup> | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)<sup>(c)</sup> | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)<sup>(c)</sup> | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)<sup>(c)</sup> |
| 6450000 | 4.000 | 02/01/2056 | 5321635 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-2 (NR/NR) <sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-2 (NR/NR) <sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-2 (NR/NR) <sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-2 (NR/NR) <sup>(f)</sup> |
| 12620000 | 0.000% | 06/01/2055 | $2475246 |
| California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) | California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) |
| 1350000 | 5.000 | 06/01/2050 | 1332086 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) |
| 730000 | 5.000 | 06/01/2049 | 732331 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) <sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) <sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) <sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) <sup>(f)</sup> |
| 7375000 | 0.000 | 06/01/2055 | 1446509 |
| California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+) |
| 875000 | 4.000 | 06/01/2049 | 747462 |
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) |
| 485000 | 5.000 | 06/01/2049 | 486467 |
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)<sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)<sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)<sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)<sup>(f)</sup> |
| 102910000 | 0.000 | 06/01/2055 | 18945484 |
| California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) <sup>(f)</sup> | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) <sup>(f)</sup> | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) <sup>(f)</sup> | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) <sup>(f)</sup> |
| 145220000 | 0.000 | 06/01/2055 | 15719557 |
| California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+)<sup>(c)</sup> | California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+)<sup>(c)</sup> | California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+)<sup>(c)</sup> | California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+)<sup>(c)</sup> |
| 595000 | 4.000 | 06/01/2061 | 412476 |
| California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA) | California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA) | California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA) | California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA) |
| 1500000 | 5.000 | 02/01/2042 | 1529778 |
| California Infrastructure & Economic Development Bank RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(c)</sup> | California Infrastructure & Economic Development Bank RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(c)</sup> | California Infrastructure & Economic Development Bank RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(c)</sup> | California Infrastructure & Economic Development Bank RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)<sup>(c)</sup> |
| 900000 | 5.000 | 01/01/2055 | 669506 |
| California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (BB+/NR) | California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (BB+/NR) | California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (BB+/NR) | California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (BB+/NR) |
| 750000 | 5.000 | 07/01/2052 | 669578 |
| 3725000 | 5.000 | 07/01/2062 | 3208913 |
| California Municipal Finance Authority Community Facilities District Special Tax Bonds for City of Chula Vista Series 2022 (NR/NR) | California Municipal Finance Authority Community Facilities District Special Tax Bonds for City of Chula Vista Series 2022 (NR/NR) | California Municipal Finance Authority Community Facilities District Special Tax Bonds for City of Chula Vista Series 2022 (NR/NR) | California Municipal Finance Authority Community Facilities District Special Tax Bonds for City of Chula Vista Series 2022 (NR/NR) |
| 2750000 | 5.000 | 09/01/2052 | 2714525 |
| 5250000 | 5.000 | 09/01/2057 | 5161112 |
| California Municipal Finance Authority RB for CHF-Riverside II LLC UCR North District Phase 1 Student Housing Project Series 2019 (Baa3/NR) | California Municipal Finance Authority RB for CHF-Riverside II LLC UCR North District Phase 1 Student Housing Project Series 2019 (Baa3/NR) | California Municipal Finance Authority RB for CHF-Riverside II LLC UCR North District Phase 1 Student Housing Project Series 2019 (Baa3/NR) | California Municipal Finance Authority RB for CHF-Riverside II LLC UCR North District Phase 1 Student Housing Project Series 2019 (Baa3/NR) |
| 1400000 | 5.000 | 05/15/2049 | 1358023 |
| 950000 | 5.000 | 05/15/2052 | 914578 |
| California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-) |
| 5600000 | 5.000 | 02/01/2042 | 5753161 |
| 13875000 | 5.000 | 02/01/2047 | 14221467 |
| California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR)<sup>(c)</sup> | California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR)<sup>(c)</sup> | California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR)<sup>(c)</sup> | California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR)<sup>(c)</sup> |
| 1135000 | 5.000 | 07/01/2052 | 987341 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) |
| 1510000 | 4.000% | 07/01/2051 | $1238859 |
| 1035000 | 4.000 | 07/01/2055 | 824256 |
| California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) |
| 250000 | 5.000 | 10/01/2034 | 258565 |
| 250000 | 5.000 | 10/01/2036 | 256067 |
| 300000 | 5.000 | 10/01/2037 | 306105 |
| 300000 | 5.000 | 10/01/2038 | 305231 |
| California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)<sup>(c)</sup> | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)<sup>(c)</sup> | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)<sup>(c)</sup> | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)<sup>(c)</sup> |
| 1090000 | 5.000 | 10/01/2049 | 964074 |
| 1740000 | 5.000 | 10/01/2054 | 1514103 |
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) |
| 7395000 | 5.000 | 12/31/2043 | 7441486 |
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) |
| 7300000 | 4.000 | 07/15/2029 | 7107430 |
| California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)<sup>(c)</sup> | California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)<sup>(c)</sup> | California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)<sup>(c)</sup> | California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)<sup>(c)</sup> |
| 5765000 | 6.750 | 12/01/2028 | 4113364 |
| 45930000 | 7.500 | 12/01/2040 | 30017868 |
| California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)<sup>(c)</sup> | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)<sup>(c)</sup> | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)<sup>(c)</sup> | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)<sup>(c)</sup> |
| 15850000 | 5.000 | 11/21/2045 | 14962280 |
| California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(c)</sup> | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(c)</sup> | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(c)</sup> | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(c)</sup> |
| 1540000 | 5.000 | 06/15/2050 | 1364068 |
| 1030000 | 5.000 | 06/15/2055 | 897993 |
| California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(c)</sup> |
| 4605000 | 6.375 | 04/01/2062 | 4535907 |
| California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(c)</sup> |
| 2055000 | 5.000 | 10/01/2052 | 2022243 |
| 3250000 | 5.000 | 10/01/2061 | 3139619 |
| California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+)<sup>(c)</sup> | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+)<sup>(c)</sup> | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+)<sup>(c)</sup> | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+)<sup>(c)</sup> |
| 1055000 | 5.250 | 07/01/2052 | 976276 |
| 745000 | 5.375 | 07/01/2056 | 689177 |
| 1525000 | 5.500 | 07/01/2062 | 1408065 |
| California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(c)</sup> |
| 1800000 | 6.500 | 06/01/2062 | 1825225 |
| California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB)<sup>(c)</sup> | California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB)<sup>(c)</sup> | California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB)<sup>(c)</sup> | California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB)<sup>(c)</sup> |
| 1330000 | 5.000 | 07/01/2052 | 1160293 |
| 4190000 | 5.000 | 07/01/2061 | 3552438 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California School Finance Authority Charter School RB for Valley International Prepatory High School Project Series 2022A (NR\NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Valley International Prepatory High School Project Series 2022A (NR\NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Valley International Prepatory High School Project Series 2022A (NR\NR)<sup>(c)</sup> | California School Finance Authority Charter School RB for Valley International Prepatory High School Project Series 2022A (NR\NR)<sup>(c)</sup> |
| 1230000 | 5.250% | 03/01/2062 | $939906 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)<sup>(c)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)<sup>(c)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)<sup>(c)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)<sup>(c)</sup> |
| 3300000 | 5.000 | 10/01/2050 | 3265094 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(c)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(c)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(c)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(c)</sup> |
| 1450000 | 4.000 | 10/01/2046 | 1214239 |
| California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)<sup>(c)</sup> |
| 1300000 | 5.000 | 07/01/2050 | 1182763 |
| 1000000 | 5.000 | 07/01/2058 | 886988 |
| California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (ST INTERCEPT) (NR/NR)<sup>(c)</sup> | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (ST INTERCEPT) (NR/NR)<sup>(c)</sup> | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (ST INTERCEPT) (NR/NR)<sup>(c)</sup> | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (ST INTERCEPT) (NR/NR)<sup>(c)</sup> |
| 600000 | 5.000 | 06/01/2051 | 534280 |
| 1220000 | 5.000 | 06/01/2061 | 1045634 |
| California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)<sup>(c)</sup> |
| 820000 | 5.000 | 07/01/2045 | 746774 |
| 1240000 | 5.000 | 07/01/2055 | 1085875 |
| California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)<sup>(c)</sup> | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)<sup>(c)</sup> | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)<sup>(c)</sup> | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)<sup>(c)</sup> |
| 600000 | 4.000 | 06/01/2041 | 490567 |
| 700000 | 4.000 | 06/01/2051 | 523187 |
| 1220000 | 4.000 | 06/01/2061 | 864962 |
| California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BB+)<sup>(c)</sup> |
| 2420000 | 5.000 | 07/01/2059 | 2140883 |
| California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BB+)<sup>(c)</sup> | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BB+)<sup>(c)</sup> |
| 975000 | 4.000 | 07/01/2045 | 769484 |
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB-)<sup>(c)</sup> | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB-)<sup>(c)</sup> | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB-)<sup>(c)</sup> | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB-)<sup>(c)</sup> |
| 4600000 | 5.000 | 12/01/2041 | 4462064 |
| 10030000 | 5.250 | 12/01/2056 | 9928711 |
| California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) |
| 750000 | 5.000 | 09/01/2030 | 775058 |
| 800000 | 5.000 | 09/01/2037 | 816473 |
| California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)<sup>(c)</sup> | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)<sup>(c)</sup> | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)<sup>(c)</sup> | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)<sup>(c)</sup> |
| 2880000 | 7.250 | 09/01/2050 | 2763505 |
| California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) |
| 3245000 | 4.000 | 09/01/2051 | 2724160 |
| California Statewide Communities Development Authority Community Facilities District Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Community Facilities District Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Community Facilities District Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Community Facilities District Special Tax Bonds Series 2022 (NR/NR) |
| 4500000 | 5.000 | 09/01/2052 | 4448749 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR) |
| 1495000 | 5.000% | 09/02/2038 | $1552406 |
| 575000 | 5.000 | 09/02/2043 | 587810 |
| 1785000 | 5.000 | 09/02/2048 | 1811917 |
| California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR) |
| 1345000 | 5.000 | 09/02/2039 | 1397685 |
| 895000 | 5.000 | 09/02/2044 | 915936 |
| 945000 | 5.000 | 09/02/2048 | 959790 |
| California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR) | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR) |
| 950000 | 5.000 | 09/02/2039 | 987212 |
| 1080000 | 5.000 | 09/02/2044 | 1105264 |
| 1570000 | 5.000 | 09/02/2049 | 1593280 |
| California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)<sup>(c)</sup> | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)<sup>(c)</sup> | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)<sup>(c)</sup> | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)<sup>(c)</sup> |
| 375000 | 5.000 | 06/01/2034 | 366383 |
| 475000 | 5.000 | 06/01/2039 | 451492 |
| 1340000 | 5.000 | 06/01/2051 | 1201781 |
| California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR) | California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR) | California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR) | California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR) |
| 1875000 | 5.875 | 11/01/2043 | 1880427 |
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB-)<sup>(c)</sup> | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB-)<sup>(c)</sup> | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB-)<sup>(c)</sup> | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB-)<sup>(c)</sup> |
| 9000000 | 5.500 | 12/01/2058 | 9060411 |
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2014A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2014A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2014A (NR/BB) | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2014A (NR/BB) |
| 2700000 | 5.250 | 12/01/2044 | 2700960 |
| California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+) | California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+) | California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+) | California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+) |
| 500000 | 5.000 | 08/01/2038 | 513289 |
| 3000000 | 4.000 | 08/01/2045 | 2577466 |
| California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)<sup>(c)</sup> | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)<sup>(c)</sup> | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)<sup>(c)</sup> | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)<sup>(c)</sup> |
| 2350000 | 5.250 | 07/01/2039 | 2141808 |
| 3125000 | 5.250 | 07/01/2049 | 2690537 |
| 1450000 | 5.250 | 07/01/2052 | 1233465 |
| California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)<sup>(c)</sup> | California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)<sup>(c)</sup> | California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)<sup>(c)</sup> | California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)<sup>(c)</sup> |
| 935000 | 5.000 | 11/01/2032 | 950555 |
| 1875000 | 5.000 | 11/01/2041 | 1819224 |
| California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) |
| 1200000 | 5.000 | 04/01/2047 | 1232449 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) |
| 12650000 | 5.500% | 12/01/2054 | $12707359 |
| California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) |
| 1230000 | 4.000 | 09/02/2050 | 1030158 |
| 945000 | 5.000 | 09/02/2050 | 950858 |
| California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR) | California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR) | California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR) | California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR) |
| 2135000 | 5.000 | 09/02/2038 | 2216980 |
| 2500000 | 5.000 | 09/02/2048 | 2535218 |
| California Statewide Communities Development Authority Special Assessment Series 2021 A (NR/NR) | California Statewide Communities Development Authority Special Assessment Series 2021 A (NR/NR) | California Statewide Communities Development Authority Special Assessment Series 2021 A (NR/NR) | California Statewide Communities Development Authority Special Assessment Series 2021 A (NR/NR) |
| 1995000 | 4.000 | 09/02/2051 | 1618647 |
| California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) |
| 1525000 | 5.250 | 09/01/2052 | 1517108 |
| 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) | 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) | 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) | 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) |
| 3750000 | 5.000 | 05/15/2042 | 3757052 |
| 7825000 | 5.000 | 05/15/2047 | 7705334 |
| California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)<sup>(f)</sup> | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)<sup>(f)</sup> | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)<sup>(f)</sup> | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)<sup>(f)</sup> |
| 36600000 | 0.000 | 06/01/2046 | 5273471 |
| Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa2/NR)<sup>(f)</sup> | Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa2/NR)<sup>(f)</sup> | Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa2/NR)<sup>(f)</sup> | Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa2/NR)<sup>(f)</sup> |
| 7000000 | 0.000 | 09/01/2033 | 4569106 |
| Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) |
| 190000 | 3.000 | 09/01/2037 | 153427 |
| 195000 | 3.000 | 09/01/2038 | 154643 |
| 205000 | 3.000 | 09/01/2039 | 160171 |
| 210000 | 3.000 | 09/01/2040 | 159628 |
| 715000 | 3.125 | 09/01/2044 | 529221 |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) |
| 925000 | 4.000 | 09/01/2051 | 778993 |
| City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(c)</sup> | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(c)</sup> | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(c)</sup> | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(c)</sup> |
| 1500000 | 4.000 | 09/01/2051 | 1190425 |
| City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR) | City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR) | City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR) | City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR) |
| 865000 | 4.000 | 09/01/2045 | 754909 |
| City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) |
| 515000 | 4.000 | 09/01/2040 | 468255 |
| 1500000 | 4.000 | 09/01/2045 | 1303543 |
| City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) |
| 2700000 | 5.375 | 09/01/2052 | 2767421 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) | City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) | City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) | City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) |
| 740000 | 4.000% | 09/01/2051 | $608647 |
| City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)<sup>(c)</sup> | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)<sup>(c)</sup> | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)<sup>(c)</sup> | City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)<sup>(c)</sup> |
| 2850000 | 5.000 | 09/01/2050 | 2885820 |
| City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR) | City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR) | City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR) | City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR) |
| 3000000 | 5.000 | 09/01/2045 | 3028078 |
| City of Oroville RB for Oroville Hospital Series 2019 (NR/B+) | City of Oroville RB for Oroville Hospital Series 2019 (NR/B+) | City of Oroville RB for Oroville Hospital Series 2019 (NR/B+) | City of Oroville RB for Oroville Hospital Series 2019 (NR/B+) |
| 1900000 | 5.250 | 04/01/2034 | 1967252 |
| 3565000 | 5.250 | 04/01/2039 | 3603224 |
| City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) |
| 530000 | 3.000 | 09/01/2031 | 483286 |
| 450000 | 4.000 | 09/01/2041 | 408431 |
| 550000 | 4.000 | 09/01/2051 | 469103 |
| City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 1200000 | 4.000 | 09/02/2037 | 1130948 |
| City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (NR/A-) | City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (NR/A-) | City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (NR/A-) | City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (NR/A-) |
| 540000 | 5.000 | 09/02/2030 | 541822 |
| City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR) | City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR) | City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR) | City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR) |
| 500000 | 5.000 | 09/01/2044 | 511692 |
| 700000 | 5.000 | 09/01/2049 | 711576 |
| City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) |
| 325000 | 4.000 | 09/01/2035 | 311509 |
| 375000 | 4.000 | 09/01/2040 | 339710 |
| 425000 | 4.000 | 09/01/2045 | 368295 |
| 950000 | 4.000 | 09/01/2050 | 802032 |
| City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) |
| 475000 | 4.000 | 09/01/2045 | 421072 |
| City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR) | City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR) | City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR) | City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR) |
| 1125000 | 4.000 | 09/01/2046 | 927750 |
| City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)<sup>(c)</sup> | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)<sup>(c)</sup> | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)<sup>(c)</sup> | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)<sup>(c)</sup> |
| 280000 | 5.000 | 09/01/2032 | 293487 |
| 700000 | 5.000 | 09/01/2037 | 723690 |
| 1745000 | 5.000 | 09/01/2047 | 1766263 |
| City of San Francisco Improvement Area Community Facilities District Special Tax Bonds Series 2021 (NR/NR) | City of San Francisco Improvement Area Community Facilities District Special Tax Bonds Series 2021 (NR/NR) | City of San Francisco Improvement Area Community Facilities District Special Tax Bonds Series 2021 (NR/NR) | City of San Francisco Improvement Area Community Facilities District Special Tax Bonds Series 2021 (NR/NR) |
| 925000 | 4.000 | 09/01/2046 | 798642 |
| City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR) | City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR) | City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR) | City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR) |
| 405000 | 5.000 | 09/01/2044 | 410296 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| CMFA Special Finance Agency Essential Housing RB Seres 2021A-1 (NR/NR)<sup>(c)</sup> | CMFA Special Finance Agency Essential Housing RB Seres 2021A-1 (NR/NR)<sup>(c)</sup> | CMFA Special Finance Agency Essential Housing RB Seres 2021A-1 (NR/NR)<sup>(c)</sup> | CMFA Special Finance Agency Essential Housing RB Seres 2021A-1 (NR/NR)<sup>(c)</sup> |
| 4465000 | 3.000% | 12/01/2056 | $2933238 |
| CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)<sup>(c)</sup> | CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)<sup>(c)</sup> | CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)<sup>(c)</sup> | CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)<sup>(c)</sup> |
| 5500000 | 3.000 | 08/01/2056 | 3519025 |
| County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR) | County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR) | County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR) | County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR) |
| 1225000 | 5.000 | 09/01/2044 | 1249866 |
| 200000 | 4.000 | 09/01/2045 | 176790 |
| 1420000 | 5.000 | 09/01/2049 | 1440390 |
| County of Los Angeles CA Community Facilities District NO 2021-01 | County of Los Angeles CA Community Facilities District NO 2021-01 | County of Los Angeles CA Community Facilities District NO 2021-01 | County of Los Angeles CA Community Facilities District NO 2021-01 |
| 2775000 | 5.000 | 09/01/2052 | 2747596 |
| County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR) | County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR) | County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR) | County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR) |
| 695000 | 3.000 | 09/01/2050 | 466054 |
| CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR)<sup>(c)</sup> | CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR)<sup>(c)</sup> | CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR)<sup>(c)</sup> | CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR)<sup>(c)</sup> |
| 13500000 | 3.000 | 12/01/2056 | 8900516 |
| CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR\NR)<sup>(c)</sup> | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR\NR)<sup>(c)</sup> | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR\NR)<sup>(c)</sup> | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR\NR)<sup>(c)</sup> |
| 4675000 | 3.600 | 05/01/2047 | 3665242 |
| CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR)<sup>(c)</sup> | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR)<sup>(c)</sup> | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR)<sup>(c)</sup> | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR)<sup>(c)</sup> |
| 900000 | 3.250 | 04/01/2057 | 618472 |
| Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa2/A-)<sup>(f)</sup> | Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa2/A-)<sup>(f)</sup> | Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa2/A-)<sup>(f)</sup> | Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa2/A-)<sup>(f)</sup> |
| 1305000 | 0.000 | 08/01/2027 | 1117973 |
| Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) |
| 2285000 | 5.000 | 09/01/2037 | 2347726 |
| 6680000 | 5.000 | 09/01/2047 | 6733602 |
| East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) | East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) | East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) | East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) |
| 455000 | 3.125 | 09/01/2044 | 333441 |
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) |
| 2500000 | 4.000 | 01/15/2046 | 2308431 |
| El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa2/NR)<sup>(f)</sup> | El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa2/NR)<sup>(f)</sup> | El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa2/NR)<sup>(f)</sup> | El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa2/NR)<sup>(f)</sup> |
| 5400000 | 0.000 | 08/01/2032 | 3737200 |
| Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (WR/AA)<sup>(f)</sup> | Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (WR/AA)<sup>(f)</sup> | Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (WR/AA)<sup>(f)</sup> | Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (WR/AA)<sup>(f)</sup> |
| 4180000 | 0.000 | 04/01/2029 | 3364432 |
| Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-)<sup>(f)</sup> | Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-)<sup>(f)</sup> | Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-)<sup>(f)</sup> | Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-)<sup>(f)</sup> |
| 3460000 | 0.000 | 10/01/2032 | 2435355 |
| Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A2/AA)<sup>(f)</sup> | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A2/AA)<sup>(f)</sup> | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A2/AA)<sup>(f)</sup> | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A2/AA)<sup>(f)</sup> |
| 12000000 | 0.000 | 01/15/2035 | 7520274 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-) | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-) |
| 22010000 | 3.950% | 01/15/2053 | $19515776 |
| Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) |
| 22000000 | 3.850 | 06/01/2050 | 19450977 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Asset Backed Bonds Series 2022A-1 (NR/BBB+) | Golden State Tobacco Securitization Corp. Tobacco Settlement Asset Backed Bonds Series 2022A-1 (NR/BBB+) | Golden State Tobacco Securitization Corp. Tobacco Settlement Asset Backed Bonds Series 2022A-1 (NR/BBB+) | Golden State Tobacco Securitization Corp. Tobacco Settlement Asset Backed Bonds Series 2022A-1 (NR/BBB+) |
| 5375000 | 5.000 | 06/01/2051 | 5518603 |
| Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR)<sup>(f)</sup> | Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR)<sup>(f)</sup> | Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR)<sup>(f)</sup> | Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR)<sup>(f)</sup> |
| 50390000 | 0.000 | 06/01/2066 | 5844404 |
| 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) | 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) | 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) | 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) |
| 225000 | 4.000 | 09/01/2046 | 191758 |
| 705000 | 4.000 | 09/01/2056 | 569818 |
| Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)<sup>(f)</sup> |
| 100945000 | 0.000 | 06/01/2036 | 42128275 |
| Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC)<sup>(f)</sup> |
| 51235000 | 0.000 | 06/01/2047 | 10136035 |
| Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC)<sup>(f)</sup> |
| 290580000 | 0.000 | 06/01/2057 | 19106245 |
| Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (NR/AA) | Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (NR/AA) | Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (NR/AA) | Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (NR/AA) |
| 1150000 | 5.000 | 09/01/2051 | 1217626 |
| Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) | Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) | Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) | Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) |
| 6525000 | 5.000 | 03/01/2057 | 6555705 |
| Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR) | Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR) | Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR) | Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR) |
| 2750000 | 6.000 | 09/01/2043 | 2777552 |
| Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (NR/A-) | Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (NR/A-) | Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (NR/A-) | Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (NR/A-) |
| 145000 | 6.625 | 08/01/2024 | 145355 |
| Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-)<sup>(f)</sup> | Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-)<sup>(f)</sup> | Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-)<sup>(f)</sup> | Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-)<sup>(f)</sup> |
| 49925000 | 0.000 | 08/01/2050 | 13614657 |
| Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)<sup>(f)</sup> | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)<sup>(f)</sup> | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)<sup>(f)</sup> | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)<sup>(f)</sup> |
| 3760000 | 0.000 | 08/01/2035 | 2335677 |
| M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) |
| 14850000 | 6.500 | 11/01/2039 | 17767002 |
| M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) |
| 2000000 | 6.500 | 11/01/2039 | 2392862 |
| M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) |
| 8855000 | 6.125 | 11/01/2029 | 9800664 |
| 21765000 | 6.500 | 11/01/2039 | 26040323 |
| Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA) | Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA) | Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA) | Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA) |
| 7000000 | 5.500 | 08/01/2030 | 7502834 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa3/AA)<sup>(f)</sup> | New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa3/AA)<sup>(f)</sup> | New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa3/AA)<sup>(f)</sup> | New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa3/AA)<sup>(f)</sup> |
| 860000 | 0.000% | 08/01/2025 | $797324 |
| 1105000 | 0.000 | 08/01/2026 | 992938 |
| 5550000 | 0.000 | 08/01/2030 | 4309694 |
| 7855000 | 0.000 | 08/01/2032 | 5618084 |
| 7000000 | 0.000 | 08/01/2034 | 4564230 |
| Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR) | Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR) | Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR) | Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR) |
| 2925000 | 5.250 | 08/15/2045 | 2967624 |
| Orange County California Community Facilities District No. 2017-1 Village of Esencia Special Tax Bonds Series 2018 A (NR/NR) | Orange County California Community Facilities District No. 2017-1 Village of Esencia Special Tax Bonds Series 2018 A (NR/NR) | Orange County California Community Facilities District No. 2017-1 Village of Esencia Special Tax Bonds Series 2018 A (NR/NR) | Orange County California Community Facilities District No. 2017-1 Village of Esencia Special Tax Bonds Series 2018 A (NR/NR) |
| 250000 | 5.000 | 08/15/2027 | 266388 |
| 200000 | 5.000 | 08/15/2028 | 215114 |
| Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA) |
| 10750000 | 7.000 | 08/01/2038 | 12423836 |
| Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL) (Aa2/AA)<sup>(f)</sup> | Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL) (Aa2/AA)<sup>(f)</sup> | Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL) (Aa2/AA)<sup>(f)</sup> | Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL) (Aa2/AA)<sup>(f)</sup> |
| 1840000 | 0.000 | 08/01/2025 | 1693833 |
| Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-)<sup>(f)</sup> | Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-)<sup>(f)</sup> | Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-)<sup>(f)</sup> | Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-)<sup>(f)</sup> |
| 1300000 | 0.000 | 08/01/2040 | 588004 |
| Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) |
| 500000 | 4.000 | 09/01/2030 | 501710 |
| 650000 | 4.000 | 09/01/2031 | 651165 |
| 900000 | 3.000 | 09/01/2032 | 822723 |
| 820000 | 3.000 | 09/01/2033 | 741211 |
| 750000 | 3.000 | 09/01/2034 | 667117 |
| Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR) | Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR) | Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR) | Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR) |
| 400000 | 5.000 | 09/01/2049 | 405929 |
| Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA)<sup>(f)</sup> | Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA)<sup>(f)</sup> | Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA)<sup>(f)</sup> | Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA)<sup>(f)</sup> |
| 6200000 | 0.000 | 08/01/2036 | 3433325 |
| River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) | River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) | River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) | River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) |
| 2775000 | 5.250 | 09/01/2047 | 2801147 |
| 3875000 | 5.000 | 09/01/2052 | 3755790 |
| River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) |
| 605000 | 4.000 | 09/01/2046 | 519345 |
| 1400000 | 4.000 | 09/01/2051 | 1166056 |
| Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A)<sup>(f)</sup> | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A)<sup>(f)</sup> | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A)<sup>(f)</sup> | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A)<sup>(f)</sup> |
| 2220000 | 0.000 | 10/01/2033 | 1472741 |
| 2220000 | 0.000 | 10/01/2035 | 1318570 |
| 1840000 | 0.000 | 10/01/2037 | 975486 |
| 5100000 | 0.000 | 10/01/2038 | 2555137 |
| 8425000 | 0.000 | 10/01/2039 | 3975991 |
| 13395000 | 0.000 | 10/01/2040 | 5940733 |
| 7275000 | 0.000 | 10/01/2041 | 3028237 |
| 6360000 | 0.000 | 10/01/2042 | 2507380 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (NR/A)<sup>(b)</sup> | Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (NR/A)<sup>(b)</sup> | Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (NR/A)<sup>(b)</sup> | Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (NR/A)<sup>(b)</sup> |
| 2000000 | 5.750% | 06/01/2023 | $2023396 |
| Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) | Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) | Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) | Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) |
| 770000 | 5.000 | 09/01/2029 | 820538 |
| 1865000 | 5.000 | 09/01/2033 | 1958596 |
| 2250000 | 5.000 | 09/01/2035 | 2338683 |
| Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) |
| 1000000 | 5.000 | 09/01/2049 | 1015394 |
| San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+)<sup>(f)</sup> | San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+)<sup>(f)</sup> | San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+)<sup>(f)</sup> | San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+)<sup>(f)</sup> |
| 1420000 | 0.000 | 08/01/2025 | 1301251 |
| San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)<sup>(f)</sup> | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)<sup>(f)</sup> | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)<sup>(f)</sup> | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)<sup>(f)</sup> |
| 10000000 | 0.000 | 07/01/2030 | 7879490 |
| 3005000 | 0.000 | 07/01/2031 | 2274088 |
| San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR) |
| 1370000 | 4.000 | 08/01/2032 | 1231709 |
| 1560000 | 4.000 | 08/01/2033 | 1384761 |
| 1680000 | 4.000 | 08/01/2034 | 1466393 |
| 1810000 | 4.000 | 08/01/2035 | 1549202 |
| 1945000 | 4.000 | 08/01/2036 | 1635053 |
| San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+)<sup>(f)</sup> | San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+)<sup>(f)</sup> | San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+)<sup>(f)</sup> | San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+)<sup>(f)</sup> |
| 1595000 | 0.000 | 08/01/2025 | 1478007 |
| Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (NR/AA) | Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (NR/AA) | Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (NR/AA) | Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (NR/AA) |
| 2000000 | 5.000 | 07/01/2042 | 2004618 |
| Silicon Valley Tobacco Securitization Authority Tobacco Settlement ABS Series 2007D (NR/NR)<sup>(f)</sup> | Silicon Valley Tobacco Securitization Authority Tobacco Settlement ABS Series 2007D (NR/NR)<sup>(f)</sup> | Silicon Valley Tobacco Securitization Authority Tobacco Settlement ABS Series 2007D (NR/NR)<sup>(f)</sup> | Silicon Valley Tobacco Securitization Authority Tobacco Settlement ABS Series 2007D (NR/NR)<sup>(f)</sup> |
| 27250000 | 0.000 | 06/01/2056 | 2142381 |
| Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)<sup>(f)</sup> | Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)<sup>(f)</sup> | Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)<sup>(f)</sup> | Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)<sup>(f)</sup> |
| 91400000 | 0.000 | 06/01/2056 | 7911831 |
| Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR) |
| 4000000 | 5.250 | 09/01/2042 | 4004139 |
| Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR) |
| 4650000 | 4.000 | 09/01/2050 | 3987548 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-) |
| 3245000 | 5.000 | 06/01/2048 | 3226615 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)<sup>(f)</sup> | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)<sup>(f)</sup> | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)<sup>(f)</sup> | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)<sup>(f)</sup> |
| 9510000 | 0.000 | 06/01/2054 | 1700964 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) |
| 995000 | 5.000% | 10/01/2045 | $1019866 |
| 215000 | 2.400 | 10/01/2049 | 202955 |
| 1045000 | 5.000 | 10/01/2049 | 1057154 |
| Tustin California Community Facilities District No. 2014-1 Tustin Legacy/Standard Pacific Special Tax Bonds Series 2015 A (NR/NR) | Tustin California Community Facilities District No. 2014-1 Tustin Legacy/Standard Pacific Special Tax Bonds Series 2015 A (NR/NR) | Tustin California Community Facilities District No. 2014-1 Tustin Legacy/Standard Pacific Special Tax Bonds Series 2015 A (NR/NR) | Tustin California Community Facilities District No. 2014-1 Tustin Legacy/Standard Pacific Special Tax Bonds Series 2015 A (NR/NR) |
| 750000 | 5.000 | 09/01/2040 | 760085 |
| 1000000 | 5.000 | 09/01/2045 | 1008364 |
| William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR) | William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR) | William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR) | William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR) |
| 1400000 | 5.000 | 09/01/2047 | 1413685 |
| William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA)<sup>(f)</sup> | William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA)<sup>(f)</sup> | William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA)<sup>(f)</sup> | William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA)<sup>(f)</sup> |
| 8360000 | 0.000 | 08/01/2034 | 5401677 |
| Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-)<sup>(d)</sup> | Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-)<sup>(d)</sup> | Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-)<sup>(d)</sup> | Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-)<sup>(d)</sup> |
| 19135000 | 0.000 | 08/01/2042 | 14738286 |
|  |  |  | 777754048 |
| **Colorado – 6.1%** | **Colorado – 6.1%** | **Colorado – 6.1%** | **Colorado – 6.1%** |
| Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) | Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) | Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) | Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) |
| 1575000 | 4.700 | 12/01/2047 | 1255215 |
| Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR) |
| 603000 | 5.000 | 12/01/2037 | 566362 |
| 613000 | 5.125 | 12/01/2047 | 544795 |
| Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) | Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) | Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) | Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) |
| 4000000 | 7.750 | 12/15/2050 | 3583005 |
| Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR)<sup>(c)</sup> | Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR)<sup>(c)</sup> | Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR)<sup>(c)</sup> | Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR)<sup>(c)</sup> |
| 4000000 | 4.875 | 12/01/2051 | 3025837 |
| Banning Lewis Ranch Regional Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Banning Lewis Ranch Regional Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Banning Lewis Ranch Regional Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Banning Lewis Ranch Regional Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) |
| 4690000 | 5.750 | 12/01/2051 | 3973231 |
| Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) | Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) | Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) | Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| 3250000 | 5.500 | 12/01/2050 | 2812959 |
| Belford North Metropolitan District GO Bonds Series 2020 B (NR/NR) | Belford North Metropolitan District GO Bonds Series 2020 B (NR/NR) | Belford North Metropolitan District GO Bonds Series 2020 B (NR/NR) | Belford North Metropolitan District GO Bonds Series 2020 B (NR/NR) |
| 6000000 | 8.500 | 12/15/2050 | 5453338 |
| Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)<sup>(c)(d)</sup> | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)<sup>(c)(d)</sup> | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)<sup>(c)(d)</sup> | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)<sup>(c)(d)</sup> |
| 1930000 | 0.000 | 12/01/2049 | 1584248 |
| Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR)<sup>(c)</sup> | Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR)<sup>(c)</sup> | Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR)<sup>(c)</sup> | Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR)<sup>(c)</sup> |
| 1185000 | 5.250 | 12/01/2049 | 1074302 |
| Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR) | Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR) | Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR) | Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR) |
| 670000 | 7.000 | 12/15/2047 | 599750 |
| Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)<sup>(c)</sup> | Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)<sup>(c)</sup> | Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)<sup>(c)</sup> | Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)<sup>(c)</sup> |
| 1300000 | 5.000 | 12/01/2049 | 1166582 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR) | Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR) | Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR) | Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR) |
| 1000000 | 6.375% | 12/15/2047 | $949787 |
| Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) | Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) | Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) | Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) |
| 2250000 | 5.375 | 12/01/2048 | 2073164 |
| Canyon Pines Metropolitan District Special Improvement District No. 1 Special Assessment Bond Series 2021 A-2 (NR/NR) | Canyon Pines Metropolitan District Special Improvement District No. 1 Special Assessment Bond Series 2021 A-2 (NR/NR) | Canyon Pines Metropolitan District Special Improvement District No. 1 Special Assessment Bond Series 2021 A-2 (NR/NR) | Canyon Pines Metropolitan District Special Improvement District No. 1 Special Assessment Bond Series 2021 A-2 (NR/NR) |
| 12000000 | 3.750 | 12/01/2040 | 9087836 |
| Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) | Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) | Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) | Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) |
| 1750000 | 6.000 | 12/01/2037 | 1676785 |
| 4000000 | 6.125 | 12/01/2047 | 3796979 |
| Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR) |
| 2000000 | 6.125 | 12/01/2047 | 1898489 |
| Cascade Ridge Metropolitan District GO Bonds Series 2021 (NR/NR) | Cascade Ridge Metropolitan District GO Bonds Series 2021 (NR/NR) | Cascade Ridge Metropolitan District GO Bonds Series 2021 (NR/NR) | Cascade Ridge Metropolitan District GO Bonds Series 2021 (NR/NR) |
| 2500000 | 5.000 | 12/01/2051 | 2014002 |
| Castleview Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) | Castleview Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) | Castleview Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) | Castleview Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) |
| 4220000 | 5.000 | 12/01/2050 | 3263346 |
| Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) |
| 835000 | 5.000 | 12/01/2051 | 698680 |
| Cherry Creek South Metropolitan District Lt Go Bonds Series 2021 (NR/NR) | Cherry Creek South Metropolitan District Lt Go Bonds Series 2021 (NR/NR) | Cherry Creek South Metropolitan District Lt Go Bonds Series 2021 (NR/NR) | Cherry Creek South Metropolitan District Lt Go Bonds Series 2021 (NR/NR) |
| 9400000 | 6.000 | 12/01/2051 | 7972211 |
| Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) | Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) | Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) | Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) |
| 2575000 | 5.350 | 12/01/2050 | 2252270 |
| Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR) | Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR) | Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR) | Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR) |
| 500000 | 7.375 | 12/15/2047 | 455692 |
| Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR) |
| 762000 | 4.375 | 12/01/2032 | 704031 |
| Clear Creek Transit Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR) | Clear Creek Transit Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR) | Clear Creek Transit Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR) | Clear Creek Transit Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR) |
| 580000 | 5.000 | 12/01/2041 | 515353 |
| 1000000 | 5.000 | 12/01/2050 | 835751 |
| Cloverleaf Metropolitan District GO LT Bonds Series 2022A (NR/NR) | Cloverleaf Metropolitan District GO LT Bonds Series 2022A (NR/NR) | Cloverleaf Metropolitan District GO LT Bonds Series 2022A (NR/NR) | Cloverleaf Metropolitan District GO LT Bonds Series 2022A (NR/NR) |
| 1825000 | 6.000 | 12/01/2051 | 1767307 |
| Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) |
| 2075000 | 4.000 | 10/01/2061 | 1582325 |
| Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) | Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) | Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) | Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) |
| 475000 | 4.000 | 05/01/2051 | 376296 |
| 550000 | 4.000 | 05/01/2061 | 414913 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)<sup>(c)</sup> | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)<sup>(c)</sup> | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)<sup>(c)</sup> | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)<sup>(c)</sup> |
| 900000 | 5.000% | 02/01/2051 | $761334 |
| 2335000 | 5.000 | 02/01/2061 | 1932973 |
| Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)<sup>(c)</sup> | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)<sup>(c)</sup> | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)<sup>(c)</sup> | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)<sup>(c)</sup> |
| 6000000 | 5.000 | 10/01/2049 | 5366203 |
| Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) | Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) | Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) | Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) |
| 1580000 | 5.000 | 09/01/2057 | 1553249 |
| 1955000 | 5.000 | 09/01/2062 | 1888140 |
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) |
| 3245000 | 6.000 | 07/01/2036 | 3088276 |
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) |
| 2055000 | 6.000 | 07/01/2031 | 2000438 |
| Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (NR/NR)<sup>(b)</sup> | Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (NR/NR)<sup>(b)</sup> | Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (NR/NR)<sup>(b)</sup> | Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (NR/NR)<sup>(b)</sup> |
| 3000000 | 5.750 | 12/01/2023 | 3077610 |
| Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) |
| 2650000 | 4.000 | 09/01/2050 | 2162430 |
| Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> |
| 33381200 | 5.000 | 07/01/2057 | 26391871 |
| Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Obligated Group Series 2021 (NR/NR) | Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Obligated Group Series 2021 (NR/NR) | Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Obligated Group Series 2021 (NR/NR) | Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Obligated Group Series 2021 (NR/NR) |
| 950000 | 4.000 | 01/01/2042 | 700585 |
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) |
| 2135000 | 3.250 | 08/01/2049 | 1511020 |
| Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR) |
| 965000 | 5.000 | 12/31/2047 | 954136 |
| 965000 | 5.000 | 12/31/2051 | 943608 |
| Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)<sup>\*</sup> | Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)<sup>\*</sup> | Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)<sup>\*</sup> | Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)<sup>\*</sup> |
| 3000000 | 5.750 | 12/01/2047 | 2531708 |
| Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) | Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) | Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) | Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) |
| 850000 | 5.250 | 12/01/2051 | 724231 |
| Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) |
| 1760000 | 5.000 | 12/01/2049 | 1564897 |
| Copper Ridge Metropolitan District RB Series 2019 (NR/NR) | Copper Ridge Metropolitan District RB Series 2019 (NR/NR) | Copper Ridge Metropolitan District RB Series 2019 (NR/NR) | Copper Ridge Metropolitan District RB Series 2019 (NR/NR) |
| 4240000 | 5.000 | 12/01/2039 | 3804405 |
| 1750000 | 5.000 | 12/01/2043 | 1513040 |
| Copperleaf Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Copperleaf Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Copperleaf Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Copperleaf Metropolitan District GO LT Bonds Series 2021 (NR/NR) |
| 3600000 | 4.875 | 12/01/2051 | 2736641 |
| Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR) | Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR) | Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR) | Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR) |
| 506000 | 7.625 | 12/15/2047 | 521180 |
| Copperleaf Metropolitan District No. 6 Arapoe County Subordinate LT GO Bonds Series 2022B (NR\NR) | Copperleaf Metropolitan District No. 6 Arapoe County Subordinate LT GO Bonds Series 2022B (NR\NR) | Copperleaf Metropolitan District No. 6 Arapoe County Subordinate LT GO Bonds Series 2022B (NR\NR) | Copperleaf Metropolitan District No. 6 Arapoe County Subordinate LT GO Bonds Series 2022B (NR\NR) |
| 725000 | 6.000 | 12/15/2041 | 676453 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A<br>(NR/NR)<sup>(b)</sup> | Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A<br>(NR/NR)<sup>(b)</sup> | Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A<br>(NR/NR)<sup>(b)</sup> | Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A<br>(NR/NR)<sup>(b)</sup> |
| 2000000 | 5.250% | 12/01/2023 | $2094811 |
| Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)<sup>(b)</sup> | Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)<sup>(b)</sup> | Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)<sup>(b)</sup> | Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)<sup>(b)</sup> |
| 820000 | 7.500 | 12/15/2023 | 875862 |
| Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR) | Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR) | Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR) | Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR) |
| 1000000 | 5.125 | 12/01/2037 | 957369 |
| 2100000 | 5.250 | 12/01/2047 | 1938044 |
| Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) | Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) | Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) | Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| 3261000 | 5.000 | 12/01/2049 | 2876147 |
| Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)<sup>(c)</sup> |
| 2045000 | 5.500 | 12/01/2039 | 1753636 |
| 5790000 | 5.750 | 12/01/2049 | 4851407 |
| Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Subordinate Bonds Series 2021B (NR/NR) (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Subordinate Bonds Series 2021B (NR/NR) (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Subordinate Bonds Series 2021B (NR/NR) (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Subordinate Bonds Series 2021B (NR/NR) (NR/NR)<sup>(c)</sup> |
| 2350000 | 8.000 | 12/15/2049 | 2054561 |
| Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)<sup>(c)</sup> |
| 5490000 | 5.500 | 12/01/2039 | 4756913 |
| 10900000 | 5.750 | 12/01/2049 | 9200720 |
| Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)<sup>(c)</sup> | Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)<sup>(c)</sup> |
| 2370000 | 8.000 | 12/15/2049 | 2092957 |
| Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) |
| 25035000 | 5.000 | 10/01/2032 | 24616557 |
| Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(c)</sup> | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(c)</sup> | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(c)</sup> | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(c)</sup> |
| 4155000 | 5.000 | 12/01/2028 | 4377047 |
| 4800000 | 4.000 | 12/01/2035 | 4308109 |
| 4800000 | 4.000 | 12/01/2036 | 4245088 |
| Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) |
| 665000 | 5.000 | 12/01/2030 | 681344 |
| 2500000 | 5.000 | 12/01/2032 | 2547472 |
| Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) |
| 325000 | 5.000 | 12/01/2031 | 331738 |
| Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) | Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) | Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) | Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) |
| 425000 | 5.000 | 12/01/2032 | 447519 |
| 1825000 | 4.000 | 12/01/2038 | 1593166 |
| 1690000 | 5.000 | 12/01/2048 | 1692294 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(c)</sup> | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(c)</sup> | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(c)</sup> | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(c)</sup> |
| 7200000 | 5.000% | 12/01/2034 | $7485819 |
| Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) |
| 950000 | 4.000 | 12/01/2040 | 812147 |
| Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR) | Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR) | Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR) | Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR) |
| 3550000 | 5.000 | 06/01/2049 | 3133511 |
| E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A2/A)<sup>(f)</sup> |
| 3000000 | 0.000 | 09/01/2039 | 1332071 |
| E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)<sup>(f)</sup> |
| 15000000 | 0.000 | 09/01/2028 | 12488523 |
| 4100000 | 0.000 | 09/01/2034 | 2640903 |
| E-470 Public Highway Authority RB Series 2010 A (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Series 2010 A (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Series 2010 A (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Series 2010 A (A2/A)<sup>(f)</sup> |
| 20000000 | 0.000 | 09/01/2040 | 9074712 |
| Eagle Brook Meadows Metropolitan District No. 3 GO Bonds Series 2021 (NR/NR) | Eagle Brook Meadows Metropolitan District No. 3 GO Bonds Series 2021 (NR/NR) | Eagle Brook Meadows Metropolitan District No. 3 GO Bonds Series 2021 (NR/NR) | Eagle Brook Meadows Metropolitan District No. 3 GO Bonds Series 2021 (NR/NR) |
| 1600000 | 5.000 | 12/01/2051 | 1328103 |
| El Paso County Waterview II Metropolitan LT GO Bonds Series 2022A (NR\NR) | El Paso County Waterview II Metropolitan LT GO Bonds Series 2022A (NR\NR) | El Paso County Waterview II Metropolitan LT GO Bonds Series 2022A (NR\NR) | El Paso County Waterview II Metropolitan LT GO Bonds Series 2022A (NR\NR) |
| 2000000 | 5.000 | 12/01/2051 | 1671975 |
| Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(c)</sup> | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(c)</sup> | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(c)</sup> | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(c)</sup> |
| 2950000 | 5.550 | 12/01/2047 | 2924888 |
| First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR) | First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR) | First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR) | First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR) |
| 1580000 | 5.000 | 08/01/2049 | 1433123 |
| First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR) | First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR) | First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR) | First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR) |
| 515000 | 6.750 | 08/01/2049 | 494603 |
| Four Corners Business Improvement District LT Supported RB Series 2022 (NR/NR) | Four Corners Business Improvement District LT Supported RB Series 2022 (NR/NR) | Four Corners Business Improvement District LT Supported RB Series 2022 (NR/NR) | Four Corners Business Improvement District LT Supported RB Series 2022 (NR/NR) |
| 2500000 | 6.000 | 12/01/2052 | 2212297 |
| Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) |
| 2370000 | 4.250 | 12/01/2051 | 1686865 |
| Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR) | Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR) | Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR) | Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR) |
| 4500000 | 5.750 | 12/01/2048 | 4392596 |
| Greenspire Metropolitan District GO LT Bonds Series 2022 (NR/NR) | Greenspire Metropolitan District GO LT Bonds Series 2022 (NR/NR) | Greenspire Metropolitan District GO LT Bonds Series 2022 (NR/NR) | Greenspire Metropolitan District GO LT Bonds Series 2022 (NR/NR) |
| 1430000 | 5.125 | 12/01/2051 | 1230383 |
| Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> |
| 1140000 | 4.625 | 12/01/2045 | 875063 |
| High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL) (A2/NR) | High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL) (A2/NR) | High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL) (A2/NR) | High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL) (A2/NR) |
| 3680000 | 4.000 | 12/01/2047 | 3413654 |
| Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) |
| 570000 | 5.000 | 12/01/2051 | 465572 |
| Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) | Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) | Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) | Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) |
| 2000000 | 5.000 | 12/01/2049 | 1764044 |
| Jay Grove Metropolitan District GO Bonds Series 2021 (NR/NR) | Jay Grove Metropolitan District GO Bonds Series 2021 (NR/NR) | Jay Grove Metropolitan District GO Bonds Series 2021 (NR/NR) | Jay Grove Metropolitan District GO Bonds Series 2021 (NR/NR) |
| 1225000 | 4.250 | 12/01/2051 | 885572 |
| Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (Ba2/NR) | Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (Ba2/NR) | Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (Ba2/NR) | Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (Ba2/NR) |
| 580000 | 4.125 | 12/01/2040 | 475783 |
| 900000 | 4.375 | 12/01/2047 | 712997 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Johnstown Farms East Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Johnstown Farms East Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Johnstown Farms East Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Johnstown Farms East Metropolitan District GO LT Bonds Series 2021 (NR/NR) |
| 1000000 | 5.000% | 12/01/2051 | $809763 |
| Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) | Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) | Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) | Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) |
| 9486000 | 4.250 | 12/01/2046 | 7456680 |
| Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) |
| 1980000 | 5.000 | 12/01/2050 | 1687245 |
| Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR)<sup>(d)</sup> | Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR)<sup>(d)</sup> | Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR)<sup>(d)</sup> | Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR)<sup>(d)</sup> |
| 7800000 | 0.000 | 12/01/2050 | 6245696 |
| Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) |
| 4190000 | 5.000 | 12/01/2049 | 3730721 |
| Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR) | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR) | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR) | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR) |
| 683000 | 7.750 | 12/15/2049 | 616833 |
| Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR) | Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR) | Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR) | Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| 1180000 | 5.750 | 12/01/2050 | 1109932 |
| Loretto Heights Community Authority RB Series 2021 (NR/NR) | Loretto Heights Community Authority RB Series 2021 (NR/NR) | Loretto Heights Community Authority RB Series 2021 (NR/NR) | Loretto Heights Community Authority RB Series 2021 (NR/NR) |
| 4500000 | 4.875 | 12/01/2051 | 3388557 |
| Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/NR) | Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/NR) | Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/NR) | Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| 525000 | 4.875 | 12/01/2040 | 444424 |
| 750000 | 5.125 | 12/01/2050 | 633638 |
| Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) | Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) | Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) | Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) |
| 2925000 | 6.750 | 12/01/2052 | 2815948 |
| Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) |
| 2665000 | 5.000 | 12/01/2049 | 2316240 |
| Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) |
| 1473000 | 7.375 | 12/15/2049 | 1298947 |
| Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) | Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) | Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) | Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) |
| 2900000 | 4.000 | 12/01/2051 | 2133484 |
| Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR) | Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR) | Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR) | Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| 980000 | 5.000 | 12/01/2049 | 857200 |
| Muegge Farms Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | Muegge Farms Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | Muegge Farms Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | Muegge Farms Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) |
| 3225000 | 5.000 | 12/01/2051 | 2577355 |
| Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) | Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) | Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) | Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) |
| 2550000 | 7.000 | 12/01/2052 | 2572835 |
| Murphy Creek Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Murphy Creek Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Murphy Creek Metropolitan District GO LT Bonds Series 2021 (NR/NR) | Murphy Creek Metropolitan District GO LT Bonds Series 2021 (NR/NR) |
| 12788000 | 5.000 | 12/01/2051 | 10341198 |
| Murphy Creek Metropolitan District GO LT Bonds Series 2022A (NR/NR) | Murphy Creek Metropolitan District GO LT Bonds Series 2022A (NR/NR) | Murphy Creek Metropolitan District GO LT Bonds Series 2022A (NR/NR) | Murphy Creek Metropolitan District GO LT Bonds Series 2022A (NR/NR) |
| 2140000 | 6.000 | 12/01/2052 | 2004865 |
| Nexus North at DIA Metropolitan District GO Bonds Series 2021 (NR/NR) | Nexus North at DIA Metropolitan District GO Bonds Series 2021 (NR/NR) | Nexus North at DIA Metropolitan District GO Bonds Series 2021 (NR/NR) | Nexus North at DIA Metropolitan District GO Bonds Series 2021 (NR/NR) |
| 1140000 | 5.000 | 12/01/2051 | 955724 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) | North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) | North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) | North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) |
| 1260000 | 5.500% | 12/01/2048 | $1181527 |
| North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR) | North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR) | North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR) | North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR) |
| 3270000 | 5.625 | 12/01/2037 | 3278054 |
| 5380000 | 5.750 | 12/01/2047 | 5312768 |
| Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) |
| 330000 | 4.000 | 12/01/2032 | 320411 |
| 320000 | 4.000 | 12/01/2033 | 308831 |
| 190000 | 4.000 | 12/01/2034 | 181680 |
| 550000 | 4.000 | 12/01/2036 | 514388 |
| 215000 | 4.000 | 12/01/2038 | 197832 |
| Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR) | Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR) | Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR) | Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR) |
| 4711000 | 7.250 | 12/15/2049 | 4185923 |
| Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR) | Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR) | Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR) | Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| 1500000 | 5.125 | 12/01/2049 | 1345952 |
| Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR) | Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR) | Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR) | Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR) |
| 2140000 | 5.000 | 12/01/2040 | 1950736 |
| 3335000 | 5.250 | 12/01/2050 | 2889123 |
| Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR) | Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR) | Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR) | Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR) |
| 1924000 | 7.750 | 12/15/2050 | 1712268 |
| Patriot Park Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Patriot Park Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Patriot Park Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | Patriot Park Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) |
| 1029000 | 4.300 | 12/01/2050 | 766508 |
| Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> |
| 1150000 | 5.000 | 12/01/2051 | 973585 |
| Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) |
| 1200000 | 5.000 | 12/01/2050 | 1031495 |
| Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)<sup>(c)</sup> | Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)<sup>(c)</sup> | Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)<sup>(c)</sup> | Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)<sup>(c)</sup> |
| 1000000 | 5.000 | 12/01/2040 | 939654 |
| Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) | Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) | Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) | Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| 800000 | 5.000 | 12/01/2049 | 716151 |
| Powhaton Community Authority LT Supported RB Series 2021 (NR/NR) | Powhaton Community Authority LT Supported RB Series 2021 (NR/NR) | Powhaton Community Authority LT Supported RB Series 2021 (NR/NR) | Powhaton Community Authority LT Supported RB Series 2021 (NR/NR) |
| 5460000 | 5.000 | 12/01/2051 | 4446350 |
| Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> | Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> | Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> | Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)<sup>(b)</sup> |
| 2000000 | 5.625 | 12/01/2023 | 2103331 |
| Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)<sup>(c)</sup> | Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)<sup>(c)</sup> | Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)<sup>(c)</sup> | Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)<sup>(c)</sup> |
| 3000000 | 5.000 | 12/15/2041 | 2774860 |
| Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR) | Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR) | Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR) | Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR) |
| 740000 | 4.125 | 12/15/2036 | 638653 |
| 725000 | 4.875 | 12/15/2044 | 608542 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-) | Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-) | Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-) | Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-) |
| 4200000 | 6.500% | 11/15/2038 | $4920012 |
| Pueblo Urban Renewal Authority Tax Allocation Series 2021 A<br>(NR/NR)<sup>(c)</sup> | Pueblo Urban Renewal Authority Tax Allocation Series 2021 A<br>(NR/NR)<sup>(c)</sup> | Pueblo Urban Renewal Authority Tax Allocation Series 2021 A<br>(NR/NR)<sup>(c)</sup> | Pueblo Urban Renewal Authority Tax Allocation Series 2021 A<br>(NR/NR)<sup>(c)</sup> |
| 5400000 | 4.750 | 12/01/2045 | 4330809 |
| Pueblo Urban Renewal Authority Tax Allocation Series 2021 B<br>(NR/NR)<sup>(c)(f)</sup> | Pueblo Urban Renewal Authority Tax Allocation Series 2021 B<br>(NR/NR)<sup>(c)(f)</sup> | Pueblo Urban Renewal Authority Tax Allocation Series 2021 B<br>(NR/NR)<sup>(c)(f)</sup> | Pueblo Urban Renewal Authority Tax Allocation Series 2021 B<br>(NR/NR)<sup>(c)(f)</sup> |
| 150000 | 0.000 | 12/01/2025 | 126489 |
| Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) |
| 9930000 | 5.000 | 12/01/2049 | 8707382 |
| Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) |
| 1750000 | 4.000 | 12/01/2051 | 1179333 |
| Reunion Metropolitan District RB Series 2021 A (NR/NR) | Reunion Metropolitan District RB Series 2021 A (NR/NR) | Reunion Metropolitan District RB Series 2021 A (NR/NR) | Reunion Metropolitan District RB Series 2021 A (NR/NR) |
| 2207710 | 3.625 | 12/01/2044 | 1576411 |
| Ridgeline Vista Metropolitan District GO Bonds Series 2021 A (NR/NR) | Ridgeline Vista Metropolitan District GO Bonds Series 2021 A (NR/NR) | Ridgeline Vista Metropolitan District GO Bonds Series 2021 A (NR/NR) | Ridgeline Vista Metropolitan District GO Bonds Series 2021 A (NR/NR) |
| 1000000 | 5.250 | 12/01/2060 | 925901 |
| Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) | Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) | Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) | Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) |
| 1150000 | 5.000 | 12/01/2049 | 1032569 |
| Riverview Metropolitan District GO Refunding Bonds Series 2021 (NR/NR) | Riverview Metropolitan District GO Refunding Bonds Series 2021 (NR/NR) | Riverview Metropolitan District GO Refunding Bonds Series 2021 (NR/NR) | Riverview Metropolitan District GO Refunding Bonds Series 2021 (NR/NR) |
| 500000 | 5.000 | 12/01/2051 | 413568 |
| RRC Metropolitan District LT GO Bonds Series 2021 (NR/NR) | RRC Metropolitan District LT GO Bonds Series 2021 (NR/NR) | RRC Metropolitan District LT GO Bonds Series 2021 (NR/NR) | RRC Metropolitan District LT GO Bonds Series 2021 (NR/NR) |
| 5125000 | 5.250 | 12/01/2051 | 4168718 |
| Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> |
| 1055000 | 5.000 | 12/01/2050 | 886799 |
| Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) | Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) | Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) | Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) |
| 3450000 | 5.000 | 12/01/2039 | 3221137 |
| 5695000 | 5.000 | 12/01/2049 | 5022893 |
| Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) | Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) | Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) | Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) |
| 9375000 | 5.250 | 12/01/2051 | 7792386 |
| Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)<sup>(b)</sup> | Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)<sup>(b)</sup> | Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)<sup>(b)</sup> | Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)<sup>(b)</sup> |
| 550000 | 5.125 | 12/01/2023 | 575973 |
| 1000000 | 5.125 | 12/01/2023 | 1047223 |
| Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)<sup>(b)</sup> | Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)<sup>(b)</sup> | Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)<sup>(b)</sup> | Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)<sup>(b)</sup> |
| 635000 | 7.250 | 12/15/2023 | 676491 |
| Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Settler's Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> |
| 1000000 | 5.000 | 12/01/2040 | 892913 |
| 1625000 | 5.125 | 12/01/2050 | 1386745 |
| Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) | Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) | Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) | Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) |
| 1460000 | 5.000 | 12/01/2049 | 1373622 |
| Sky Ranch Community Authority Board LT Support District Bonds Series 2022A (NR/NR) | Sky Ranch Community Authority Board LT Support District Bonds Series 2022A (NR/NR) | Sky Ranch Community Authority Board LT Support District Bonds Series 2022A (NR/NR) | Sky Ranch Community Authority Board LT Support District Bonds Series 2022A (NR/NR) |
| 4345000 | 5.750 | 12/01/2052 | 3943779 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) |
| 375000 | 4.000% | 12/01/2039 | $375083 |
| 750000 | 4.000 | 12/01/2044 | 716316 |
| 2210000 | 3.000 | 12/01/2049 | 1580147 |
| South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR) | South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR) | South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR) | South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR) |
| 2208000 | 8.000 | 12/15/2048 | 2006743 |
| South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) | South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) | South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) | South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) |
| 500000 | 5.500 | 12/01/2048 | 448620 |
| St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) | St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) | St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) | St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) |
| 2550000 | 5.125 | 12/01/2047 | 2337008 |
| Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR) | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR) |
| 650000 | 5.000 | 12/01/2039 | 681162 |
| Sterling Ranch Community Authority Board RB for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 B (NR/NR) | Sterling Ranch Community Authority Board RB for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 B (NR/NR) | Sterling Ranch Community Authority Board RB for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 B (NR/NR) | Sterling Ranch Community Authority Board RB for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 B (NR/NR) |
| 717000 | 7.125 | 12/15/2050 | 663979 |
| Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) | Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) | Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) | Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) |
| 2500000 | 4.250 | 12/01/2050 | 1905254 |
| Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) | Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) | Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) | Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) |
| 2000000 | 5.625 | 12/01/2047 | 1906111 |
| Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (Baa3/NR) | Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (Baa3/NR) | Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (Baa3/NR) | Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (Baa3/NR) |
| 8000000 | 6.000 | 12/01/2050 | 8479562 |
| The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) |
| 1100000 | 5.000 | 12/01/2040 | 1030053 |
| 1750000 | 5.000 | 12/01/2049 | 1586819 |
| Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/NR) | Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/NR) | Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/NR) | Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/NR) |
| 1730000 | 5.750 | 12/01/2050 | 1621098 |
| Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR) | Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR) | Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR) | Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR) |
| 685000 | 5.250 | 12/01/2037 | 660807 |
| 2400000 | 5.375 | 12/01/2047 | 2218069 |
| Village at Dry Creek Metropolitan District No. 2 GO Bonds for Thornton Adams Series 2019 (NR/NR) | Village at Dry Creek Metropolitan District No. 2 GO Bonds for Thornton Adams Series 2019 (NR/NR) | Village at Dry Creek Metropolitan District No. 2 GO Bonds for Thornton Adams Series 2019 (NR/NR) | Village at Dry Creek Metropolitan District No. 2 GO Bonds for Thornton Adams Series 2019 (NR/NR) |
| 948000 | 4.375 | 12/01/2044 | 773479 |
| Villages at Johnstown Metropolitan District No. 3 GO Bonds Series 2020 A (NR/NR) | Villages at Johnstown Metropolitan District No. 3 GO Bonds Series 2020 A (NR/NR) | Villages at Johnstown Metropolitan District No. 3 GO Bonds Series 2020 A (NR/NR) | Villages at Johnstown Metropolitan District No. 3 GO Bonds Series 2020 A (NR/NR) |
| 580000 | 5.000 | 12/01/2040 | 526302 |
| 1020000 | 5.000 | 12/01/2050 | 862859 |
| Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) |
| 1500000 | 5.000 | 12/01/2050 | 1255351 |
| Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2<br>(NR/NR)<sup>(d)</sup> | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2<br>(NR/NR)<sup>(d)</sup> | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2<br>(NR/NR)<sup>(d)</sup> | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2<br>(NR/NR)<sup>(d)</sup> |
| 1000000 | 0.000 | 12/01/2050 | 632376 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Westerly Metropolitan District No. 4 GO Bonds Series 2021 B-3 (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 B-3 (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 B-3 (NR/NR) | Westerly Metropolitan District No. 4 GO Bonds Series 2021 B-3 (NR/NR) |
| 4238000 | 8.000% | 12/15/2050 | $3650820 |
| Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> |
| 970000 | 5.000 | 12/01/2050 | 841682 |
| Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR) | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR) | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR) | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR) |
| 181000 | 7.750 | 12/15/2050 | 164690 |
| Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR) | Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR) | Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR) | Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR) |
| 3415000 | 5.375 | 12/01/2048 | 3174020 |
| Windler Public Improvement Authority RB Series 2021 A-1 (NR/NR) | Windler Public Improvement Authority RB Series 2021 A-1 (NR/NR) | Windler Public Improvement Authority RB Series 2021 A-1 (NR/NR) | Windler Public Improvement Authority RB Series 2021 A-1 (NR/NR) |
| 12250000 | 4.125 | 12/01/2051 | 8259515 |
| Windler Public Improvement Authority RB Series 2021 A-2 (NR/NR)<sup>(d)</sup> | Windler Public Improvement Authority RB Series 2021 A-2 (NR/NR)<sup>(d)</sup> | Windler Public Improvement Authority RB Series 2021 A-2 (NR/NR)<sup>(d)</sup> | Windler Public Improvement Authority RB Series 2021 A-2 (NR/NR)<sup>(d)</sup> |
| 9400000 | 0.000 | 12/01/2051 | 4850321 |
| Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) | Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) | Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) | Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) |
| 1500000 | 6.500 | 12/01/2047 | 1435830 |
| Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> |
| 2184000 | 5.125 | 12/01/2050 | 1746878 |
| Woodmen Heights Metropolitan District No. 2 GO Refunding Bonds Series 2020 B-1 (NR/NR) | Woodmen Heights Metropolitan District No. 2 GO Refunding Bonds Series 2020 B-1 (NR/NR) | Woodmen Heights Metropolitan District No. 2 GO Refunding Bonds Series 2020 B-1 (NR/NR) | Woodmen Heights Metropolitan District No. 2 GO Refunding Bonds Series 2020 B-1 (NR/NR) |
| 1799000 | 6.250 | 12/15/2040 | 1662756 |
|  |  |  | 480238004 |
| **Connecticut – 0.9%** | **Connecticut – 0.9%** | **Connecticut – 0.9%** | **Connecticut – 0.9%** |
| City of New Haven CT GO Bonds Series 2018 (BBB+/NR) | City of New Haven CT GO Bonds Series 2018 (BBB+/NR) | City of New Haven CT GO Bonds Series 2018 (BBB+/NR) | City of New Haven CT GO Bonds Series 2018 (BBB+/NR) |
| 410000 | 5.500 | 08/01/2038 | 439833 |
| City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) |
| 900000 | 5.500 | 08/01/2034 | 981901 |
| 500000 | 5.500 | 08/01/2035 | 542529 |
| 420000 | 5.500 | 08/01/2036 | 453766 |
| 400000 | 5.500 | 08/01/2037 | 430297 |
| City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 3925000 | 11.000 | 12/01/2027 | 3947176 |
| Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> |
| 1150000 | 5.000 | 01/01/2045 | 1070221 |
| 1650000 | 5.000 | 01/01/2055 | 1480920 |
| Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) |
| 1015000 | 4.000 | 07/01/2039 | 848773 |
| 3500000 | 4.000 | 07/01/2044 | 2743461 |
| 3500000 | 4.000 | 07/01/2049 | 2619440 |
| Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)<sup>(c)</sup> | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)<sup>(c)</sup> | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)<sup>(c)</sup> | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)<sup>(c)</sup> |
| 20100000 | 7.000 | 02/01/2045 | 20127973 |
| State of Connecticut Health & Educational Facilities Authority RB for Yale University Issue 2016A-1 (Aaa/AAA)<sup>(a)</sup> | State of Connecticut Health & Educational Facilities Authority RB for Yale University Issue 2016A-1 (Aaa/AAA)<sup>(a)</sup> | State of Connecticut Health & Educational Facilities Authority RB for Yale University Issue 2016A-1 (Aaa/AAA)<sup>(a)</sup> | State of Connecticut Health & Educational Facilities Authority RB for Yale University Issue 2016A-1 (Aaa/AAA)<sup>(a)</sup> |
| 26460000 | 1.800 | 07/01/2042 | 26460000 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Connecticut – (continued)** | **Connecticut – (continued)** | **Connecticut – (continued)** | **Connecticut – (continued)** |
| State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) |
| 2455000 | 5.375% | 07/01/2052 | $2330212 |
| Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(c)</sup> | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(c)</sup> | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(c)</sup> | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 1125000 | 4.000 | 04/01/2051 | 830082 |
| Town of Hamden RB for Whitney Center Project Series 2022A (NR/NR) | Town of Hamden RB for Whitney Center Project Series 2022A (NR/NR) | Town of Hamden RB for Whitney Center Project Series 2022A (NR/NR) | Town of Hamden RB for Whitney Center Project Series 2022A (NR/NR) |
| 6925000 | 7.000 | 01/01/2053 | 7019188 |
|  |  |  | 72325772 |
| **Delaware – 0.2%** | **Delaware – 0.2%** | **Delaware – 0.2%** | **Delaware – 0.2%** |
| Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) |
| 1075000 | 4.000 | 06/01/2052 | 794953 |
| 1125000 | 4.000 | 06/01/2057 | 805276 |
| Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (NR/NR) | Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (NR/NR) | Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (NR/NR) | Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (NR/NR) |
| 1785000 | 5.000 | 11/15/2048 | 1722135 |
| Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (NR/AA-) | Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (NR/AA-) | Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (NR/AA-) | Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (NR/AA-) |
| 3130000 | 4.000 | 07/01/2043 | 2979160 |
| Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) | Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) | Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) | Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) |
| 855000 | 5.000 | 08/01/2049 | 810843 |
| 795000 | 5.000 | 08/01/2054 | 741993 |
| Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) | Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) | Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) | Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) |
| 1900000 | 5.000 | 09/01/2050 | 1909367 |
| Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) |
| 5171000 | 4.000 | 07/01/2035 | 4886627 |
|  |  |  | 14650354 |
| **District of Columbia – 1.0%** | **District of Columbia – 1.0%** | **District of Columbia – 1.0%** | **District of Columbia – 1.0%** |
| District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) | District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) | District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) | District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) |
| 655000 | 4.000 | 07/01/2044 | 567967 |
| 1300000 | 4.000 | 07/01/2049 | 1087374 |
| 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-) | 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-) | 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-) | 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-) |
| 37100000 | 6.500 | 10/01/2044 | 41295606 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) |
| 3000000 | 3.000 | 10/01/2050 | 2143219 |
| 1070000 | 4.000 | 10/01/2053 | 943204 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) |
| 1115000 | 4.000 | 10/01/2053 | 944771 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **District of Columbia – (continued)** | **District of Columbia – (continued)** | **District of Columbia – (continued)** | **District of Columbia – (continued)** |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue (NR/NR) | Metropolitan Washington Airports Authority Dulles Toll Road Revenue (NR/NR) | Metropolitan Washington Airports Authority Dulles Toll Road Revenue (NR/NR) | Metropolitan Washington Airports Authority Dulles Toll Road Revenue (NR/NR) |
| 25000000 | 6.500% | 10/01/2041 | $28325125 |
|  |  |  | 75307266 |
| **Florida – 15.2%** | **Florida – 15.2%** | **Florida – 15.2%** | **Florida – 15.2%** |
| Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 1385000 | 5.500 | 06/15/2052 | 1339839 |
| Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) |
| 3595000 | 4.750 | 05/01/2036 | 3430889 |
| Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) | Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) | Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) | Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) |
| 625000 | 5.000 | 05/01/2039 | 604637 |
| 1025000 | 5.100 | 05/01/2049 | 949476 |
| Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 1580000 | 3.625 | 05/01/2040 | 1233066 |
| 5755000 | 4.000 | 05/01/2051 | 4268444 |
| Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 500000 | 3.750 | 05/01/2029 | 468726 |
| Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) |
| 1715000 | 3.500 | 05/01/2031 | 1643558 |
| Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA) | Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA) | Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA) | Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA) |
| 3970000 | 3.500 | 05/01/2032 | 3990548 |
| 6695000 | 3.700 | 05/01/2036 | 6705071 |
| Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR) | Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR) | Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR) | Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR) |
| 730000 | 4.625 | 05/01/2028 | 725066 |
| 1795000 | 5.000 | 05/01/2036 | 1759660 |
| Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR) | Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR) | Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR) | Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR) |
| 3305000 | 6.900 | 05/01/2036 | 3281859 |
| Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR) | Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR) | Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR) | Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR) |
| 860000 | 6.900 | 05/01/2036 | 839445 |
| Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) | Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) | Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) | Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) |
| 500000 | 4.000 | 11/01/2040 | 418424 |
| 3155000 | 4.000 | 11/01/2050 | 2398954 |
| Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)<sup>(c)</sup> | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)<sup>(c)</sup> | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)<sup>(c)</sup> | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)<sup>(c)</sup> |
| 1845000 | 5.100 | 05/01/2039 | 1795057 |
| 3080000 | 5.200 | 05/01/2049 | 2879045 |
| Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR)<sup>(c)</sup> | Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR)<sup>(c)</sup> | Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR)<sup>(c)</sup> | Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR)<sup>(c)</sup> |
| 270000 | 2.750 | 05/01/2031 | 225374 |
| 515000 | 3.125 | 05/01/2041 | 367259 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(c)</sup> | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(c)</sup> | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(c)</sup> | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 500000 | 3.200% | 05/01/2041 | $365084 |
| 1025000 | 4.000 | 05/01/2052 | 769472 |
| Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(c)</sup> | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(c)</sup> | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(c)</sup> | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 775000 | 3.200 | 05/01/2041 | 565699 |
| Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) |
| 660000 | 4.375 | 11/01/2049 | 539191 |
| Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) |
| 740000 | 5.750 | 05/01/2048 | 738952 |
| Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) |
| 250000 | 3.375 | 05/01/2041 | 188656 |
| 475000 | 4.000 | 05/01/2051 | 359163 |
| Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) |
| 1810000 | 6.000 | 05/01/2048 | 1847731 |
| Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) |
| 650000 | 3.125 | 05/01/2041 | 463531 |
| Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR) | Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR) | Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR) | Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR) |
| 775000 | 5.625 | 05/01/2052 | 763410 |
| Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) | Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) | Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) | Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) |
| 580000 | 3.750 | 05/01/2040 | 454534 |
| Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(c)</sup> | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(c)</sup> | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(c)</sup> | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 900000 | 4.500 | 06/01/2039 | 815145 |
| 1630000 | 4.625 | 06/01/2049 | 1391806 |
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) |
| 720000 | 4.750 | 11/01/2026 | 723440 |
| 700000 | 5.000 | 11/01/2031 | 703182 |
| 5990000 | 5.250 | 11/01/2046 | 5731403 |
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)<sup>(c)</sup> | Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)<sup>(c)</sup> | Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)<sup>(c)</sup> | Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)<sup>(c)</sup> |
| 935000 | 5.000 | 11/01/2049 | 856618 |
| Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) |
| 3500000 | 5.000 | 05/01/2042 | 3293533 |
| 4250000 | 5.000 | 05/01/2053 | 3890984 |
| Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) |
| 1880000 | 4.000 | 05/01/2052 | 1411324 |
| Balm Grove Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Balm Grove Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Balm Grove Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Balm Grove Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 1575000 | 4.000 | 11/01/2042 | 1271586 |
| 1575000 | 4.125 | 11/01/2051 | 1213001 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) |
| 955000 | 5.000% | 11/01/2036 | $940009 |
| 1055000 | 5.000 | 11/01/2048 | 962415 |
| Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR\NR) | Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR\NR) | Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR\NR) | Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 2160000 | 4.000 | 05/01/2053 | 1615791 |
| Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)<sup>(c)</sup> | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)<sup>(c)</sup> | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)<sup>(c)</sup> | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)<sup>(c)</sup> |
| 705000 | 3.500 | 05/01/2041 | 532661 |
| Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) |
| 1840000 | 4.250 | 05/01/2029 | 1883364 |
| Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) |
| 905000 | 5.000 | 05/01/2035 | 896036 |
| Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) | Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) | Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) | Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) |
| 885000 | 3.750 | 05/01/2031 | 848480 |
| 1010000 | 4.000 | 05/01/2037 | 950793 |
| Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) | Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) | Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) | Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) |
| 1610000 | 4.250 | 05/01/2031 | 1619242 |
| 2810000 | 4.250 | 05/01/2037 | 2721437 |
| Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)<sup>(c)</sup> | Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)<sup>(c)</sup> | Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)<sup>(c)</sup> | Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 1285000 | 6.375 | 11/01/2049 | 1292256 |
| Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) | Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) | Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) | Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) |
| 395000 | 6.000 | 11/01/2027 | 420461 |
| 490000 | 3.750 | 11/01/2031 | 463469 |
| 2975000 | 6.500 | 11/01/2043 | 3265827 |
| 1495000 | 4.125 | 11/01/2046 | 1287843 |
| Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 1045000 | 4.000 | 05/01/2040 | 873473 |
| Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR) | Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR) | Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR) | Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR) |
| 770000 | 6.125 | 11/01/2033 | 808847 |
| 1000000 | 6.500 | 11/01/2043 | 1057709 |
| Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) |
| 1285000 | 3.625 | 12/15/2040 | 1008608 |
| Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) | Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) | Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) | Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) |
| 1250000 | 3.625 | 05/01/2041 | 956166 |
| 1500000 | 4.000 | 05/01/2051 | 1134197 |
| Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR) | Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR) | Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR) | Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR) |
| 1680000 | 4.700 | 05/01/2036 | 1596097 |
| 3200000 | 4.875 | 05/01/2047 | 2867312 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Biscayne Drive Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Biscayne Drive Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Biscayne Drive Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Biscayne Drive Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 900000 | 6.000% | 06/15/2052 | $898727 |
| Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 325000 | 3.750 | 06/15/2040 | 254903 |
| 950000 | 4.000 | 06/15/2050 | 727922 |
| Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 900000 | 4.250 | 06/15/2039 | 790012 |
| Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) | Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) | Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) | Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) |
| 1165000 | 3.500 | 05/01/2041 | 874735 |
| 1360000 | 4.000 | 05/01/2051 | 1028339 |
| Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 565000 | 3.625 | 05/01/2040 | 441710 |
| Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) |
| 1650000 | 4.000 | 06/15/2052 | 1238341 |
| Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR) | Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR) | Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR) | Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR) |
| 6360000 | 5.750 | 05/01/2035 | 6473778 |
| Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR\NR) | Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR\NR) | Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR\NR) | Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR\NR) |
| 1610000 | 4.000 | 05/01/2052 | 1208634 |
| Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) | Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) | Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) | Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) |
| 1000000 | 3.150 | 05/01/2041 | 720541 |
| Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) |
| 1000000 | 5.500 | 05/01/2042 | 976782 |
| 1500000 | 5.625 | 05/01/2052 | 1454031 |
| Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) |
| 900000 | 5.625 | 05/01/2042 | 862729 |
| 1305000 | 5.750 | 05/01/2052 | 1244559 |
| Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 1040000 | 5.500 | 05/01/2052 | 1026491 |
| Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 1000000 | 4.000 | 12/15/2039 | 845166 |
| 1350000 | 4.000 | 12/15/2049 | 1036319 |
| Capital Trust Agency Educational Facilities RB Series 2021A (NR/NR)<sup>(c)</sup> | Capital Trust Agency Educational Facilities RB Series 2021A (NR/NR)<sup>(c)</sup> | Capital Trust Agency Educational Facilities RB Series 2021A (NR/NR)<sup>(c)</sup> | Capital Trust Agency Educational Facilities RB Series 2021A (NR/NR)<sup>(c)</sup> |
| 2210000 | 5.000 | 12/01/2056 | 1639682 |
| Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(c)</sup> | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(c)</sup> | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(c)</sup> | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(c)</sup> |
| 61455000 | 5.250 | 12/01/2058 | 54052223 |
| Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(c)</sup> |
| 595000 | 4.000 | 07/01/2056 | 413075 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)<sup>(c)</sup> |
| 3030000 | 5.000% | 06/01/2056 | $2505006 |
| Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)<sup>(c)</sup> |
| 1155000 | 5.000 | 12/15/2049 | 1025478 |
| 1075000 | 5.000 | 12/15/2054 | 938729 |
| Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR) | Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR) | Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR) | Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR) |
| 275000 | 5.000 | 08/01/2040 | 277134 |
| 750000 | 5.000 | 08/01/2055 | 724915 |
| Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(c)</sup> | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(c)</sup> |
| 2025000 | 5.250 | 12/01/2043 | 1874803 |
| Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR) | Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR) | Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR) | Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR) |
| 495000 | 5.125 | 05/01/2038 | 488448 |
| 1000000 | 5.250 | 05/01/2049 | 950608 |
| Centre Lake Community Development District Special Assessment Series 2016 (NR/NR) | Centre Lake Community Development District Special Assessment Series 2016 (NR/NR) | Centre Lake Community Development District Special Assessment Series 2016 (NR/NR) | Centre Lake Community Development District Special Assessment Series 2016 (NR/NR) |
| 320000 | 4.125 | 12/15/2027 | 313184 |
| 500000 | 4.500 | 12/15/2032 | 481884 |
| 975000 | 4.700 | 12/15/2037 | 915140 |
| Century Parc Community Development District Special Assessment Refunding Series 2012 (NR/A) | Century Parc Community Development District Special Assessment Refunding Series 2012 (NR/A) | Century Parc Community Development District Special Assessment Refunding Series 2012 (NR/A) | Century Parc Community Development District Special Assessment Refunding Series 2012 (NR/A) |
| 1705000 | 4.500 | 11/01/2031 | 1706193 |
| Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 630000 | 3.750 | 05/01/2040 | 505568 |
| CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 820000 | 3.350 | 05/01/2041 | 601831 |
| 1165000 | 4.000 | 05/01/2051 | 880894 |
| Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(c)</sup> | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(c)</sup> | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(c)</sup> | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(c)</sup> |
| 730000 | 3.375 | 05/01/2041 | 544648 |
| 1055000 | 4.000 | 05/01/2052 | 794286 |
| Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> |
| 1720000 | 3.700 | 05/01/2040 | 1358849 |
| 3010000 | 4.000 | 05/01/2051 | 2275957 |
| Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) | Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) | Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) | Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) |
| 1510000 | 4.375 | 05/01/2050 | 1227632 |
| Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) |
| 1055000 | 4.000 | 05/01/2052 | 791797 |
| Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(c)</sup> | Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(c)</sup> | Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(c)</sup> | Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(c)</sup> |
| 3750000 | 4.000 | 10/01/2051 | 2741470 |
| Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)<sup>(c)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)<sup>(c)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)<sup>(c)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)<sup>(c)</sup> |
| 700000 | 5.500 | 10/01/2036 | 703040 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)<sup>(c)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)<sup>(c)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)<sup>(c)</sup> | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 5900000 | 5.000% | 10/01/2049 | $5421860 |
| City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+) | City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+) | City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+) | City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+) |
| 1750000 | 4.000 | 10/01/2034 | 1779607 |
| City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) |
| 975000 | 5.250 | 06/01/2052 | 955735 |
| 1750000 | 5.375 | 06/01/2057 | 1720464 |
| 1375000 | 5.625 | 06/01/2062 | 1378283 |
| City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) | City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) | City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) | City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) |
| 480000 | 5.000 | 01/01/2037 | 448779 |
| 1725000 | 5.000 | 01/01/2047 | 1513049 |
| 1615000 | 5.000 | 01/01/2052 | 1390374 |
| CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)<sup>(d)</sup> | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)<sup>(d)</sup> | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)<sup>(d)</sup> | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)<sup>(d)</sup> |
| 25620000 | 0.000 | 05/01/2046 | 23386277 |
| Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> |
| 500000 | 4.750 | 06/15/2039 | 463311 |
| 1000000 | 5.000 | 06/15/2049 | 906664 |
| Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 900000 | 5.750 | 05/01/2052 | 900180 |
| Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) | Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) | Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) | Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) |
| 2990000 | 3.500 | 05/01/2032 | 2849635 |
| 1500000 | 3.625 | 05/01/2035 | 1408191 |
| 1750000 | 3.750 | 05/01/2046 | 1510718 |
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)<sup>\*</sup> | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)<sup>\*</sup> | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)<sup>\*</sup> | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)<sup>\*</sup> |
| 3305000 | 5.850 | 05/01/2035 | 33 |
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)<sup>\*</sup> | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)<sup>\*</sup> | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)<sup>\*</sup> | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)<sup>\*</sup> |
| 3980000 | 5.000 | 05/01/2011 | 40 |
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR) | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR) |
| 1030000 | 5.850 | 05/01/2035 | 939338 |
| Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)<sup>\* (f)</sup> | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)<sup>\* (f)</sup> | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)<sup>\* (f)</sup> | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)<sup>\* (f)</sup> |
| 2939931 | 0.000 | 05/01/2017 | 1558163 |
| Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> |
| 270000 | 4.000 | 11/01/2029 | 258755 |
| 500000 | 4.750 | 11/01/2038 | 468287 |
| 1000000 | 5.000 | 11/01/2049 | 904619 |
| Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 425000 | 4.000 | 12/15/2039 | 361588 |
| Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) | Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 495000 | 5.625 | 05/01/2052 | 486580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 535000 | 4.000% | 05/01/2040 | $447301 |
| Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(c)</sup> | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(c)</sup> | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(c)</sup> | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(c)</sup> |
| 2185000 | 5.125 | 11/01/2050 | 2012167 |
| Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB) | Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB) | Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB) | Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB) |
| 782000 | 4.000 | 05/01/2031 | 765018 |
| 1407000 | 4.250 | 05/01/2038 | 1312178 |
| Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA) | Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA) | Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA) | Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA) |
| 940000 | 3.750 | 05/01/2029 | 941239 |
| County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) |
| 1000000 | 4.000 | 09/01/2044 | 898355 |
| County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR) | County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR) | County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR) | County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR) |
| 4000000 | 5.750 | 08/15/2050 | 3444150 |
| 2000000 | 5.750 | 08/15/2055 | 1684999 |
| Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (NR/BBB) | Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (NR/BBB) | Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (NR/BBB) | Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (NR/BBB) |
| 500000 | 4.000 | 05/01/2038 | 466769 |
| 1175000 | 4.125 | 05/01/2048 | 1063835 |
| Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(c)</sup> | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(c)</sup> | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(c)</sup> | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(c)</sup> |
| 1570000 | 4.700 | 11/01/2039 | 1455944 |
| 2495000 | 4.750 | 11/01/2049 | 2172764 |
| Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) |
| 3845000 | 4.750 | 05/01/2053 | 3276396 |
| Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 1675000 | 4.500 | 05/01/2052 | 1392166 |
| Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 2465000 | 5.125 | 05/01/2052 | 2252880 |
| Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) | Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) | Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) | Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) |
| 1000000 | 4.000 | 05/01/2051 | 756132 |
| Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)<sup>(c)</sup> | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)<sup>(c)</sup> | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)<sup>(c)</sup> | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)<sup>(c)</sup> |
| 1170000 | 3.800 | 05/01/2050 | 858729 |
| Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(c)</sup> | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(c)</sup> | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(c)</sup> | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(c)</sup> |
| 1175000 | 3.875 | 05/01/2040 | 970866 |
| 1210000 | 4.000 | 05/01/2051 | 914919 |
| Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 570000 | 5.000 | 05/01/2042 | 529888 |
| 1150000 | 5.125 | 05/01/2052 | 1051607 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> |
| 3170000 | 5.125% | 11/01/2048 | $2953592 |
| Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) |
| 1565000 | 5.400 | 05/01/2039 | 1543422 |
| 2620000 | 5.500 | 05/01/2044 | 2563013 |
| Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) | Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) | Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) | Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) |
| 2655000 | 5.400 | 05/01/2049 | 2547717 |
| DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) |
| 770000 | 4.000 | 05/01/2051 | 582221 |
| Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> |
| 1000000 | 4.750 | 12/15/2038 | 943964 |
| Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA) | Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA) | Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA) | Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA) |
| 3090000 | 3.750 | 05/01/2034 | 3124256 |
| 4260000 | 4.000 | 05/01/2037 | 4280200 |
| DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) |
| 750000 | 5.250 | 05/01/2052 | 698192 |
| DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> |
| 1035000 | 3.375 | 05/01/2041 | 778078 |
| Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 2555000 | 5.375 | 05/01/2052 | 2435385 |
| Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(c)</sup> | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(c)</sup> | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(c)</sup> | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(c)</sup> |
| 950000 | 4.125 | 05/01/2040 | 808388 |
| 3785000 | 4.125 | 05/01/2051 | 2927682 |
| East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| 785000 | 4.000 | 05/01/2051 | 593563 |
| East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR) | East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR) | East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR) | East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR) |
| 980000 | 3.250 | 05/01/2041 | 717259 |
| East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> |
| 1000000 | 5.000 | 11/01/2048 | 918591 |
| East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR) | East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR) | East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR) | East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR) |
| 500000 | 4.750 | 11/01/2039 | 465381 |
| 920000 | 5.000 | 11/01/2049 | 847347 |
| Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 805000 | 4.000 | 05/01/2042 | 659778 |
| 1490000 | 4.125 | 05/01/2052 | 1144729 |
| Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) |
| 190000 | 4.000 | 05/01/2040 | 158986 |
| 500000 | 4.125 | 05/01/2051 | 386748 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds - (continued)** | **Municipal Bonds - (continued)** | **Municipal Bonds - (continued)** | **Municipal Bonds - (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) |
| 1425000 | 3.600% | 05/01/2041 | $1107761 |
| 2675000 | 4.000 | 05/01/2051 | 2024146 |
| Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) | Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) | Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) | Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 1975000 | 4.000 | 05/01/2042 | 1618450 |
| 4720000 | 4.000 | 05/01/2052 | 3543958 |
| Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> |
| 1100000 | 4.000 | 05/01/2052 | 825960 |
| Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) | Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) | Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) | Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) |
| 425000 | 3.500 | 05/01/2041 | 318145 |
| Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) |
| 12710000 | 4.000 | 08/15/2045 | 11058432 |
| Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A2/AA) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A2/AA) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A2/AA) | Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A2/AA) |
| 1745000 | 3.000 | 08/15/2050 | 1226201 |
| Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) |
| 985000 | 4.000 | 11/01/2040 | 824296 |
| 3560000 | 4.125 | 11/01/2050 | 2768674 |
| Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) |
| 105000 | 4.000 | 11/01/2040 | 87869 |
| 1625000 | 4.125 | 11/01/2050 | 1263791 |
| Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR) | Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR) | Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR) | Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR) |
| 565000 | 6.375 | 11/01/2026 | 582364 |
| 3230000 | 7.000 | 11/01/2045 | 3407490 |
| Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR) | Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR) | Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR) | Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR) |
| 855000 | 5.250 | 11/01/2035 | 858537 |
| 1305000 | 5.375 | 11/01/2046 | 1271881 |
| Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(c)</sup> | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(c)</sup> | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(c)</sup> | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(c)</sup> |
| 1245000 | 5.000 | 11/01/2039 | 1203496 |
| 1800000 | 5.125 | 11/01/2049 | 1663225 |
| Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) |
| 6645000 | 4.000 | 05/01/2052 | 5019028 |
| Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 1445000 | 3.375 | 05/01/2041 | 1086303 |
| Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) |
| 2460000 | 5.000 | 05/01/2035 | 2450688 |
| Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) |
| 185000 | 4.000 | 05/01/2040 | 154817 |
| 500000 | 4.200 | 05/01/2050 | 394503 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (NR/A-) | Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (NR/A-) | Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (NR/A-) | Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (NR/A-) |
| 1465000 | 4.375% | 05/01/2034 | $1465956 |
| Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) |
| 1250000 | 3.000 | 11/01/2041 | 957299 |
| Florida Development Finance Corp. Education RB for IPS Florida Project Series 2022 (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. Education RB for IPS Florida Project Series 2022 (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. Education RB for IPS Florida Project Series 2022 (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. Education RB for IPS Florida Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 2000000 | 5.250 | 06/15/2029 | 1935201 |
| Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(c)</sup> | Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(c)</sup> | Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(c)</sup> | Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(c)</sup> |
| 5000000 | 5.500 | 07/01/2052 | 4295152 |
| 3825000 | 5.625 | 07/01/2056 | 3283263 |
| Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(c)</sup> | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(c)</sup> | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(c)</sup> | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(c)</sup> |
| 3770000 | 5.125 | 10/01/2052 | 3350268 |
| 1725000 | 5.250 | 10/01/2056 | 1527261 |
| Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 2735000 | 5.875 | 08/15/2052 | 2478250 |
| 2430000 | 6.000 | 08/15/2057 | 2201846 |
| Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(c)</sup> | Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(c)</sup> | Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(c)</sup> | Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(c)</sup> |
| 36250000 | 7.250 | 10/03/2023 | 36141986 |
| Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> |
| 1650000 | 5.000 | 06/01/2040 | 1491348 |
| 2595000 | 5.000 | 06/01/2055 | 2196860 |
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> |
| 2005000 | 5.250 | 06/01/2050 | 1791517 |
| 3560000 | 5.250 | 06/01/2055 | 3134489 |
| Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) | Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) | Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) | Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) |
| 600000 | 4.000 | 07/01/2045 | 498945 |
| 800000 | 4.000 | 07/01/2055 | 628880 |
| Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) |
| 830000 | 5.000 | 06/01/2040 | 747685 |
| 1850000 | 5.000 | 06/01/2050 | 1554740 |
| Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(c)</sup> |
| 19305000 | 7.375 | 01/01/2049 | 16838458 |
| Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) | Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) | Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) | Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) |
| 1875000 | 5.000 | 06/01/2051 | 1496222 |
| Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(c)</sup> |
| 830000 | 4.000 | 06/30/2046 | 595962 |
| 2580000 | 4.000 | 06/30/2056 | 1711801 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> |
| 1190000 | 4.000% | 06/01/2055 | $795693 |
| Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-1 (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-1 (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-1 (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-1 (NR/NR)<sup>(c)</sup> |
| 735000 | 2.375 | 06/01/2027 | 654382 |
| Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)<sup>(c)</sup> | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)<sup>(c)</sup> |
| 2085000 | 5.000 | 09/15/2050 | 1775098 |
| Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A (NR/NR)<sup>(a)(b)(c)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A (NR/NR)<sup>(a)(b)(c)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A (NR/NR)<sup>(a)(b)(c)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A (NR/NR)<sup>(a)(b)(c)</sup> |
| 39795000 | 6.500 | 01/01/2029 | 35516962 |
| Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(c)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(c)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(c)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(c)</sup> |
| 1160000 | 6.250 | 01/01/2024 | 1114881 |
| 14940000 | 6.375 | 01/01/2026 | 13643761 |
| Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)<sup>(c)</sup> | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)<sup>(c)</sup> | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)<sup>(c)</sup> | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)<sup>(c)</sup> |
| 1750000 | 4.750 | 06/01/2038 | 1519072 |
| 3000000 | 5.000 | 06/01/2048 | 2515434 |
| Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-) | Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-) | Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-) | Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-) |
| 2580000 | 5.000 | 03/01/2044 | 2272888 |
| 5805000 | 5.000 | 03/01/2049 | 4981853 |
| Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) |
| 6060000 | 5.000 | 03/01/2047 | 5972531 |
| Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) |
| 885000 | 4.125 | 11/01/2039 | 760671 |
| Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+) | Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+) | Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+) | Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+) |
| 700000 | 4.000 | 05/01/2031 | 685278 |
| 1000000 | 4.125 | 05/01/2038 | 928425 |
| Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (NR/A+) | Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (NR/A+) | Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (NR/A+) | Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (NR/A+) |
| 1850000 | 3.250 | 11/01/2049 | 1411303 |
| Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) | Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) | Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) | Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) |
| 250000 | 4.000 | 11/01/2049 | 191933 |
| Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 1400000 | 4.000 | 05/01/2052 | 1050833 |
| Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) |
| 1100000 | 4.250 | 05/01/2040 | 950911 |
| 1375000 | 4.500 | 05/01/2052 | 1128856 |
| Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) |
| 1105000 | 4.000 | 11/01/2051 | 833636 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 750000 | 4.000% | 05/01/2051 | $567099 |
| Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) |
| 3165000 | 5.000 | 11/15/2026 | 3167579 |
| 5000000 | 5.000 | 11/15/2036 | 5001514 |
| Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A) |
| 3540000 | 5.000 | 10/01/2047 | 3585295 |
| Grove Resort Community Development District Special Assessment RB Series 2022 (NR\NR) | Grove Resort Community Development District Special Assessment RB Series 2022 (NR\NR) | Grove Resort Community Development District Special Assessment RB Series 2022 (NR\NR) | Grove Resort Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 585000 | 4.000 | 05/01/2052 | 439162 |
| Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) | Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) | Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) | Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) |
| 1515000 | 4.500 | 05/01/2036 | 1410805 |
| 2275000 | 4.625 | 05/01/2046 | 1974638 |
| Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 670000 | 4.700 | 05/01/2042 | 602229 |
| 2130000 | 5.000 | 05/01/2052 | 1910163 |
| Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) |
| 540000 | 4.000 | 05/01/2040 | 452753 |
| 860000 | 4.000 | 05/01/2051 | 652281 |
| Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) |
| 525000 | 3.375 | 05/01/2041 | 391699 |
| Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| 915000 | 3.750 | 05/01/2034 | 789457 |
| Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) |
| 2010000 | 3.875 | 05/01/2039 | 1669576 |
| 1400000 | 4.100 | 05/01/2048 | 1104209 |
| Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(c)</sup> | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(c)</sup> | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(c)</sup> | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(c)</sup> |
| 1725000 | 4.000 | 05/01/2031 | 1726385 |
| 1335000 | 4.250 | 05/01/2035 | 1335151 |
| 1810000 | 4.250 | 05/01/2039 | 1740533 |
| Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) |
| 640000 | 3.875 | 11/01/2039 | 529562 |
| 1150000 | 4.000 | 11/01/2051 | 872940 |
| Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) | Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) |
| 200000 | 4.000 | 11/01/2039 | 170661 |
| 500000 | 4.250 | 11/01/2051 | 397251 |
| Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) | Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) | Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) | Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) |
| 700000 | 5.000 | 05/01/2034 | 700191 |
| 2170000 | 5.125 | 05/01/2045 | 2066188 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (NR/A) | Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (NR/A) | Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (NR/A) | Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (NR/A) |
| 500000 | 5.050% | 05/01/2031 | $502828 |
| 500000 | 5.150 | 05/01/2034 | 502650 |
| Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR) | Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR) | Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR) | Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR) |
| 1715000 | 5.700 | 05/01/2036 | 1718288 |
| Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) | Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) | Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) | Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) |
| 2195000 | 4.200 | 05/01/2031 | 2177763 |
| 1995000 | 4.350 | 05/01/2036 | 1937274 |
| Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) |
| 475000 | 3.625 | 05/01/2040 | 371349 |
| 665000 | 4.000 | 05/01/2050 | 506453 |
| Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)<sup>(c)</sup> | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)<sup>(c)</sup> | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)<sup>(c)</sup> | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)<sup>(c)</sup> |
| 1000000 | 4.875 | 12/15/2038 | 949602 |
| 1000000 | 5.000 | 12/15/2048 | 916576 |
| Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| 2150000 | 4.250 | 05/01/2036 | 2048095 |
| Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) |
| 590000 | 4.375 | 11/01/2050 | 479409 |
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(c)</sup> | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(c)</sup> | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(c)</sup> | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(c)</sup> |
| 1065000 | 4.000 | 05/01/2040 | 890770 |
| 2375000 | 4.000 | 05/01/2050 | 1808761 |
| Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) | Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) | Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) | Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) |
| 180000 | 5.000 | 11/01/2041 | 170185 |
| Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> |
| 430000 | 5.125 | 11/01/2049 | 399423 |
| Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR) | Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR) | Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR) | Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR) |
| 980000 | 5.000 | 11/01/2047 | 895762 |
| K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 955000 | 3.125 | 05/01/2041 | 681033 |
| 2605000 | 4.000 | 05/01/2051 | 1969724 |
| Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) |
| 290000 | 3.500 | 05/01/2040 | 225449 |
| 470000 | 3.750 | 05/01/2050 | 345358 |
| Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) | Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) | Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) | Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) |
| 2000000 | 5.000 | 05/01/2048 | 1838622 |
| Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 1340000 | 4.000 | 06/15/2040 | 1111609 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| 1060000 | 4.000% | 06/15/2050 | $812147 |
| Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) |
| 2725000 | 5.625 | 05/01/2053 | 2509371 |
| Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-1 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-1 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-1 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-1 (NR/NR) |
| 265000 | 4.100 | 05/01/2051 | 203936 |
| Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR) |
| 325000 | 4.300 | 05/01/2051 | 259287 |
| Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-2 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-2 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-2 (NR/NR) | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-2 (NR/NR) |
| 900000 | 4.125 | 05/01/2031 | 828931 |
| Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| 325000 | 3.625 | 05/01/2041 | 248603 |
| Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) |
| 525000 | 3.200 | 05/01/2030 | 462933 |
| 525000 | 3.750 | 05/01/2040 | 414582 |
| 670000 | 3.900 | 05/01/2050 | 500430 |
| Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(c)</sup> |
| 1085000 | 3.625 | 05/01/2040 | 849593 |
| 2500000 | 3.875 | 05/01/2051 | 1847017 |
| Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) |
| 250000 | 3.850 | 05/01/2039 | 206397 |
| Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR) |
| 1275000 | 4.000 | 05/01/2050 | 966487 |
| Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR) |
| 1735000 | 6.700 | 05/01/2033 | 1743262 |
| 4710000 | 7.000 | 05/01/2043 | 4730939 |
| Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR) |
| 6295000 | 5.600 | 05/01/2044 | 6248430 |
| Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) |
| 530000 | 4.400 | 05/01/2039 | 474022 |
| 1615000 | 4.500 | 05/01/2049 | 1357763 |
| Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)<sup>(c)</sup> |
| 1000000 | 5.000 | 05/01/2037 | 981943 |
| 2365000 | 5.125 | 05/01/2047 | 2213574 |
| Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 575000 | 3.750 | 05/01/2039 | 471274 |
| Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) |
| 605000 | 4.400 | 05/01/2039 | 541101 |
| 700000 | 4.500 | 05/01/2049 | 588504 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) |
| 1125000 | 4.625% | 05/01/2027 | $1125098 |
| 2500000 | 5.250 | 05/01/2037 | 2503636 |
| 5815000 | 5.375 | 05/01/2047 | 5598512 |
| Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) |
| 1175000 | 5.000 | 05/01/2038 | 1145504 |
| 2545000 | 5.100 | 05/01/2048 | 2365122 |
| Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) |
| 3760000 | 5.450 | 05/01/2048 | 3655997 |
| Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR) |
| 925000 | 4.250 | 05/01/2026 | 914943 |
| 5015000 | 5.000 | 05/01/2036 | 4979515 |
| 12610000 | 5.125 | 05/01/2046 | 11771175 |
| Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) |
| 1735000 | 2.500 | 05/01/2033 | 1482659 |
| 1685000 | 2.625 | 05/01/2037 | 1336869 |
| Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) (NR/NR) |
| 585000 | 4.000 | 05/01/2052 | 438559 |
| Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR)<sup>(c)</sup> | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR)<sup>(c)</sup> |
| 2100000 | 3.750 | 05/01/2040 | 1673247 |
| Lakewood Ranch Stewardship District Special Assessment The Isles at Lakewood Ranch Project Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment The Isles at Lakewood Ranch Project Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment The Isles at Lakewood Ranch Project Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment The Isles at Lakewood Ranch Project Series 2021 (NR/NR) |
| 650000 | 3.125 | 05/01/2041 | 459156 |
| 925000 | 4.000 | 05/01/2051 | 698947 |
| Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) | Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) | Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) | Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) |
| 1160000 | 4.700 | 05/01/2039 | 1077357 |
| Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/A) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/A) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/A) | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/A) |
| 1930000 | 3.000 | 05/01/2035 | 1652648 |
| 1990000 | 3.000 | 05/01/2038 | 1604896 |
| Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) |
| 645000 | 3.375 | 05/01/2030 | 578482 |
| 895000 | 4.000 | 05/01/2038 | 771700 |
| Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 450000 | 5.000 | 05/01/2042 | 418835 |
| 1400000 | 5.125 | 05/01/2052 | 1280217 |
| Lee County IDA Healthcare Facilities RB for Cypress Cover at Healthpark Project Series 2022A Tax Exempt Fixed Rate Bonds (NR/NR) | Lee County IDA Healthcare Facilities RB for Cypress Cover at Healthpark Project Series 2022A Tax Exempt Fixed Rate Bonds (NR/NR) | Lee County IDA Healthcare Facilities RB for Cypress Cover at Healthpark Project Series 2022A Tax Exempt Fixed Rate Bonds (NR/NR) | Lee County IDA Healthcare Facilities RB for Cypress Cover at Healthpark Project Series 2022A Tax Exempt Fixed Rate Bonds (NR/NR) |
| 955000 | 5.250 | 10/01/2052 | 826605 |
| 4250000 | 5.250 | 10/01/2057 | 3597253 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
| 1430000 | 4.000% | 05/01/2031 | $1423671 |
| 1860000 | 4.000 | 05/01/2036 | 1806872 |
| Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) |
| 1610000 | 4.400 | 05/01/2040 | 1418835 |
| 2840000 | 4.600 | 05/01/2051 | 2382636 |
| Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) |
| 985000 | 5.125 | 05/01/2048 | 915716 |
| 1775000 | 5.125 | 05/01/2049 | 1643398 |
| Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) | Longleaf Community Development District (NR/NR) |
| 1104000 | 5.375 | 05/01/2030 | 1089800 |
| Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR) | Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR) | Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR) | Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR) |
| 2930000 | 5.400 | 05/01/2030 | 2891478 |
| LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) | LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) | LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) | LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) |
| 3800000 | 4.000 | 05/01/2050 | 2883156 |
| LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) |
| 2650000 | 3.250 | 05/01/2031 | 2306150 |
| LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) |
| 835000 | 3.450 | 05/01/2041 | 630100 |
| Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 855000 | 4.625 | 05/01/2039 | 783085 |
| 1340000 | 4.750 | 05/01/2050 | 1159670 |
| Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 1755000 | 4.000 | 06/15/2039 | 1491078 |
| 2920000 | 4.375 | 06/15/2049 | 2394066 |
| Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> |
| 2000000 | 6.625 | 05/01/2053 | 2026195 |
| Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR) | Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR) | Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR) | Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR) |
| 1650000 | 5.000 | 05/01/2032 | 1643177 |
| McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> |
| 2800000 | 5.125 | 11/01/2038 | 2765443 |
| 4750000 | 5.250 | 11/01/2049 | 4488763 |
| Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)<sup>(b)</sup> | Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)<sup>(b)</sup> | Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)<sup>(b)</sup> | Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)<sup>(b)</sup> |
| 880000 | 5.250 | 06/18/2014 | 60236 |
| Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)<sup>(b)</sup> | Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)<sup>(b)</sup> | Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)<sup>(b)</sup> | Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)<sup>(b)</sup> |
| 1380000 | 6.150 | 06/12/2012 | 117852 |
| Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR) | Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR) | Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR) | Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR) |
| 500000 | 7.250 | 05/01/2035 | 509636 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)<sup>(b)</sup> | Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)<sup>(b)</sup> | Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)<sup>(b)</sup> | Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)<sup>(b)</sup> |
| 1075000 | 5.250% | 06/12/2012 | $80195 |
| Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 530000 | 3.750 | 05/01/2052 | 374785 |
| 900000 | 4.000 | 05/01/2052 | 675467 |
| Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) | Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) | Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) | Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) |
| 1000000 | 4.750 | 05/01/2037 | 945520 |
| 1700000 | 5.000 | 05/01/2048 | 1562829 |
| Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)<sup>(c)</sup> | Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)<sup>(c)</sup> | Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)<sup>(c)</sup> | Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)<sup>(c)</sup> |
| 1165000 | 5.000 | 03/01/2030 | 1168224 |
| Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) | Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) | Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) | Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) |
| 160000 | 4.000 | 11/01/2023 | 159672 |
| 600000 | 4.750 | 11/01/2027 | 603257 |
| 4000000 | 5.125 | 11/01/2039 | 3921969 |
| 4135000 | 5.250 | 11/01/2049 | 3947211 |
| Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(c)</sup> | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(c)</sup> | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(c)</sup> | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(c)</sup> |
| 1585000 | 5.250 | 07/01/2052 | 1364169 |
| 2000000 | 5.500 | 07/01/2061 | 1713578 |
| Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR) | Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR) | Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR) | Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR) |
| 3440000 | 5.000 | 05/01/2029 | 3434944 |
| 3515000 | 5.000 | 05/01/2037 | 3427135 |
| Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR) | Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR) | Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR) | Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR) |
| 2890000 | 3.250 | 05/01/2032 | 2472792 |
| Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 1875000 | 3.500 | 05/01/2041 | 1407835 |
| 2455000 | 4.000 | 05/01/2051 | 1856303 |
| Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) | Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) | Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) | Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 1090000 | 5.600 | 05/01/2042 | 1079752 |
| 1725000 | 5.750 | 05/01/2053 | 1707309 |
| Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR) | Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR) | Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR) | Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR) |
| 1540000 | 5.000 | 05/01/2028 | 1550928 |
| 1200000 | 5.000 | 05/01/2035 | 1186309 |
| Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) | Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) | Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) | Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) |
| 740000 | 5.250 | 11/01/2035 | 742796 |
| 1225000 | 5.625 | 11/01/2045 | 1227538 |
| Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> |
| 1185000 | 5.125 | 11/01/2048 | 1113298 |
| New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) | New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) | New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) | New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 1250000 | 3.875 | 05/01/2041 | 988965 |
| 2250000 | 4.125 | 05/01/2052 | 1728618 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(c)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(c)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(c)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(c)</sup> |
| 815000 | 3.500% | 05/01/2038 | $699967 |
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)<sup>(c)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)<sup>(c)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)<sup>(c)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)<sup>(c)</sup> |
| 30000 | 3.500 | 05/01/2031 | 26609 |
| 100000 | 4.000 | 05/01/2038 | 86011 |
| New River Community Development District Special Assessment Series 2006 B (NR/NR)<sup>\*</sup> | New River Community Development District Special Assessment Series 2006 B (NR/NR)<sup>\*</sup> | New River Community Development District Special Assessment Series 2006 B (NR/NR)<sup>\*</sup> | New River Community Development District Special Assessment Series 2006 B (NR/NR)<sup>\*</sup> |
| 3260000 | 5.000 | 05/01/2013 | 33 |
| North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 1200000 | 3.375 | 11/01/2041 | 890579 |
| 2350000 | 4.000 | 11/01/2051 | 1772054 |
| North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> |
| 1800000 | 5.625 | 05/01/2052 | 1698929 |
| North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) |
| 465000 | 3.625 | 05/01/2040 | 361356 |
| Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 340000 | 4.000 | 06/15/2040 | 286269 |
| Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 2200000 | 4.850 | 05/01/2039 | 2066983 |
| 3625000 | 5.000 | 05/01/2049 | 3323520 |
| Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (NR/NR) | Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (NR/NR) | Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (NR/NR) | Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (NR/NR) |
| 1680000 | 5.000 | 04/01/2024 | 1681633 |
| 1005000 | 5.000 | 04/01/2026 | 1005669 |
| Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 840000 | 4.000 | 05/01/2040 | 703125 |
| 905000 | 4.000 | 05/01/2050 | 689233 |
| Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> |
| 1680000 | 5.375 | 11/01/2038 | 1673602 |
| 3300000 | 5.500 | 11/01/2049 | 3209755 |
| Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> |
| 410000 | 4.000 | 05/01/2051 | 310014 |
| Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (BBB-/NR) | Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (BBB-/NR) | Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (BBB-/NR) | Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (BBB-/NR) |
| 1700000 | 5.000 | 11/01/2047 | 1711150 |
| Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR)<sup>(c)</sup> | Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR)<sup>(c)</sup> | Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR)<sup>(c)</sup> | Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR)<sup>(c)</sup> |
| 7075000 | 11.500 | 07/01/2027 | 6855076 |
| Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) | Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) | Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) | Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR) |
| 2700000 | 4.000 | 05/15/2053 | 1797196 |
| 2175000 | 5.000 | 05/15/2053 | 1759467 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) | Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) | Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) | Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) |
| 1650000 | 4.000% | 06/01/2036 | $1379847 |
| 1700000 | 4.250 | 06/01/2056 | 1238504 |
| Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) | Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) | Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) | Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) |
| 1175000 | 4.300 | 05/01/2050 | 943825 |
| Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) |
| 400000 | 4.000 | 11/01/2038 | 381043 |
| 3290000 | 4.200 | 11/01/2048 | 3044199 |
| Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) |
| 3155000 | 3.750 | 05/01/2031 | 3092356 |
| 2140000 | 4.000 | 05/01/2036 | 2089499 |
| Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) |
| 595000 | 4.000 | 05/01/2027 | 582257 |
| 2380000 | 5.000 | 05/01/2039 | 2322718 |
| Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (NR/AA) | Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (NR/AA) | Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (NR/AA) | Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (NR/AA) |
| 530000 | 4.125 | 05/01/2035 | 540537 |
| Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) | Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) | Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) | Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) |
| 1855000 | 5.250 | 05/01/2039 | 1825113 |
| 5095000 | 5.375 | 05/01/2050 | 4870464 |
| Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR) | Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR) | Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR) | Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR) |
| 235000 | 5.500 | 11/01/2032 | 235637 |
| Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) |
| 800000 | 4.000 | 05/01/2051 | 604905 |
| Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) | Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) | Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) | Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) |
| 2285000 | 4.700 | 05/01/2049 | 2170142 |
| Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) |
| 800000 | 4.375 | 05/01/2031 | 783692 |
| 1065000 | 4.500 | 05/01/2034 | 1041846 |
| Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 795000 | 3.500 | 05/01/2041 | 613640 |
| Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) | Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) | Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) | Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) |
| 1400000 | 4.000 | 05/01/2052 | 1050986 |
| Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) | Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) | Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) | Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) |
| 3190000 | 4.375 | 05/01/2036 | 3105554 |
| Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(c)</sup> | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(c)</sup> | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(c)</sup> | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(c)</sup> |
| 1000000 | 3.250 | 12/15/2041 | 726762 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) |
| 650000 | 3.300% | 05/01/2030 | $578177 |
| 695000 | 3.750 | 05/01/2037 | 575325 |
| Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR) | Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR) | Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR) | Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR) |
| 1000000 | 5.000 | 07/01/2039 | 957305 |
| Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) |
| 555000 | 3.625 | 05/01/2040 | 431296 |
| Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) |
| 1915000 | 3.500 | 05/01/2037 | 1538229 |
| Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (NR/BBB) | Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (NR/BBB) | Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (NR/BBB) | Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (NR/BBB) |
| 2795000 | 4.750 | 05/01/2033 | 2797852 |
| Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) |
| 1045000 | 5.375 | 11/01/2049 | 998860 |
| Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) |
| 250000 | 4.000 | 11/01/2039 | 212789 |
| 1205000 | 4.000 | 11/01/2050 | 918746 |
| Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) |
| 750000 | 3.500 | 05/01/2041 | 574521 |
| Reunion East Community Development District (NR/NR)<sup>\*</sup> | Reunion East Community Development District (NR/NR)<sup>\*</sup> | Reunion East Community Development District (NR/NR)<sup>\*</sup> | Reunion East Community Development District (NR/NR)<sup>\*</sup> |
| 2170000 | 7.200 | 05/01/2022 | 22 |
| Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR) | Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR) | Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR) | Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR) |
| 6820000 | 5.000 | 05/01/2033 | 6877569 |
| Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) | Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) | Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) | Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) |
| 470000 | 4.500 | 05/01/2039 | 423034 |
| 1520000 | 4.625 | 05/01/2050 | 1287866 |
| Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 825000 | 4.500 | 05/01/2040 | 738580 |
| 825000 | 4.750 | 05/01/2050 | 715343 |
| Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 1000000 | 4.000 | 05/01/2052 | 750595 |
| Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 850000 | 5.375 | 05/01/2042 | 818028 |
| 2150000 | 5.500 | 05/01/2052 | 2047271 |
| River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) | River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) | River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) | River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) |
| 1000000 | 3.375 | 05/01/2041 | 746093 |
| 2400000 | 4.000 | 05/01/2051 | 1814716 |
| River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) |
| 1030000 | 3.625 | 05/01/2040 | 800424 |
| 1000000 | 3.875 | 05/01/2051 | 743799 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| River Landing Community Development District Special Assessment Series 2020 A (NR/NR) | River Landing Community Development District Special Assessment Series 2020 A (NR/NR) | River Landing Community Development District Special Assessment Series 2020 A (NR/NR) | River Landing Community Development District Special Assessment Series 2020 A (NR/NR) |
| 1100000 | 4.350% | 05/01/2051 | $885227 |
| River Landing Community Development District Special Assessment Series 2020 B (NR/NR) | River Landing Community Development District Special Assessment Series 2020 B (NR/NR) | River Landing Community Development District Special Assessment Series 2020 B (NR/NR) | River Landing Community Development District Special Assessment Series 2020 B (NR/NR) |
| 1005000 | 4.250 | 11/01/2035 | 891272 |
| Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) | Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) |
| 1040000 | 3.500 | 05/01/2041 | 780879 |
| 910000 | 4.000 | 05/01/2051 | 688080 |
| Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> |
| 775000 | 3.500 | 05/01/2041 | 581905 |
| 905000 | 4.000 | 05/01/2051 | 684299 |
| Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(c)</sup> |
| 1350000 | 6.500 | 05/01/2053 | 1359930 |
| Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR\NR) | Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR\NR) | Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR\NR) | Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR\NR) |
| 2435000 | 3.450 | 05/01/2042 | 1843532 |
| Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 320000 | 4.000 | 06/15/2040 | 269650 |
| 780000 | 4.000 | 06/15/2050 | 596850 |
| Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 1315000 | 4.000 | 12/15/2051 | 991867 |
| Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 900000 | 5.500 | 05/01/2053 | 867803 |
| San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> |
| 1410000 | 4.125 | 06/15/2039 | 1192359 |
| Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) |
| 700000 | 4.000 | 11/01/2051 | 527838 |
| Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 650000 | 6.000 | 11/01/2052 | 649038 |
| Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(c)</sup> | Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(c)</sup> | Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(c)</sup> | Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(c)</sup> |
| 375000 | 3.125 | 05/01/2030 | 329599 |
| 980000 | 3.625 | 05/01/2040 | 766151 |
| 950000 | 3.750 | 05/01/2050 | 695510 |
| Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1) |
| 4350000 | 4.000 | 07/01/2048 | 3887086 |
| Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 2880000 | 4.125 | 05/01/2041 | 2419353 |
| 2555000 | 4.250 | 05/01/2053 | 2004658 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) |
| 620000 | 3.750% | 05/01/2040 | $487385 |
| 1250000 | 4.000 | 05/01/2051 | 945165 |
| Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 1585000 | 4.500 | 05/01/2042 | 1386088 |
| 3155000 | 4.625 | 05/01/2053 | 2639105 |
| Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR)<sup>(c)</sup> | Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR)<sup>(c)</sup> | Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR)<sup>(c)</sup> | Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR)<sup>(c)</sup> |
| 315000 | 4.000 | 06/15/2036 | 267018 |
| 425000 | 4.000 | 06/15/2041 | 341097 |
| 1195000 | 4.000 | 06/15/2051 | 878508 |
| 1105000 | 4.000 | 06/15/2056 | 782758 |
| Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) |
| 900000 | 5.300 | 10/01/2037 | 886823 |
| Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> |
| 2200000 | 5.250 | 11/01/2039 | 2156374 |
| 2815000 | 5.375 | 11/01/2049 | 2690710 |
| Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> |
| 3800000 | 5.250 | 11/01/2049 | 3567330 |
| Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 4000000 | 5.000 | 05/01/2049 | 3667333 |
| Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) |
| 1800000 | 4.000 | 05/01/2052 | 1351268 |
| Six Mile Creek Community Development District Capital Improvement RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement RB Series 2021 (NR/NR) |
| 655000 | 4.000 | 05/01/2052 | 491711 |
| Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) | Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) | Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) | Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) |
| 1325000 | 3.500 | 05/01/2041 | 992392 |
| 1125000 | 4.000 | 05/01/2051 | 850648 |
| Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) | Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) | Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) | Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) |
| 310000 | 4.125 | 11/01/2040 | 263003 |
| 950000 | 4.250 | 11/01/2050 | 754605 |
| South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)<sup>(c)</sup> |
| 2100000 | 5.125 | 11/01/2039 | 2041045 |
| 3480000 | 5.250 | 11/01/2049 | 3270349 |
| South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) |
| 1310000 | 5.000 | 05/01/2038 | 1277310 |
| 2505000 | 5.375 | 05/01/2049 | 2395293 |
| South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| 330000 | 4.125 | 11/01/2040 | 299239 |
| South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (NR/A) | South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (NR/A) | South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (NR/A) | South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (NR/A) |
| 770000 | 3.500 | 05/01/2032 | 745993 |
| 485000 | 3.625 | 05/01/2035 | 461297 |
| 1695000 | 3.750 | 05/01/2038 | 1543778 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR) | South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR) | South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR) | South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR) |
| 475000 | 4.875% | 05/01/2035 | $463253 |
| 95000 | 5.000 | 05/01/2038 | 92608 |
| South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR) | South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR) | South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR) | South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR) |
| 2010000 | 5.250 | 05/01/2034 | 2024379 |
| Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR) |
| 1135000 | 3.125 | 05/01/2041 | 802192 |
| 830000 | 4.000 | 05/01/2048 | 641503 |
| Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) |
| 365000 | 3.600 | 05/01/2034 | 310323 |
| 600000 | 4.000 | 05/01/2043 | 486406 |
| Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) | Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) |
| 425000 | 4.300 | 05/01/2040 | 369757 |
| 180000 | 4.500 | 05/01/2046 | 153019 |
| Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)<sup>\*</sup> | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)<sup>\*</sup> | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)<sup>\*</sup> | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)<sup>\*</sup> |
| 3230000 | 5.800 | 05/01/2035 | 2900652 |
| Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)<sup>\*</sup> | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)<sup>\*</sup> | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)<sup>\*</sup> | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)<sup>\*</sup> |
| 2640000 | 5.800 | 05/01/2035 | 1772474 |
| Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR) | Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR) | Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR) | Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR) |
| 425000 | 4.375 | 05/01/2029 | 417457 |
| 1000000 | 5.000 | 05/01/2039 | 967052 |
| 1750000 | 5.250 | 05/01/2049 | 1650891 |
| Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(c)</sup> | Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(c)</sup> | Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(c)</sup> | Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)<sup>(c)</sup> |
| 1245000 | 5.125 | 11/01/2037 | 1225235 |
| 1785000 | 5.250 | 11/01/2047 | 1690172 |
| Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR) | Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR) | Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR) | Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR) |
| 1030000 | 4.800 | 05/01/2035 | 984962 |
| St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) |
| 700000 | 4.000 | 12/15/2041 | 546104 |
| 475000 | 4.000 | 12/15/2046 | 350246 |
| 700000 | 4.000 | 12/15/2050 | 500291 |
| St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) |
| 7475000 | 4.000 | 08/01/2055 | 6478937 |
| Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) |
| 2220000 | 4.000 | 05/01/2052 | 1666151 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)<sup>\*</sup> | Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)<sup>\*</sup> | Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)<sup>\*</sup> | Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)<sup>\*</sup> |
| 418112 | 5.500% | 11/01/2010 | $225781 |
| Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR) | Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR) | Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR) | Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR) |
| 2135000 | 5.000 | 05/01/2034 | 2135335 |
| Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> |
| 900000 | 4.000 | 11/01/2051 | 678980 |
| Stoneybrook Community Development District Tax Exempt Special Assessment RB for Village of Estero Series 2022-1 (NR/AA-) | Stoneybrook Community Development District Tax Exempt Special Assessment RB for Village of Estero Series 2022-1 (NR/AA-) | Stoneybrook Community Development District Tax Exempt Special Assessment RB for Village of Estero Series 2022-1 (NR/AA-) | Stoneybrook Community Development District Tax Exempt Special Assessment RB for Village of Estero Series 2022-1 (NR/AA-) |
| 1750000 | 4.300 | 05/01/2052 | 1595261 |
| Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) |
| 875000 | 6.375 | 11/01/2052 | 887735 |
| Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 1100000 | 4.500 | 06/15/2039 | 994859 |
| 1100000 | 4.625 | 06/15/2049 | 939420 |
| Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR) | Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR) | Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR) | Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR) |
| 1750000 | 5.125 | 11/01/2034 | 1759788 |
| 3495000 | 5.500 | 11/01/2044 | 3461899 |
| Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR) | Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR) | Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR) | Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR) |
| 2435000 | 6.500 | 05/01/2039 | 2445947 |
| Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> |
| 1500000 | 3.750 | 12/15/2050 | 1094435 |
| Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) |
| 420000 | 4.000 | 12/15/2039 | 354970 |
| 860000 | 4.125 | 12/15/2049 | 674346 |
| Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 575000 | 5.200 | 06/15/2042 | 554616 |
| 925000 | 5.375 | 06/15/2052 | 878483 |
| Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 1000000 | 4.000 | 06/15/2052 | 755254 |
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(c)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(c)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(c)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 325000 | 3.300 | 06/15/2041 | 240210 |
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)<sup>(c)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)<sup>(c)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)<sup>(c)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 400000 | 3.750 | 06/15/2029 | 373955 |
| Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) | Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) |
| 1000000 | 5.150 | 06/15/2052 | 917887 |
| Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 925000 | 4.000 | 05/01/2052 | 694401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) |
| 895000 | 3.750% | 05/01/2040 | $707762 |
| 1185000 | 4.000 | 05/01/2050 | 902477 |
| Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) |
| 440000 | 3.400 | 05/01/2041 | 324598 |
| 295000 | 4.000 | 05/01/2051 | 223059 |
| Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) |
| 705000 | 3.750 | 05/01/2040 | 564202 |
| 875000 | 4.000 | 05/01/2051 | 661615 |
| Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) | Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) | Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) | Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) |
| 1000000 | 5.200 | 05/01/2042 | 938465 |
| 1800000 | 5.350 | 05/01/2052 | 1674358 |
| Sunbridge Stewardship District Special Assessment RB Series 2022 (NR/NR) | Sunbridge Stewardship District Special Assessment RB Series 2022 (NR/NR) | Sunbridge Stewardship District Special Assessment RB Series 2022 (NR/NR) | Sunbridge Stewardship District Special Assessment RB Series 2022 (NR/NR) |
| 1550000 | 5.500 | 05/01/2052 | 1499460 |
| Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| 1630000 | 4.000 | 05/01/2038 | 1405831 |
| Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) | Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) | Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) | Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) |
| 785000 | 3.750 | 05/01/2026 | 759639 |
| 1550000 | 4.000 | 05/01/2033 | 1427264 |
| Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR) | Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR) | Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR) | Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR) |
| 1365000 | 5.250 | 11/01/2034 | 1367898 |
| 2350000 | 6.000 | 11/01/2044 | 2362018 |
| Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 715000 | 3.375 | 05/01/2041 | 533456 |
| Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) | Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) | Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) | Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) |
| 1110000 | 4.800 | 05/01/2036 | 1065250 |
| 1715000 | 5.000 | 05/01/2046 | 1585967 |
| Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 3250000 | 4.000 | 06/15/2042 | 2661834 |
| 6000000 | 4.000 | 06/15/2052 | 4500931 |
| Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) |
| 2050000 | 3.300 | 12/15/2041 | 1503638 |
| Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 1000000 | 4.000 | 06/15/2040 | 841461 |
| Tison's Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) | Tison's Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) | Tison's Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) | Tison's Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) |
| 690000 | 3.375 | 05/01/2032 | 655381 |
| 1345000 | 3.600 | 05/01/2037 | 1228696 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) | Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) | Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) | Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) |
| 615000 | 4.000% | 05/01/2051 | $465021 |
| Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (NR/AA) | Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (NR/AA) | Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (NR/AA) | Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (NR/AA) |
| 1760000 | 3.750 | 05/01/2040 | 1604998 |
| Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)<sup>(c)</sup> | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)<sup>(c)</sup> | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)<sup>(c)</sup> | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)<sup>(c)</sup> |
| 375000 | 5.625 | 05/01/2040 | 378959 |
| Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR) | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR) |
| 300000 | 5.125 | 05/01/2039 | 294174 |
| Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) |
| 1160000 | 4.250 | 05/01/2037 | 1055059 |
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)<sup>(c)</sup> | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)<sup>(c)</sup> | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)<sup>(c)</sup> | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)<sup>(c)</sup> |
| 8310000 | 4.400 | 05/01/2040 | 7440241 |
| Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR) | Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR) | Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR) | Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR) |
| 225000 | 5.750 | 11/01/2027 | 231705 |
| 1955000 | 6.250 | 11/01/2044 | 2032421 |
| Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) | Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) | Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) | Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) |
| 2645000 | 5.375 | 11/01/2039 | 2634643 |
| 5390000 | 5.500 | 11/01/2049 | 5244057 |
| Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> |
| 1560000 | 4.625 | 06/15/2038 | 1452032 |
| 2440000 | 4.750 | 06/15/2048 | 2147353 |
| Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 550000 | 4.000 | 12/15/2040 | 461946 |
| 1145000 | 4.125 | 12/15/2049 | 904184 |
| Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-) | Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-) | Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-) | Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-) |
| 10000000 | 5.000 | 04/01/2048 | 10062295 |
| Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) | Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) | Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) | Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) |
| 1085000 | 4.625 | 05/01/2050 | 920824 |
| Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(c)</sup> | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(c)</sup> | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(c)</sup> | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(c)</sup> |
| 525000 | 3.625 | 05/01/2040 | 423170 |
| 1000000 | 4.000 | 05/01/2051 | 756132 |
| Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) |
| 1700000 | 3.000 | 05/01/2041 | 1188270 |
| 1300000 | 4.000 | 05/01/2052 | 975674 |
| Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)<sup>(c)</sup> | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)<sup>(c)</sup> | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)<sup>(c)</sup> | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)<sup>(c)</sup> |
| 975000 | 5.375 | 11/01/2049 | 931691 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(c)</sup> | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(c)</sup> | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(c)</sup> | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(c)</sup> |
| 875000 | 3.750% | 05/01/2040 | $690970 |
| 750000 | 4.000 | 05/01/2051 | 567099 |
| Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) |
| 700000 | 3.500 | 11/01/2041 | 526240 |
| 700000 | 4.000 | 11/01/2050 | 531848 |
| Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR) |
| 940000 | 5.250 | 11/01/2027 | 948524 |
| 2735000 | 6.125 | 11/01/2046 | 2764320 |
| Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)<sup>(c)</sup> | Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)<sup>(c)</sup> | Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)<sup>(c)</sup> | Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)<sup>(c)</sup> |
| 785000 | 4.700 | 11/01/2029 | 780878 |
| 1525000 | 5.125 | 11/01/2038 | 1484729 |
| 2165000 | 5.375 | 11/01/2048 | 2067473 |
| Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) | Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) |
| 1000000 | 4.625 | 05/01/2039 | 915889 |
| 1995000 | 4.750 | 05/01/2050 | 1723878 |
| TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)<sup>(c)</sup> | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)<sup>(c)</sup> | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)<sup>(c)</sup> | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)<sup>(c)</sup> |
| 4625000 | 4.750 | 11/01/2048 | 4031100 |
| TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) |
| 1200000 | 5.000 | 11/01/2039 | 1159707 |
| 1850000 | 5.125 | 11/01/2049 | 1709791 |
| TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) | TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) | TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) | TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) |
| 1140000 | 4.000 | 11/01/2027 | 1110478 |
| 3160000 | 4.625 | 11/01/2037 | 2943650 |
| 2790000 | 4.750 | 11/01/2047 | 2444383 |
| TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) |
| 900000 | 4.000 | 11/01/2050 | 683805 |
| TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR) | TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR) | TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR) | TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR) |
| 2420000 | 5.625 | 11/01/2045 | 2422218 |
| Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 1400000 | 4.000 | 05/01/2052 | 1050986 |
| Tuckers Pointe Community Development District Special Assessment Revenue Note Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment Revenue Note Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment Revenue Note Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment Revenue Note Series 2022 (NR\NR) |
| 4200000 | 3.625 | 05/01/2032 | 3690224 |
| Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (NR/A) | Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (NR/A) | Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (NR/A) | Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (NR/A) |
| 2245000 | 4.375 | 05/01/2035 | 2246863 |
| Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) | Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) | Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) | Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) |
| 1700000 | 3.500 | 05/01/2032 | 1640540 |
| 2545000 | 3.625 | 05/01/2037 | 2327559 |
| Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR) | Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR) | Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR) | Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR) |
| 615000 | 4.750 | 05/01/2037 | 581469 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) | Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) | Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) | Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) |
| 2300000 | 3.750% | 12/15/2039 | $1870933 |
| 3505000 | 4.000 | 12/15/2049 | 2688668 |
| Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)<sup>(c)</sup> | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)<sup>(c)</sup> | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)<sup>(c)</sup> | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)<sup>(c)</sup> |
| 1000000 | 5.000 | 12/15/2032 | 993783 |
| 1705000 | 5.000 | 12/15/2037 | 1663768 |
| 5330000 | 5.000 | 12/15/2047 | 4909017 |
| Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 1850000 | 5.250 | 05/01/2052 | 1721959 |
| Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 1600000 | 6.000 | 05/01/2043 | 1588703 |
| 2545000 | 6.250 | 05/01/2053 | 2524198 |
| Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)<sup>(c)</sup> | Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)<sup>(c)</sup> | Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)<sup>(c)</sup> | Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)<sup>(c)</sup> |
| 2415000 | 5.500 | 11/01/2047 | 2363172 |
| University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) |
| 2800000 | 3.375 | 05/01/2045 | 2343881 |
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(c)</sup> | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(c)</sup> | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(c)</sup> | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)<sup>(c)</sup> |
| 1400000 | 4.000 | 05/01/2051 | 1058584 |
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| 2760000 | 4.000 | 05/01/2052 | 2071944 |
| Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR) | Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR) | Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR) | Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR) |
| 320000 | 6.000 | 11/01/2027 | 332555 |
| 2050000 | 6.500 | 11/01/2043 | 2207516 |
| Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR) | Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR) | Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR) | Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR) |
| 450000 | 6.375 | 11/01/2027 | 461706 |
| 2295000 | 7.125 | 11/01/2044 | 2362397 |
| Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)<sup>(c)</sup> | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)<sup>(c)</sup> | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)<sup>(c)</sup> | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)<sup>(c)</sup> |
| 4655000 | 5.125 | 05/01/2049 | 4325618 |
| Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) |
| 1000000 | 5.000 | 11/01/2039 | 966670 |
| 1700000 | 5.125 | 11/01/2049 | 1573075 |
| Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR) | Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR) |
| 980000 | 5.000 | 11/01/2039 | 947337 |
| 1590000 | 5.125 | 11/01/2049 | 1471287 |
| Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR) | Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR) | Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR) | Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR) |
| 1215000 | 5.875 | 11/01/2032 | 1227890 |
| Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)<sup>(c)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)<sup>(c)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)<sup>(c)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 350000 | 3.600 | 05/01/2041 | 266740 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(c)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(c)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(c)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 550000 | 3.600% | 05/01/2041 | $419164 |
| 890000 | 4.000 | 05/01/2051 | 672957 |
| Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) |
| 4355000 | 4.000 | 05/01/2031 | 4091327 |
| 1700000 | 4.125 | 05/01/2034 | 1564012 |
| 1000000 | 4.250 | 05/01/2037 | 895769 |
| Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)<sup>(c)</sup> | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)<sup>(c)</sup> | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)<sup>(c)</sup> | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)<sup>(c)</sup> |
| 1980000 | 4.000 | 05/01/2031 | 1937003 |
| 2940000 | 4.000 | 05/01/2037 | 2764702 |
| Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) |
| 735000 | 5.125 | 11/01/2035 | 730018 |
| 990000 | 5.250 | 11/01/2046 | 939778 |
| Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 1000000 | 6.625 | 11/01/2052 | 1025265 |
| Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) |
| 265000 | 4.000 | 05/01/2040 | 221743 |
| 1700000 | 4.000 | 05/01/2050 | 1293761 |
| Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) |
| 370000 | 4.000 | 05/01/2040 | 309604 |
| 2015000 | 4.000 | 05/01/2050 | 1534591 |
| Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) |
| 265000 | 4.000 | 05/01/2040 | 221744 |
| 1740000 | 4.000 | 05/01/2050 | 1325155 |
| Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) |
| 1625000 | 2.600 | 05/01/2034 | 1339231 |
| Viera Stewardship District Special Assessment RB Series 2021 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2021 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2021 (NR/NR) | Viera Stewardship District Special Assessment RB Series 2021 (NR/NR) |
| 1630000 | 3.125 | 05/01/2041 | 1162392 |
| 1590000 | 4.000 | 05/01/2053 | 1188529 |
| Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) |
| 1000000 | 3.750 | 05/01/2037 | 827806 |
| Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR) | Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR) | Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR) | Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR) |
| 3905000 | 6.000 | 05/01/2044 | 3918470 |
| Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) |
| 9615000 | 3.700 | 05/01/2050 | 7039794 |
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(c)</sup> | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(c)</sup> | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(c)</sup> | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(c)</sup> |
| 4135000 | 3.250 | 05/01/2040 | 3088739 |
| 9185000 | 3.500 | 05/01/2051 | 6427147 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Village Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Village Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Village Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) | Village Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR) |
| 4425000 | 3.250% | 05/01/2052 | $2849512 |
| Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) |
| 1150000 | 5.250 | 05/01/2053 | 1070896 |
| Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) |
| 1130000 | 4.000 | 05/01/2052 | 848667 |
| Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 885000 | 4.625 | 05/01/2039 | 810562 |
| 1355000 | 4.875 | 05/01/2050 | 1194488 |
| Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 555000 | 3.750 | 05/01/2040 | 438892 |
| 1000000 | 4.000 | 05/01/2051 | 756132 |
| Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-) | Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-) | Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-) | Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-) |
| 1000000 | 3.750 | 11/01/2031 | 935810 |
| 1000000 | 4.000 | 11/01/2036 | 925490 |
| 1300000 | 4.125 | 11/01/2046 | 1136044 |
| Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) | Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) | Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) | Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) |
| 2560000 | 5.500 | 05/01/2034 | 2572108 |
| 3810000 | 5.750 | 05/01/2044 | 3818784 |
| Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR) | Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR) | Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR) | Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR) |
| 4040000 | 5.250 | 05/01/2049 | 3809083 |
| Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+) | Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+) | Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+) | Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+) |
| 3230000 | 4.200 | 05/01/2036 | 3082616 |
| Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(c)</sup> |
| 1640000 | 5.125 | 11/01/2038 | 1604407 |
| 2800000 | 5.250 | 11/01/2049 | 2634977 |
| Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) | Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) | Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) | Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) |
| 1210000 | 5.125 | 11/01/2035 | 1210641 |
| 1945000 | 5.500 | 11/01/2045 | 1918151 |
| Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) | Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) | Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) | Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) |
| 1215000 | 4.250 | 11/01/2049 | 976477 |
| West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)<sup>(c)</sup> | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)<sup>(c)</sup> | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)<sup>(c)</sup> | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)<sup>(c)</sup> |
| 570000 | 3.625 | 05/01/2041 | 437636 |
| 1545000 | 4.000 | 05/01/2051 | 1169060 |
| West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) |
| 550000 | 5.250 | 05/01/2052 | 508277 |
| West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| 1445000 | 3.400 | 05/01/2041 | 1072720 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) | West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) | West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) | West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) |
| 475000 | 5.375% | 05/01/2042 | $463260 |
| 1350000 | 5.500 | 05/01/2053 | 1294240 |
| West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) |
| 2340000 | 4.750 | 05/01/2039 | 2177035 |
| 3790000 | 5.000 | 05/01/2050 | 3454176 |
| Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)<sup>(c)</sup> | Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)<sup>(c)</sup> | Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)<sup>(c)</sup> | Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)<sup>(c)</sup> |
| 480000 | 5.000 | 05/01/2038 | 467766 |
| 600000 | 5.200 | 05/01/2048 | 565270 |
| Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR) |
| 990000 | 4.625 | 05/01/2039 | 906730 |
| 1590000 | 4.850 | 05/01/2049 | 1406903 |
| Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)<sup>(c)</sup> | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)<sup>(c)</sup> | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)<sup>(c)</sup> | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)<sup>(c)</sup> |
| 800000 | 4.100 | 05/01/2037 | 704676 |
| 795000 | 4.125 | 05/01/2038 | 695037 |
| Westside Community Development District Special Assessment RB Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB Series 2019 (NR/NR) | Westside Community Development District Special Assessment RB Series 2019 (NR/NR) |
| 1200000 | 5.000 | 05/01/2039 | 1160462 |
| 2000000 | 5.200 | 05/01/2050 | 1863654 |
| Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| 1650000 | 4.000 | 05/01/2052 | 1235317 |
| Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 1150000 | 6.000 | 06/15/2052 | 1148373 |
| Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) |
| 1100000 | 5.750 | 05/01/2052 | 1101450 |
| Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| 1175000 | 4.000 | 05/01/2052 | 882077 |
| Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) |
| 970000 | 5.000 | 11/01/2049 | 877480 |
| Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR) | Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR) | Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR) | Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR) |
| 1770000 | 5.000 | 11/01/2045 | 1648251 |
| Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) |
| 1260000 | 4.250 | 05/01/2052 | 990165 |
| Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) | Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) | Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) | Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) |
| 1400000 | 4.400 | 11/01/2035 | 1283014 |
| 625000 | 4.250 | 05/01/2040 | 540291 |
| 500000 | 4.500 | 05/01/2051 | 412794 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR) | Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR) | Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR) | Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR) |
| 380000 | 5.375% | 05/01/2035 | $382658 |
| 3020000 | 5.625 | 05/01/2045 | 3027282 |
| Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) | Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) | Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) | Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) |
| 780000 | 4.875 | 05/01/2036 | 754029 |
| 1445000 | 5.000 | 05/01/2047 | 1332149 |
| Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) |
| 1585000 | 3.700 | 05/01/2040 | 1259469 |
| 1960000 | 3.875 | 05/01/2050 | 1441458 |
| Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) |
| 575000 | 3.375 | 05/01/2041 | 426309 |
| 910000 | 4.000 | 05/01/2051 | 689339 |
|  |  |  | 1210859539 |
| **Georgia – 0.8%** | **Georgia – 0.8%** | **Georgia – 0.8%** | **Georgia – 0.8%** |
| Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A1/A) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A1/A) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A1/A) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A1/A) |
| 1500000 | 5.250 | 07/01/2040 | 1549233 |
| Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A2/A-) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A2/A-) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A2/A-) | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A2/A-) |
| 1000000 | 4.000 | 07/01/2040 | 983230 |
| Burke County Development Authority Pollution Control RB Fifth Series 1995 (BBB+/A-2/A-) | Burke County Development Authority Pollution Control RB Fifth Series 1995 (BBB+/A-2/A-) | Burke County Development Authority Pollution Control RB Fifth Series 1995 (BBB+/A-2/A-) | Burke County Development Authority Pollution Control RB Fifth Series 1995 (BBB+/A-2/A-) |
| 1875000 | 2.200 | 10/01/2032 | 1542076 |
| Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) | Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) | Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) | Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) |
| 900000 | 5.125 | 03/01/2052 | 644141 |
| George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) |
| 5000000 | 4.000 | 01/01/2054 | 3844862 |
| George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR)<sup>(c)</sup> | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR)<sup>(c)</sup> | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR)<sup>(c)</sup> | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR)<sup>(c)</sup> |
| 940000 | 3.625 | 01/01/2031 | 819514 |
| 940000 | 5.000 | 01/01/2036 | 859323 |
| 3130000 | 5.000 | 01/01/2054 | 2488327 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) |
| 6650000 | 5.000 | 05/15/2043 | 6650320 |
| 24850000 | 5.000 | 05/15/2049 | 24290599 |
| Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A) | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A) |
| 1000000 | 5.000 | 01/01/2034 | 1055893 |
| 5000000 | 5.000 | 01/01/2039 | 5097023 |
| 10000000 | 5.000 | 01/01/2049 | 9819120 |
| Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)<sup>(c)</sup> | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)<sup>(c)</sup> | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)<sup>(c)</sup> | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)<sup>(c)</sup> |
| 3500000 | 4.000 | 01/01/2038 | 3164789 |
|  |  |  | 62808450 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Guam – 0.4%** | **Guam – 0.4%** | **Guam – 0.4%** | **Guam – 0.4%** |
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(g)</sup> | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(g)</sup> | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(g)</sup> | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(g)</sup> |
| 610000 | 5.125% | 10/01/2034 | $599562 |
| 220000 | 5.250 | 10/01/2035 | 215694 |
| 510000 | 5.250 | 10/01/2036 | 496029 |
| 300000 | 5.375 | 10/01/2040 | 289186 |
| 975000 | 5.375 | 10/01/2043 | 934002 |
| Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (AGM) (Baa2/NR) | Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (AGM) (Baa2/NR) | Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (AGM) (Baa2/NR) | Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (AGM) (Baa2/NR) |
| 1265000 | 6.125 | 10/01/2043 | 1290566 |
| Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (Baa2/NR) | Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (Baa2/NR) | Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (Baa2/NR) | Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (Baa2/NR) |
| 1230000 | 6.375 | 10/01/2043 | 1257089 |
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) |
| 1500000 | 3.839 | 10/01/2036 | 1220162 |
| 1925000 | 4.460 | 10/01/2043 | 1499999 |
| Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) |
| 6240000 | 5.000 | 02/01/2040 | 6095761 |
| Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) | Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) | Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) | Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) |
| 500000 | 5.000 | 12/01/2031 | 516892 |
| Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-) |
| 13300000 | 5.000 | 01/01/2046 | 13086096 |
| Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) | Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) |
| 1540000 | 5.000 | 01/01/2050 | 1526265 |
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) |
| 960000 | 5.000 | 07/01/2035 | 979201 |
| Port Authority of Guam RB Series 2018 A (Baa2/A) | Port Authority of Guam RB Series 2018 A (Baa2/A) | Port Authority of Guam RB Series 2018 A (Baa2/A) | Port Authority of Guam RB Series 2018 A (Baa2/A) |
| 2500000 | 5.000 | 07/01/2048 | 2539270 |
| Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR) | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR) |
| 1000000 | 5.000 | 11/01/2035 | 1042100 |
|  |  |  | 33587874 |
| **Hawaii – 0.1%** | **Hawaii – 0.1%** | **Hawaii – 0.1%** | **Hawaii – 0.1%** |
| Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR) | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR) |
| 6000000 | 3.200 | 07/01/2039 | 4881261 |
| Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui'ula Development Series 2019 (NR/NR) | Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui'ula Development Series 2019 (NR/NR) | Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui'ula Development Series 2019 (NR/NR) | Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui'ula Development Series 2019 (NR/NR) |
| 675000 | 5.000 | 05/15/2044 | 672068 |
| 2750000 | 5.000 | 05/15/2049 | 2686814 |
|  |  |  | 8240143 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – 8.2%** | **Illinois – 8.2%** | **Illinois – 8.2%** | **Illinois – 8.2%** |
| Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB) | Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB) | Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB) | Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB) |
| 1400000 | 5.382% | 12/01/2023 | $1383569 |
| Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) |
| 16000000 | 6.000 | 04/01/2046 | 16591275 |
| Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR) | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR) |
| 1700000 | 5.000 | 04/01/2042 | 1701743 |
| 1625000 | 5.000 | 04/01/2046 | 1598671 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> |
| 9125000 | 0.000 | 12/01/2029 | 6841312 |
| 6905000 | 0.000 | 12/01/2030 | 4932660 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> |
| 125000 | 0.000 | 12/01/2029 | 93717 |
| Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB)<sup>(c)</sup> | Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB)<sup>(c)</sup> | Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB)<sup>(c)</sup> | Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB)<sup>(c)</sup> |
| 5500000 | 7.000 | 12/01/2046 | 5957952 |
| Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> |
| 22095000 | 0.000 | 12/01/2031 | 15012726 |
| Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) |
| 8965000 | 5.500 | 12/01/2029 | 9577866 |
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB) |
| 20125000 | 5.250 | 12/01/2035 | 20136624 |
| 10410000 | 5.250 | 12/01/2039 | 10363196 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba3/BB) |
| 2300000 | 5.500 | 12/01/2030 | 2475475 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) |
| 13525000 | 6.038 | 12/01/2029 | 12678768 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba3/BB) |
| 9025000 | 4.000 | 12/01/2035 | 8259342 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) |
| 54375000 | 7.000 | 12/01/2044 | 57573620 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) |
| 61035000 | 6.500 | 12/01/2046 | 64330774 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) |
| 1250000 | 5.000 | 12/01/2030 | 1313215 |
| 1025000 | 5.000 | 12/01/2031 | 1074825 |
| 1000000 | 5.000 | 12/01/2032 | 1046552 |
| 1250000 | 5.000 | 12/01/2034 | 1290695 |
| 1000000 | 5.000 | 12/01/2035 | 1026737 |
| Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)<sup>(f)</sup> | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)<sup>(f)</sup> | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)<sup>(f)</sup> | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)<sup>(f)</sup> |
| 11545000 | 0.000 | 01/01/2032 | 7765867 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+) | Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+) | Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+) | Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+) |
| 1800000 | 5.500% | 01/01/2037 | $1826725 |
| Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+) | Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+) | Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+) | Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+) |
| 8375000 | 5.250 | 01/01/2033 | 8398210 |
| 6295000 | 5.000 | 01/01/2034 | 6296047 |
| Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+) | Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+) | Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+) | Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+) |
| 3145000 | 7.517 | 01/01/2040 | 3313652 |
| Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) |
| 4180000 | 5.500 | 01/01/2039 | 4238097 |
| Chicago Illinois GO Bonds Series 2015 B (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 B (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 B (NR/BBB+) | Chicago Illinois GO Bonds Series 2015 B (NR/BBB+) |
| 14603000 | 7.375 | 01/01/2033 | 15422116 |
| Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (Ba1/WR/BBB+) | Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (Ba1/WR/BBB+) | Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (Ba1/WR/BBB+) | Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (Ba1/WR/BBB+) |
| 3775000 | 5.500 | 01/01/2042 | 3815504 |
| Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (Ba1/WR/BBB+) | Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (Ba1/WR/BBB+) | Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (Ba1/WR/BBB+) | Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (Ba1/WR/BBB+) |
| 2500000 | 5.500 | 01/01/2042 | 2526824 |
| Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+) | Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+) | Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+) | Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+) |
| 6615000 | 5.432 | 01/01/2042 | 5567740 |
| Chicago Illinois GO Refunding Bonds Series 2014 A (Ba1/BBB+) | Chicago Illinois GO Refunding Bonds Series 2014 A (Ba1/BBB+) | Chicago Illinois GO Refunding Bonds Series 2014 A (Ba1/BBB+) | Chicago Illinois GO Refunding Bonds Series 2014 A (Ba1/BBB+) |
| 7255000 | 5.000 | 01/01/2035 | 7198946 |
| Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) |
| 14455000 | 5.000 | 01/01/2038 | 14558612 |
| Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+) |
| 1000000 | 6.000 | 01/01/2038 | 1054618 |
| Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (NR/A) | Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (NR/A) | Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (NR/A) | Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (NR/A) |
| 1500000 | 5.000 | 01/01/2039 | 1506585 |
| Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) | Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) | Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) | Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) |
| 5460000 | 4.000 | 01/01/2052 | 5119457 |
| Chicago Park District GO Bonds Limited Tax Series 2018 A (NR/AA-) | Chicago Park District GO Bonds Limited Tax Series 2018 A (NR/AA-) | Chicago Park District GO Bonds Limited Tax Series 2018 A (NR/AA-) | Chicago Park District GO Bonds Limited Tax Series 2018 A (NR/AA-) |
| 2585000 | 4.000 | 01/01/2041 | 2432328 |
| City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) | City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) | City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) | City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) |
| 915000 | 3.750 | 07/01/2041 | 714226 |
| City of Chicago Board of Eduaction UT GO Bonds Series 2018D (NR/BB) | City of Chicago Board of Eduaction UT GO Bonds Series 2018D (NR/BB) | City of Chicago Board of Eduaction UT GO Bonds Series 2018D (NR/BB) | City of Chicago Board of Eduaction UT GO Bonds Series 2018D (NR/BB) |
| 2300000 | 5.000 | 12/01/2046 | 2174224 |
| City of Chicago Board of Education UT GO Bonds Series 2022A (NR/BB) | City of Chicago Board of Education UT GO Bonds Series 2022A (NR/BB) | City of Chicago Board of Education UT GO Bonds Series 2022A (NR/BB) | City of Chicago Board of Education UT GO Bonds Series 2022A (NR/BB) |
| 2700000 | 4.000 | 12/01/2047 | 2180375 |
| City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+) | City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+) | City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+) | City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+) |
| 2685000 | 5.500 | 01/01/2037 | 2724865 |
| City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) |
| 10500000 | 5.000 | 01/01/2036 | 10404133 |
| City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(g)</sup> | City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(g)</sup> | City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(g)</sup> | City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(g)</sup> |
| 2220000 | 5.500 | 01/01/2043 | 2287315 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| City of Chicago IL GO Bonds Series 2019 (BBB+/NR) | City of Chicago IL GO Bonds Series 2019 (BBB+/NR) | City of Chicago IL GO Bonds Series 2019 (BBB+/NR) | City of Chicago IL GO Bonds Series 2019 (BBB+/NR) |
| 8765000 | 5.000% | 01/01/2044 | $8493494 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (NR/A+) |
| 4000000 | 5.000 | 01/01/2052 | 3991320 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (AGM) (NR/AA) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (AGM) (NR/AA) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (AGM) (NR/AA) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (AGM) (NR/AA) |
| 6900000 | 5.500 | 01/01/2053 | 7238793 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) |
| 2400000 | 4.500 | 01/01/2048 | 2265046 |
| 12000000 | 5.250 | 01/01/2053 | 12311434 |
| City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA) |
| 735000 | 5.432 | 01/01/2042 | 672145 |
| City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA) | City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA) |
| 7350000 | 6.314 | 01/01/2044 | 7370390 |
| Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR) | Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR) | Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR) | Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR) |
| 1818000 | 5.800 | 03/01/2037 | 1548380 |
| County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) | County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) | County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) | County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) |
| 2500000 | 4.000 | 11/15/2047 | 2395573 |
| Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR) | Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR) | Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR) | Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR) |
| 1166000 | 5.625 | 03/01/2036 | 1125924 |
| Illinois Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(c)</sup> | Illinois Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(c)</sup> | Illinois Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(c)</sup> | Illinois Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(c)</sup> |
| 2250000 | 5.000 | 07/01/2051 | 1654111 |
| 2250000 | 5.000 | 07/01/2056 | 1605304 |
| Illinois Finance Authority Multifamily Housing RB Series 2018A-1 (NR/NR) | Illinois Finance Authority Multifamily Housing RB Series 2018A-1 (NR/NR) | Illinois Finance Authority Multifamily Housing RB Series 2018A-1 (NR/NR) | Illinois Finance Authority Multifamily Housing RB Series 2018A-1 (NR/NR) |
| 653503 | 5.000 | 12/01/2053 | 7 |
| Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+) | Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+) | Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+) | Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+) |
| 715000 | 5.000 | 12/01/2034 | 745130 |
| 920000 | 5.000 | 12/01/2039 | 937926 |
| 1175000 | 5.000 | 12/01/2044 | 1181259 |
| Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) |
| 1200000 | 5.000 | 03/01/2047 | 1134919 |
| 1050000 | 5.000 | 03/01/2052 | 973481 |
| Illinois Finance Authority RB for Lake Forest College Series 2022A (BBB-/NR) | Illinois Finance Authority RB for Lake Forest College Series 2022A (BBB-/NR) | Illinois Finance Authority RB for Lake Forest College Series 2022A (BBB-/NR) | Illinois Finance Authority RB for Lake Forest College Series 2022A (BBB-/NR) |
| 2250000 | 5.500 | 10/01/2047 | 2200953 |
| 1925000 | 5.250 | 10/01/2052 | 1784770 |
| Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) |
| 1750000 | 6.625 | 05/15/2052 | 1780853 |
| 3500000 | 6.750 | 05/15/2058 | 3560068 |
| Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(c)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(c)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(c)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(c)</sup> |
| 12425000 | 6.125 | 04/01/2049 | 11929708 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Illinois Finance Authority RB for Roosevelt University Series 2019A (NR/NR)<sup>(c)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019A (NR/NR)<sup>(c)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019A (NR/NR)<sup>(c)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019A (NR/NR)<sup>(c)</sup> |
| 1400000 | 6.125% | 04/01/2058 | $1320150 |
| Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) |
| 950000 | 4.000 | 10/01/2040 | 868105 |
| 950000 | 4.000 | 10/01/2050 | 799782 |
| Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) | Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) | Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) | Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) |
| 1645000 | 4.000 | 05/15/2027 | 1585506 |
| 2825000 | 5.000 | 05/15/2037 | 2702014 |
| 1055000 | 5.000 | 05/15/2047 | 954455 |
| Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) |
| 1500000 | 4.000 | 09/01/2035 | 1358967 |
| 1725000 | 5.000 | 09/01/2036 | 1734792 |
| 2000000 | 4.000 | 09/01/2037 | 1759322 |
| 2000000 | 4.000 | 09/01/2039 | 1713351 |
| 1500000 | 5.000 | 09/01/2040 | 1469645 |
| 1500000 | 4.000 | 09/01/2041 | 1248455 |
| Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) |
| 500000 | 5.000 | 09/01/2036 | 512419 |
| 3470000 | 5.000 | 09/01/2046 | 3499784 |
| Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) |
| 950000 | 5.000 | 05/15/2051 | 781182 |
| 765000 | 5.000 | 05/15/2056 | 617167 |
| Illinois Finance Authority RB Series 2013 A (NR/NR) | Illinois Finance Authority RB Series 2013 A (NR/NR) | Illinois Finance Authority RB Series 2013 A (NR/NR) | Illinois Finance Authority RB Series 2013 A (NR/NR) |
| 3935000 | 5.250 | 05/15/2047 | 3688304 |
| Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(c)</sup> | Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(c)</sup> | Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(c)</sup> | Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(c)</sup> |
| 2125000 | 4.000 | 10/01/2042 | 1634949 |
| Illinois Finance Authority RB Series 2022A (NR/NR) | Illinois Finance Authority RB Series 2022A (NR/NR) | Illinois Finance Authority RB Series 2022A (NR/NR) | Illinois Finance Authority RB Series 2022A (NR/NR) |
| 5500000 | 5.500 | 06/01/2057 | 4911994 |
| Illinois State GO Bonds Series 2013 (Baa2/BBB) | Illinois State GO Bonds Series 2013 (Baa2/BBB) | Illinois State GO Bonds Series 2013 (Baa2/BBB) | Illinois State GO Bonds Series 2013 (Baa2/BBB) |
| 5050000 | 5.500 | 07/01/2038 | 5061602 |
| Illinois State GO Bonds Series 2014 (Baa2/BBB) | Illinois State GO Bonds Series 2014 (Baa2/BBB) | Illinois State GO Bonds Series 2014 (Baa2/BBB) | Illinois State GO Bonds Series 2014 (Baa2/BBB) |
| 2525000 | 5.000 | 05/01/2029 | 2544462 |
| 10000000 | 5.000 | 05/01/2030 | 10064269 |
| 5000000 | 5.000 | 05/01/2039 | 4961096 |
| Illinois State GO Bonds Series 2017 A (Baa2/BBB) | Illinois State GO Bonds Series 2017 A (Baa2/BBB) | Illinois State GO Bonds Series 2017 A (Baa2/BBB) | Illinois State GO Bonds Series 2017 A (Baa2/BBB) |
| 9500000 | 5.000 | 12/01/2035 | 9552918 |
| 1770000 | 4.500 | 12/01/2041 | 1601135 |
| 4730000 | 5.000 | 12/01/2042 | 4630541 |
| Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) |
| 2740000 | 5.000 | 11/01/2028 | 2817800 |
| Illinois State GO Bonds Series 2018 A (Baa2/BBB) | Illinois State GO Bonds Series 2018 A (Baa2/BBB) | Illinois State GO Bonds Series 2018 A (Baa2/BBB) | Illinois State GO Bonds Series 2018 A (Baa2/BBB) |
| 350000 | 5.000 | 05/01/2032 | 355038 |
| 5280000 | 5.000 | 05/01/2042 | 5177066 |
| 5280000 | 5.000 | 05/01/2043 | 5161028 |
| Illinois State GO Bonds Series 2019 C (Baa2/BBB) | Illinois State GO Bonds Series 2019 C (Baa2/BBB) | Illinois State GO Bonds Series 2019 C (Baa2/BBB) | Illinois State GO Bonds Series 2019 C (Baa2/BBB) |
| 3000000 | 4.000 | 11/01/2042 | 2530712 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) |
| 1575000 | 5.500% | 05/01/2039 | $1625530 |
| 4250000 | 5.750 | 05/01/2045 | 4414124 |
| Illinois State GO Bonds Series 2020 C (Baa2/BBB) | Illinois State GO Bonds Series 2020 C (Baa2/BBB) | Illinois State GO Bonds Series 2020 C (Baa2/BBB) | Illinois State GO Bonds Series 2020 C (Baa2/BBB) |
| 1500000 | 4.250 | 10/01/2045 | 1282902 |
| Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR) | Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR) | Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR) | Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR) |
| 1658000 | 6.250 | 03/01/2034 | 1537316 |
| Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (Baa3/A-)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (Baa3/A-)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (Baa3/A-)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (Baa3/A-)<sup>(f)</sup> |
| 11900000 | 0.000 | 06/15/2038 | 5592111 |
| Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(f)</sup> |
| 15690000 | 0.000 | 12/15/2032 | 10280620 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR)<sup>(f)</sup> |
| 530000 | 0.000 | 06/15/2030 | 420061 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (NR/BBB+)<sup>(f)</sup> |
| 5000000 | 0.000 | 06/15/2030 | 3704855 |
| Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A2/AA)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A2/AA)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A2/AA)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A2/AA)<sup>(f)</sup> |
| 6455000 | 0.000 | 06/15/2044 | 2267746 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/BBB+)<sup>(f)</sup> |
| 66700000 | 0.000 | 12/15/2056 | 10628352 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A2/AA)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A2/AA)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A2/AA)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A2/AA)<sup>(f)</sup> |
| 18400000 | 0.000 | 12/15/2056 | 3324580 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)<sup>(f)</sup> |
| 70000000 | 0.000 | 12/15/2054 | 12506424 |
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) |
| 2125000 | 4.000 | 06/15/2052 | 1720056 |
| Plano Special Service Area No. 5 Special Tax Bonds for Lakewood Springs Club Series 2006 (NR/NR) | Plano Special Service Area No. 5 Special Tax Bonds for Lakewood Springs Club Series 2006 (NR/NR) | Plano Special Service Area No. 5 Special Tax Bonds for Lakewood Springs Club Series 2006 (NR/NR) | Plano Special Service Area No. 5 Special Tax Bonds for Lakewood Springs Club Series 2006 (NR/NR) |
| 1538000 | 6.000 | 03/01/2036 | 1490921 |
| Regional Transportation Authority Illinois GO Bonds Series 2016 A (A1/AA) | Regional Transportation Authority Illinois GO Bonds Series 2016 A (A1/AA) | Regional Transportation Authority Illinois GO Bonds Series 2016 A (A1/AA) | Regional Transportation Authority Illinois GO Bonds Series 2016 A (A1/AA) |
| 7730000 | 4.000 | 06/01/2046 | 7448606 |
| State of Illinois GO Bonds Series 2014 (Baa1/BBB+) | State of Illinois GO Bonds Series 2014 (Baa1/BBB+) | State of Illinois GO Bonds Series 2014 (Baa1/BBB+) | State of Illinois GO Bonds Series 2014 (Baa1/BBB+) |
| 3435000 | 5.250 | 02/01/2033 | 3452838 |
| 2665000 | 5.250 | 02/01/2034 | 2677730 |
| State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) |
| 9500000 | 4.250 | 12/01/2040 | 8456158 |
| State of Illinois GO Bonds Series 2017 D (Baa2/BBB) | State of Illinois GO Bonds Series 2017 D (Baa2/BBB) | State of Illinois GO Bonds Series 2017 D (Baa2/BBB) | State of Illinois GO Bonds Series 2017 D (Baa2/BBB) |
| 4910000 | 3.250 | 11/01/2026 | 4760066 |
| State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) |
| 15000000 | 5.000 | 11/01/2029 | 15366855 |
| State of Illinois GO Bonds Series 2021A (Baa1/BBB+) | State of Illinois GO Bonds Series 2021A (Baa1/BBB+) | State of Illinois GO Bonds Series 2021A (Baa1/BBB+) | State of Illinois GO Bonds Series 2021A (Baa1/BBB+) |
| 4520000 | 4.000 | 03/01/2041 | 3877784 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) |
| 8230000 | 5.000% | 10/01/2028 | $8507126 |
| State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB) |
| 2750000 | 4.000 | 12/01/2033 | 2569207 |
| 7950000 | 4.250 | 12/01/2037 | 7336163 |
| Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)<sup>(c)</sup> | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)<sup>(c)</sup> | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)<sup>(c)</sup> | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)<sup>(c)</sup> |
| 380000 | 5.000 | 01/01/2045 | 324037 |
| 900000 | 5.000 | 01/01/2055 | 730391 |
| Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) | Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) | Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) | Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) |
| 2000000 | 5.000 | 01/01/2039 | 1782931 |
| Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) | Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) | Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) | Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) |
| 540000 | 4.125 | 10/01/2041 | 445965 |
| 1080000 | 4.125 | 10/01/2046 | 847140 |
|  |  |  | 650685373 |
| **Indiana – 0.1%** | **Indiana – 0.1%** | **Indiana – 0.1%** | **Indiana – 0.1%** |
| Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (NR/BBB+) | Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (NR/BBB+) | Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (NR/BBB+) | Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (NR/BBB+) |
| 1300000 | 5.000 | 02/01/2029 | 1314373 |
| 1250000 | 5.250 | 02/01/2034 | 1266761 |
| 1500000 | 5.000 | 02/01/2039 | 1508107 |
| Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) | Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) | Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) | Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) |
| 400000 | 4.000 | 09/15/2049 | 333298 |
| Indiana Finance Authority Midwestern Disaster Relieft RB Series 2012A (NR/NR) | Indiana Finance Authority Midwestern Disaster Relieft RB Series 2012A (NR/NR) | Indiana Finance Authority Midwestern Disaster Relieft RB Series 2012A (NR/NR) | Indiana Finance Authority Midwestern Disaster Relieft RB Series 2012A (NR/NR) |
| 1000000 | 4.250 | 11/01/2030 | 965147 |
| Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) | Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) | Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) | Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) |
| 865000 | 5.000 | 07/01/2055 | 768897 |
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR) |
| 1000000 | 3.000 | 11/01/2030 | 884381 |
| Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR) | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR) |
| 2500000 | 3.000 | 11/01/2030 | 2210951 |
| Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (WR/NR)<sup>\*</sup> | Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (WR/NR)<sup>\*</sup> | Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (WR/NR)<sup>\*</sup> | Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (WR/NR)<sup>\*</sup> |
| 7520823 | 6.500 | 11/15/2031 | 75 |
| Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-) | Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-) | Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-) | Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-) |
| 3300000 | 2.500 | 09/01/2050 | 2012760 |
|  |  |  | 11264750 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Iowa – 0.3%** | **Iowa – 0.3%** | **Iowa – 0.3%** | **Iowa – 0.3%** |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (NR/BBB-)<sup>(a)(b)</sup> | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (NR/BBB-)<sup>(a)(b)</sup> | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (NR/BBB-)<sup>(a)(b)</sup> | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (NR/BBB-)<sup>(a)(b)</sup> |
| 2300000 | 5.000% | 12/01/2042 | $2212914 |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR) | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR) |
| 13500000 | 5.000 | 12/01/2050 | 12560174 |
| Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) | Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) |
| 2050000 | 4.000 | 05/15/2055 | 1337120 |
| 2700000 | 5.000 | 05/15/2055 | 2167529 |
| Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) |
| 975000 | 5.375 | 10/01/2052 | 988515 |
| Tobacco Settlement Authority Asset Backed Bonds Class 1 Senior Current Interest Bonds Series 2021A-2 (NR/BBB+) | Tobacco Settlement Authority Asset Backed Bonds Class 1 Senior Current Interest Bonds Series 2021A-2 (NR/BBB+) | Tobacco Settlement Authority Asset Backed Bonds Class 1 Senior Current Interest Bonds Series 2021A-2 (NR/BBB+) | Tobacco Settlement Authority Asset Backed Bonds Class 1 Senior Current Interest Bonds Series 2021A-2 (NR/BBB+) |
| 3000000 | 4.000 | 06/01/2049 | 2504902 |
|  |  |  | 21771154 |
| **Kansas – 0.1%** | **Kansas – 0.1%** | **Kansas – 0.1%** | **Kansas – 0.1%** |
| City of Manhattan Health Care Facilities RB Series 2022A (NR\NR) | City of Manhattan Health Care Facilities RB Series 2022A (NR\NR) | City of Manhattan Health Care Facilities RB Series 2022A (NR\NR) | City of Manhattan Health Care Facilities RB Series 2022A (NR\NR) |
| 2070000 | 4.000 | 06/01/2052 | 1461635 |
| City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) |
| 1075000 | 4.000 | 06/01/2046 | 794456 |
| City of Prairie Village Special Obligation Tax Increment Revenue Refunding Bonds Series 2021 (NR/NR) | City of Prairie Village Special Obligation Tax Increment Revenue Refunding Bonds Series 2021 (NR/NR) | City of Prairie Village Special Obligation Tax Increment Revenue Refunding Bonds Series 2021 (NR/NR) | City of Prairie Village Special Obligation Tax Increment Revenue Refunding Bonds Series 2021 (NR/NR) |
| 705000 | 2.875 | 04/01/2030 | 616333 |
| 940000 | 3.125 | 04/01/2036 | 740260 |
| City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) | City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) | City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) | City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) |
| 1775000 | 6.500 | 12/01/2052 | 1763283 |
| City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) | City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) | City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) | City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) |
| 1155000 | 5.000 | 05/15/2028 | 1125276 |
| 1215000 | 5.000 | 05/15/2029 | 1175707 |
| 2850000 | 5.000 | 05/15/2034 | 2661969 |
| 1190000 | 5.000 | 05/15/2050 | 983978 |
|  |  |  | 11322897 |
| **Kentucky – 0.4%** | **Kentucky – 0.4%** | **Kentucky – 0.4%** | **Kentucky – 0.4%** |
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)<sup>(c)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)<sup>(c)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)<sup>(c)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)<sup>(c)</sup> |
| 3150000 | 4.450 | 01/01/2042 | 2863493 |
| 3375000 | 4.700 | 01/01/2052 | 2981459 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) |
| 2000000 | 2.125 | 10/01/2034 | 1528197 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) |
| 3000000 | 2.000 | 02/01/2032 | 2418903 |
| Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (A3/A) | Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (A3/A) | Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (A3/A) | Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (A3/A) |
| 700000 | 4.000 | 06/01/2046 | 614674 |
| Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) |
| 205000 | 4.000 | 03/01/2046 | 178953 |
| 130000 | 4.000 | 03/01/2049 | 111609 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Kentucky – (continued)** | **Kentucky – (continued)** | **Kentucky – (continued)** | **Kentucky – (continued)** |
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A2/AA) |
| 900000 | 4.000% | 12/01/2041 | $841755 |
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) |
| 2000000 | 4.000 | 06/01/2037 | 1876267 |
| 2925000 | 4.000 | 06/01/2045 | 2571878 |
| Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) |
| 10030000 | 5.000 | 08/01/2049 | 9789410 |
| Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (NR/A) | Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (NR/A) | Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (NR/A) | Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (NR/A) |
| 5000000 | 5.750 | 10/01/2042 | 5058757 |
| Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (NR/A) | Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (NR/A) | Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (NR/A) | Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (NR/A) |
| 3000000 | 3.000 | 10/01/2043 | 2308560 |
|  |  |  | 33143915 |
| **Louisiana – 1.0%** | **Louisiana – 1.0%** | **Louisiana – 1.0%** | **Louisiana – 1.0%** |
| Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) | Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) | Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) | Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) |
| 2125000 | 5.000 | 12/01/2034 | 2210680 |
| 2375000 | 5.000 | 12/01/2039 | 2404486 |
| Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) |
| 1410000 | 5.500 | 06/01/2052 | 1381738 |
| Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)<sup>(c)</sup> | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)<sup>(c)</sup> | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)<sup>(c)</sup> | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)<sup>(c)</sup> |
| 1900000 | 4.125 | 06/01/2039 | 1670563 |
| 2300000 | 4.375 | 06/01/2048 | 1950751 |
| Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) |
| 1810000 | 3.200 | 06/01/2041 | 1398826 |
| Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 930000 | 6.125 | 06/01/2052 | 889140 |
| 1325000 | 6.250 | 06/01/2062 | 1258299 |
| Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> |
| 900000 | 6.250 | 06/01/2052 | 840559 |
| 1850000 | 6.375 | 06/01/2062 | 1707157 |
| Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(c)</sup> |
| 900000 | 6.375 | 06/01/2052 | 849375 |
| 1850000 | 6.500 | 06/01/2062 | 1728810 |
| Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (AGM) (NR/AA) | Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (AGM) (NR/AA) | Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (AGM) (NR/AA) | Louisiana Public Facilities Authority RB for Louisiana Children's Medical Center Obligated Series 2020 A (AGM) (NR/AA) |
| 2000000 | 3.000 | 06/01/2050 | 1460648 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Louisiana – (continued)** | **Louisiana – (continued)** | **Louisiana – (continued)** | **Louisiana – (continued)** |
| Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR) | Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR) | Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR) | Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR) |
| 3225000 | 5.000% | 07/01/2059 | $3261629 |
| Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) |
| 12725000 | 4.000 | 05/15/2042 | 12096171 |
| 3100000 | 5.000 | 05/15/2046 | 3169280 |
| Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(c)</sup> |
| 2470000 | 4.000 | 06/01/2051 | 1829667 |
| 2070000 | 4.000 | 06/01/2056 | 1487179 |
| Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(c)</sup> | Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(c)</sup> |
| 1640000 | 4.000 | 06/01/2051 | 1214839 |
| 1065000 | 4.000 | 06/01/2056 | 765143 |
| Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) |
| 12150000 | 5.000 | 05/15/2042 | 12479218 |
| New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A2/A-) |
| 16395000 | 5.000 | 01/01/2045 | 16245291 |
| New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) |
| 1850000 | 5.000 | 01/01/2048 | 1826002 |
| Parish of St. James RB for NuStar Logistics LP Series 2008 (Ba3/BB-) (PUTABLE)<sup>(a)(b)(c)(h)</sup> | Parish of St. James RB for NuStar Logistics LP Series 2008 (Ba3/BB-) (PUTABLE)<sup>(a)(b)(c)(h)</sup> | Parish of St. James RB for NuStar Logistics LP Series 2008 (Ba3/BB-) (PUTABLE)<sup>(a)(b)(c)(h)</sup> | Parish of St. James RB for NuStar Logistics LP Series 2008 (Ba3/BB-) (PUTABLE)<sup>(a)(b)(c)(h)</sup> |
| 1400000 | 6.100 | 06/01/2030 | 1486287 |
| Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba3/BB-)<sup>(c)</sup> | Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba3/BB-)<sup>(c)</sup> | Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba3/BB-)<sup>(c)</sup> | Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba3/BB-)<sup>(c)</sup> |
| 2375000 | 6.350 | 07/01/2040 | 2527511 |
|  |  |  | 78139249 |
| **Maine – 0.1%** | **Maine – 0.1%** | **Maine – 0.1%** | **Maine – 0.1%** |
| City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+) | City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+) | City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+) | City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+) |
| 800000 | 4.000 | 01/01/2039 | 753337 |
| Finance Authority of Maine RB Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> | Finance Authority of Maine RB Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> | Finance Authority of Maine RB Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> | Finance Authority of Maine RB Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> |
| 4050000 | 8.000 | 12/01/2051 | 2764287 |
| Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A1/A+) |
| 7750000 | 5.000 | 07/01/2048 | 7594284 |
|  |  |  | 11111908 |
| **Maryland – 0.9%** | **Maryland – 0.9%** | **Maryland – 0.9%** | **Maryland – 0.9%** |
| Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) | Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) | Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) | Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) |
| 3000000 | 4.000 | 01/01/2039 | 2811989 |
| Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) | Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) | Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) | Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) |
| 2950000 | 4.500 | 09/01/2033 | 2842989 |
| 1500000 | 5.000 | 09/01/2038 | 1491308 |
| City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/CCC) | City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/CCC) | City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/CCC) | City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/CCC) |
| 1400000 | 5.000 | 09/01/2028 | 1391417 |
| 860000 | 5.000 | 09/01/2039 | 791729 |
| 6135000 | 5.000 | 09/01/2046 | 5507268 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Maryland – (continued)** | **Maryland – (continued)** | **Maryland – (continued)** | **Maryland – (continued)** |
| City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR)<sup>(c)</sup> | City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR)<sup>(c)</sup> | City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR)<sup>(c)</sup> | City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR)<sup>(c)</sup> |
| 325000 | 3.550% | 06/01/2034 | $272017 |
| 200000 | 3.700 | 06/01/2039 | 160985 |
| 300000 | 3.875 | 06/01/2046 | 232957 |
| City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)<sup>(c)</sup> | City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)<sup>(c)</sup> | City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)<sup>(c)</sup> | City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)<sup>(c)</sup> |
| 290000 | 3.400 | 06/01/2034 | 238610 |
| 310000 | 3.450 | 06/01/2035 | 253406 |
| 550000 | 3.500 | 06/01/2039 | 434788 |
| 1650000 | 3.625 | 06/01/2046 | 1249949 |
| City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) | City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) | City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) | City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) |
| 1450000 | 5.000 | 07/01/2036 | 1453762 |
| County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) |
| 2370000 | 4.000 | 01/01/2050 | 2017574 |
| County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) |
| 6830000 | 4.000 | 01/01/2045 | 6136226 |
| 3840000 | 4.000 | 01/01/2050 | 3377391 |
| County of Prince George's Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)<sup>(c)</sup> | County of Prince George's Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)<sup>(c)</sup> | County of Prince George's Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)<sup>(c)</sup> | County of Prince George's Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)<sup>(c)</sup> |
| 1885000 | 5.250 | 07/01/2048 | 1804128 |
| Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR)<sup>(c)</sup> | Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR)<sup>(c)</sup> | Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR)<sup>(c)</sup> | Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR)<sup>(c)</sup> |
| 3765000 | 4.000 | 07/01/2050 | 3112722 |
| Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BB) | Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BB) | Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BB) | Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BB) |
| 2375000 | 5.000 | 06/01/2058 | 2173395 |
| Maryland Economic Development Corp. RB for Morgan State University Project Series 2020 (NR/BBB-) | Maryland Economic Development Corp. RB for Morgan State University Project Series 2020 (NR/BBB-) | Maryland Economic Development Corp. RB for Morgan State University Project Series 2020 (NR/BBB-) | Maryland Economic Development Corp. RB for Morgan State University Project Series 2020 (NR/BBB-) |
| 925000 | 4.000 | 07/01/2040 | 841143 |
| 1400000 | 4.250 | 07/01/2050 | 1232617 |
| 1175000 | 5.000 | 07/01/2050 | 1152616 |
| 2265000 | 5.000 | 07/01/2056 | 2194146 |
| Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR) | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR) |
| 3050000 | 5.000 | 06/01/2049 | 3073687 |
| Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) |
| 6190000 | 3.997 | 04/01/2034 | 4883196 |
| Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/BBB-) | Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/BBB-) | Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/BBB-) | Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/BBB-) |
| 1000000 | 5.750 | 07/01/2053 | 1056358 |
| 2000000 | 6.000 | 07/01/2058 | 2134099 |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR) |
| 1000000 | 4.000 | 07/01/2050 | 873344 |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) |
| 840000 | 3.000 | 10/01/2034 | 735245 |
| 500000 | 4.000 | 10/01/2040 | 466414 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Maryland – (continued)** | **Maryland – (continued)** | **Maryland – (continued)** | **Maryland – (continued)** |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-) |
| 650000 | 4.000% | 06/01/2046 | $564147 |
| Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(c)</sup> | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(c)</sup> | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(c)</sup> | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(c)</sup> |
| 1355000 | 5.500 | 05/01/2052 | 1232496 |
| Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)<sup>(f)</sup> | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)<sup>(f)</sup> | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)<sup>(f)</sup> | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)<sup>(f)</sup> |
| 13800000 | 0.000 | 05/01/2053 | 3319496 |
| 10125000 | 0.000 | 05/01/2054 | 2316613 |
| 8750000 | 0.000 | 05/01/2055 | 1903914 |
| Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) | Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) | Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) | Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) |
| 1450000 | 5.000 | 06/01/2051 | 1352431 |
|  |  |  | 67086572 |
| **Massachusetts – 0.2%** | **Massachusetts – 0.2%** | **Massachusetts – 0.2%** | **Massachusetts – 0.2%** |
| Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA) | Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA) | Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA) | Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA) |
| 2130000 | 3.000 | 04/01/2044 | 1693007 |
| Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)<sup>(c)</sup> | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)<sup>(c)</sup> | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)<sup>(c)</sup> | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)<sup>(c)</sup> |
| 1000000 | 5.000 | 11/15/2033 | 1045175 |
| 900000 | 5.000 | 11/15/2038 | 920171 |
| 2350000 | 5.125 | 11/15/2046 | 2388520 |
| Massachusetts Development Finance Agency RB for Merrimack College Series 2022 (NR/BBB-) | Massachusetts Development Finance Agency RB for Merrimack College Series 2022 (NR/BBB-) | Massachusetts Development Finance Agency RB for Merrimack College Series 2022 (NR/BBB-) | Massachusetts Development Finance Agency RB for Merrimack College Series 2022 (NR/BBB-) |
| 2075000 | 5.000 | 07/01/2052 | 2008414 |
| Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa1/BBB+) | Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa1/BBB+) | Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa1/BBB+) | Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa1/BBB+) |
| 1950000 | 5.000 | 10/01/2036 | 1990683 |
| Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-) | Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-) | Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-) | Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-) |
| 260000 | 4.000 | 12/01/2042 | 236912 |
| 280000 | 5.000 | 12/01/2042 | 285133 |
| Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(c)</sup> | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(c)</sup> | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(c)</sup> | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(c)</sup> |
| 1000000 | 5.000 | 07/15/2046 | 956053 |
| Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) |
| 2125000 | 5.000 | 07/01/2044 | 2057722 |
| Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.57%) |
| 1040000 | 3.545 | 05/01/2037 | 1018803 |
|  |  |  | 14600593 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Michigan – 2.5%** | **Michigan – 2.5%** | **Michigan – 2.5%** | **Michigan – 2.5%** |
| City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)<sup>(a)</sup> | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)<sup>(a)</sup> | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)<sup>(a)</sup> | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)<sup>(a)</sup> |
| 106985536 | 4.000% | 04/01/2044 | $76733225 |
| City of Detroit GO Bonds Series 2020 (Ba3/BB-) | City of Detroit GO Bonds Series 2020 (Ba3/BB-) | City of Detroit GO Bonds Series 2020 (Ba3/BB-) | City of Detroit GO Bonds Series 2020 (Ba3/BB-) |
| 465000 | 5.500 | 04/01/2031 | 496117 |
| 370000 | 5.500 | 04/01/2033 | 392846 |
| 280000 | 5.500 | 04/01/2034 | 296057 |
| 300000 | 5.500 | 04/01/2035 | 315025 |
| 345000 | 5.500 | 04/01/2036 | 360095 |
| 365000 | 5.500 | 04/01/2037 | 378380 |
| 395000 | 5.500 | 04/01/2038 | 408078 |
| 555000 | 5.500 | 04/01/2039 | 571094 |
| 590000 | 5.500 | 04/01/2040 | 604606 |
| 1360000 | 5.500 | 04/01/2045 | 1376932 |
| 1940000 | 5.500 | 04/01/2050 | 1952373 |
| City of Detroit GO Bonds Series 2021 A (Ba3/BB-) | City of Detroit GO Bonds Series 2021 A (Ba3/BB-) | City of Detroit GO Bonds Series 2021 A (Ba3/BB-) | City of Detroit GO Bonds Series 2021 A (Ba3/BB-) |
| 1000000 | 4.000 | 04/01/2040 | 849515 |
| 900000 | 5.000 | 04/01/2050 | 841468 |
| City of Detroit GO Bonds Series 2021 B (Ba3/BB-) | City of Detroit GO Bonds Series 2021 B (Ba3/BB-) | City of Detroit GO Bonds Series 2021 B (Ba3/BB-) | City of Detroit GO Bonds Series 2021 B (Ba3/BB-) |
| 1145000 | 2.960 | 04/01/2027 | 1016462 |
| 950000 | 3.110 | 04/01/2028 | 823733 |
| 450000 | 3.244 | 04/01/2029 | 382488 |
| 125000 | 3.344 | 04/01/2030 | 104494 |
| 475000 | 3.644 | 04/01/2034 | 388134 |
| City of Detroit MI GO Bonds Series 2020 (BB-/Ba3) | City of Detroit MI GO Bonds Series 2020 (BB-/Ba3) | City of Detroit MI GO Bonds Series 2020 (BB-/Ba3) | City of Detroit MI GO Bonds Series 2020 (BB-/Ba3) |
| 495000 | 5.500 | 04/01/2032 | 526891 |
| Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) | Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) | Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) | Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) |
| 3495000 | 5.000 | 07/01/2037 | 3542282 |
| 10000000 | 5.000 | 07/01/2048 | 10019022 |
| Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> |
| 3401333 | 4.000 | 04/01/2044 | 2439538 |
| Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)<sup>(e)</sup> | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)<sup>(e)</sup> | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)<sup>(e)</sup> | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)<sup>(e)</sup> |
| (3M USD LIBOR + 0.60%) | (3M USD LIBOR + 0.60%) | (3M USD LIBOR + 0.60%) | (3M USD LIBOR + 0.60%) |
| 4675000 | 3.794 | 07/01/2032 | 4572267 |
| Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) |
| 3200000 | 5.000 | 05/15/2037 | 3060689 |
| 1400000 | 5.000 | 05/15/2044 | 1287824 |
| Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (NR/A) | Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (NR/A) | Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (NR/A) | Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (NR/A) |
| 1425000 | 5.000 | 11/01/2045 | 1464255 |
| Kentwood Economic Development Corp. RB for Holland Home Obligated Group Series 2021 (NR/NR) | Kentwood Economic Development Corp. RB for Holland Home Obligated Group Series 2021 (NR/NR) | Kentwood Economic Development Corp. RB for Holland Home Obligated Group Series 2021 (NR/NR) | Kentwood Economic Development Corp. RB for Holland Home Obligated Group Series 2021 (NR/NR) |
| 475000 | 4.000 | 11/15/2045 | 373521 |
| Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) |
| 1725000 | 4.000 | 11/15/2043 | 1384108 |
| Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) | Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) | Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) | Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) |
| 975000 | 4.000 | 11/15/2050 | 864401 |
| Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) | Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) | Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) | Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) |
| 1550000 | 4.000 | 02/15/2050 | 1397580 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA) |
| 2175000 | 5.000% | 07/01/2032 | $2232990 |
| 1750000 | 5.000 | 07/01/2033 | 1795629 |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+) |
| 355000 | 5.000 | 07/01/2033 | 366345 |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (A1/AA) |
| 2600000 | 5.000 | 07/01/2035 | 2660157 |
| 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 (A2/A+) | 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 (A2/A+) | 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 (A2/A+) | 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 (A2/A+) |
| 2100000 | 5.000 | 07/01/2034 | 2162565 |
| Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-) | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-) |
| 750000 | 5.000 | 07/01/2035 | 771265 |
| Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (BB+/NR) | Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (BB+/NR) | Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (BB+/NR) | Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (BB+/NR) |
| 800000 | 4.000 | 12/01/2041 | 623539 |
| 1230000 | 4.000 | 12/01/2051 | 874587 |
| Michigan Finance Authority Public School Academy Limited Obligation Revenue Refunding Bonds Series 2021 (NR/NR) | Michigan Finance Authority Public School Academy Limited Obligation Revenue Refunding Bonds Series 2021 (NR/NR) | Michigan Finance Authority Public School Academy Limited Obligation Revenue Refunding Bonds Series 2021 (NR/NR) | Michigan Finance Authority Public School Academy Limited Obligation Revenue Refunding Bonds Series 2021 (NR/NR) |
| 1525000 | 4.250 | 12/01/2039 | 1172113 |
| 1190000 | 5.000 | 12/01/2046 | 940956 |
| Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB) | Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB) | Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB) | Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB) |
| 1000000 | 5.000 | 09/01/2040 | 894941 |
| Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) |
| 475000 | 4.000 | 09/01/2045 | 428871 |
| 500000 | 4.000 | 09/01/2050 | 439564 |
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) |
| 7225000 | 3.267 | 06/01/2039 | 5992068 |
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) |
| 1695000 | 5.000 | 06/01/2049 | 1675567 |
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(f)</sup> | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(f)</sup> | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(f)</sup> | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(f)</sup> |
| 216725000 | 0.000 | 06/01/2065 | 18790144 |
| Michigan Mathematics & Science Initiative RB Refunding Series 2021 (NR/BB+) | Michigan Mathematics & Science Initiative RB Refunding Series 2021 (NR/BB+) | Michigan Mathematics & Science Initiative RB Refunding Series 2021 (NR/BB+) | Michigan Mathematics & Science Initiative RB Refunding Series 2021 (NR/BB+) |
| 995000 | 4.000 | 01/01/2031 | 928234 |
| 1115000 | 4.000 | 01/01/2041 | 923234 |
| 1695000 | 4.000 | 01/01/2051 | 1292364 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** |
| Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA) |
| 2545000 | 4.125% | 06/30/2035 | $2442079 |
| Michigan Strategic Fund RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | Michigan Strategic Fund RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | Michigan Strategic Fund RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | Michigan Strategic Fund RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) |
| 1875000 | 5.000 | 05/15/2037 | 1793372 |
| 1400000 | 5.000 | 05/15/2044 | 1287824 |
| Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (NR/BB) (PUTABLE)<sup>(a)(b)(h)</sup> | Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (NR/BB) (PUTABLE)<sup>(a)(b)(h)</sup> | Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (NR/BB) (PUTABLE)<sup>(a)(b)(h)</sup> | Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (NR/BB) (PUTABLE)<sup>(a)(b)(h)</sup> |
| 4700000 | 4.000 | 10/01/2026 | 4534904 |
| Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-)<sup>(f)</sup> | Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-)<sup>(f)</sup> | Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-)<sup>(f)</sup> | Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-)<sup>(f)</sup> |
| 42935000 | 0.000 | 06/01/2052 | 4649109 |
| Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(f)</sup> | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(f)</sup> | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(f)</sup> | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(f)</sup> |
| 227965000 | 0.000 | 06/01/2058 | 8916235 |
| Star International Academy RB Refunding Series 2020 (NR/BBB) | Star International Academy RB Refunding Series 2020 (NR/BBB) | Star International Academy RB Refunding Series 2020 (NR/BBB) | Star International Academy RB Refunding Series 2020 (NR/BBB) |
| 2100000 | 5.000 | 03/01/2030 | 2155512 |
| 3580000 | 5.000 | 03/01/2033 | 3662753 |
| Tipton Academy Michigan Public School Academy RB Series 2021 (NR/BB) | Tipton Academy Michigan Public School Academy RB Series 2021 (NR/BB) | Tipton Academy Michigan Public School Academy RB Series 2021 (NR/BB) | Tipton Academy Michigan Public School Academy RB Series 2021 (NR/BB) |
| 5155000 | 4.000 | 06/01/2051 | 3479345 |
| Universal Academy RB Refunding Series 2021 (NR/BBB-) | Universal Academy RB Refunding Series 2021 (NR/BBB-) | Universal Academy RB Refunding Series 2021 (NR/BBB-) | Universal Academy RB Refunding Series 2021 (NR/BBB-) |
| 1035000 | 4.000 | 12/01/2040 | 885950 |
|  |  |  | 197995716 |
| **Minnesota – 0.4%** | **Minnesota – 0.4%** | **Minnesota – 0.4%** | **Minnesota – 0.4%** |
| City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR) | City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR) | City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR) | City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR) |
| 1000000 | 5.000 | 05/01/2048 | 1020996 |
| City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-) | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-) |
| 365000 | 4.000 | 12/01/2040 | 323496 |
| 425000 | 4.000 | 12/01/2050 | 351352 |
| Duluth Economic Development Authority Health Care Facilities RB for Essentia Health Obligated Group Series 2018A (NR/A-) | Duluth Economic Development Authority Health Care Facilities RB for Essentia Health Obligated Group Series 2018A (NR/A-) | Duluth Economic Development Authority Health Care Facilities RB for Essentia Health Obligated Group Series 2018A (NR/A-) | Duluth Economic Development Authority Health Care Facilities RB for Essentia Health Obligated Group Series 2018A (NR/A-) |
| 18575000 | 5.250 | 02/15/2058 | 18669549 |
| Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) |
| 1365000 | 4.250 | 02/15/2048 | 1229839 |
| Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) | Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) | Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) | Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) |
| 1400000 | 4.000 | 07/01/2036 | 1182761 |
| Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR) |
| 755000 | 4.000 | 03/01/2029 | 723864 |
| 1260000 | 4.000 | 03/01/2032 | 1169125 |
| 685000 | 4.200 | 03/01/2034 | 633544 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Minnesota – (continued)** | **Minnesota – (continued)** | **Minnesota – (continued)** | **Minnesota – (continued)** |
| Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) | Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) | Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) | Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) |
| 2400000 | 5.000% | 05/01/2047 | $2080989 |
| Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) |
| 425000 | 4.000 | 12/01/2034 | 412118 |
| 650000 | 4.000 | 12/01/2040 | 589749 |
|  |  |  | 28387382 |
| **Mississippi – 0.2%** | **Mississippi – 0.2%** | **Mississippi – 0.2%** | **Mississippi – 0.2%** |
| Mississippi Business Finance Corp. Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> | Mississippi Business Finance Corp. Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> | Mississippi Business Finance Corp. Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> | Mississippi Business Finance Corp. Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)<sup>(a)(b)</sup> |
| 2400000 | 7.750 | 07/15/2032 | 2413718 |
| Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A) |
| 6400000 | 2.375 | 06/01/2044 | 4228120 |
| Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(c)</sup> | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(c)</sup> | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(c)</sup> | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(c)</sup> |
| 1300000 | 5.000 | 10/01/2031 | 1358032 |
| 1430000 | 5.000 | 10/01/2032 | 1486603 |
| 1430000 | 5.000 | 10/01/2033 | 1481401 |
| 850000 | 4.000 | 10/01/2034 | 766680 |
| 700000 | 4.000 | 10/01/2035 | 623348 |
| 750000 | 4.000 | 10/01/2036 | 660714 |
| 3000000 | 4.000 | 10/01/2041 | 2473858 |
|  |  |  | 15492474 |
| **Missouri – 0.3%** | **Missouri – 0.3%** | **Missouri – 0.3%** | **Missouri – 0.3%** |
| Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR)<sup>(a)(c)</sup> | Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR)<sup>(a)(c)</sup> | Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR)<sup>(a)(c)</sup> | Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR)<sup>(a)(c)</sup> |
| 545266 | 5.000 | 04/01/2043 | 16358 |
| Branson Regional Airport Transport Development District Series 2018B & C (NR/NR)<sup>(a)(c)</sup> | Branson Regional Airport Transport Development District Series 2018B & C (NR/NR)<sup>(a)(c)</sup> | Branson Regional Airport Transport Development District Series 2018B & C (NR/NR)<sup>(a)(c)</sup> | Branson Regional Airport Transport Development District Series 2018B & C (NR/NR)<sup>(a)(c)</sup> |
| 2752991 | 4.918 | 04/01/2043 | 82590 |
| Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) |
| 2825000 | 3.000 | 03/01/2046 | 1879434 |
| 950000 | 4.000 | 03/01/2046 | 798041 |
| Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (Ba1/BBB-) |
| 1925000 | 5.000 | 03/01/2036 | 1968296 |
| I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)<sup>(c)</sup> | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)<sup>(c)</sup> | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)<sup>(c)</sup> | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)<sup>(c)</sup> |
| 4750000 | 5.250 | 12/01/2048 | 4644506 |
| Industrial Development Authority of The City of St Louis Missouri (The) | Industrial Development Authority of The City of St Louis Missouri (The) | Industrial Development Authority of The City of St Louis Missouri (The) | Industrial Development Authority of The City of St Louis Missouri (The) |
| 2550000 | 5.000 | 05/15/2041 | 2472370 |
| Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) | Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) | Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) | Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) |
| 580000 | 3.500 | 11/01/2040 | 483337 |
| 1150000 | 4.250 | 11/01/2050 | 911876 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| 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)<sup>(c)</sup> | 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)<sup>(c)</sup> | 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)<sup>(c)</sup> | 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)<sup>(c)</sup> |
| 1000000 | 5.000% | 04/01/2036 | $911988 |
| 1150000 | 5.000 | 04/01/2046 | 978640 |
| Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) | Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) | Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) | Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) |
| 2430000 | 5.000 | 09/01/2043 | 2502437 |
| 2470000 | 5.000 | 09/01/2048 | 2528181 |
| Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) |
| 1065000 | 5.000 | 09/01/2031 | 1088783 |
| 1330000 | 5.000 | 09/01/2033 | 1353054 |
| Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) |
| 400000 | 3.000 | 10/01/2044 | 307889 |
| 500000 | 3.125 | 10/01/2049 | 370445 |
| Plaza at Noah's Ark Community Improvement District RB Refunding Series 2021 (NR/NR) | Plaza at Noah's Ark Community Improvement District RB Refunding Series 2021 (NR/NR) | Plaza at Noah's Ark Community Improvement District RB Refunding Series 2021 (NR/NR) | Plaza at Noah's Ark Community Improvement District RB Refunding Series 2021 (NR/NR) |
| 475000 | 3.125 | 05/01/2035 | 386073 |
| St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR) | St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR) | St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR) | St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR) |
| 1900000 | 4.750 | 11/15/2047 | 1418725 |
| Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)<sup>\*</sup> | Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)<sup>\*</sup> | Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)<sup>\*</sup> | Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)<sup>\*</sup> |
| 1250000 | 5.750 | 04/01/2027 | 325000 |
|  |  |  | 25428023 |
| **Nevada – 0.3%** | **Nevada – 0.3%** | **Nevada – 0.3%** | **Nevada – 0.3%** |
| City of Henderson Local Improvement District No. T-21 Local Improvement Bonds Series 2022 (NR\NR) | City of Henderson Local Improvement District No. T-21 Local Improvement Bonds Series 2022 (NR\NR) | City of Henderson Local Improvement District No. T-21 Local Improvement Bonds Series 2022 (NR\NR) | City of Henderson Local Improvement District No. T-21 Local Improvement Bonds Series 2022 (NR\NR) |
| 700000 | 3.500 | 09/01/2045 | 488167 |
| 470000 | 4.000 | 09/01/2051 | 358441 |
| City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR) | City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR) | City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR) | City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR) |
| 290000 | 4.250 | 06/01/2037 | 274348 |
| 415000 | 4.375 | 06/01/2042 | 385871 |
| 475000 | 4.500 | 06/01/2047 | 435395 |
| City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) | City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) | City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) | City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) |
| 485000 | 4.000 | 06/01/2039 | 427660 |
| 1335000 | 4.000 | 06/01/2044 | 1121754 |
| 1330000 | 4.000 | 06/01/2049 | 1089209 |
| City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR) | City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR) | City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR) | City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR) |
| 950000 | 5.000 | 12/01/2049 | 888730 |
| City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) |
| 600000 | 3.000 | 06/01/2041 | 429938 |
| 1275000 | 3.125 | 06/01/2051 | 810657 |
| City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) | City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) | City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) | City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) |
| 330000 | 4.250 | 06/01/2034 | 310365 |
| 440000 | 4.500 | 06/01/2039 | 408312 |
| 330000 | 4.625 | 06/01/2043 | 301639 |
| 575000 | 4.625 | 06/01/2049 | 511177 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Nevada – (continued)** | **Nevada – (continued)** | **Nevada – (continued)** | **Nevada – (continued)** |
| City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)<sup>(c)</sup> | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)<sup>(c)</sup> | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)<sup>(c)</sup> | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)<sup>(c)</sup> |
| 250000 | 2.500% | 06/15/2024 | $242455 |
| 1745000 | 2.750 | 06/15/2028 | 1557445 |
| Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR) | Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR) | Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR) | Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR) |
| 2075000 | 5.125 | 03/01/2025 | 1894456 |
| Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR) | Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR) |
| 2200000 | 4.000 | 09/01/2035 | 1971775 |
| Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) |
| 700000 | 5.000 | 07/01/2030 | 755996 |
| Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A) |
| 635000 | 5.000 | 07/01/2035 | 679492 |
| Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A) |
| 1325000 | 5.000 | 07/01/2029 | 1474484 |
| Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) |
| 2635000 | 5.000 | 07/01/2045 | 2593274 |
| 2825000 | 5.000 | 07/01/2051 | 2726255 |
|  |  |  | 22137295 |
| **New Hampshire – 0.7%** | **New Hampshire – 0.7%** | **New Hampshire – 0.7%** | **New Hampshire – 0.7%** |
| New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B2/B)<sup>(c)</sup> | New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B2/B)<sup>(c)</sup> | New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B2/B)<sup>(c)</sup> | New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B2/B)<sup>(c)</sup> |
| 1800000 | 2.950 | 04/01/2029 | 1574966 |
| New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B1/B)<sup>(a)(b)(c)</sup> | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B1/B)<sup>(a)(b)(c)</sup> | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B1/B)<sup>(a)(b)(c)</sup> | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B1/B)<sup>(a)(b)(c)</sup> |
| 2820000 | 3.625 | 07/02/2040 | 2203883 |
| New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B1/B)<sup>(a)(b)(c)</sup> | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B1/B)<sup>(a)(b)(c)</sup> | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B1/B)<sup>(a)(b)(c)</sup> | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B1/B)<sup>(a)(b)(c)</sup> |
| 4890000 | 3.750 | 07/02/2040 | 3889245 |
| New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) |
| 12450000 | 4.000 | 01/01/2051 | 9680016 |
| New Hampshire Health and Education Facilities Authority RB for Dartmouth-Hitchcock Obligation Group Series 2020 A (NR/A) | New Hampshire Health and Education Facilities Authority RB for Dartmouth-Hitchcock Obligation Group Series 2020 A (NR/A) | New Hampshire Health and Education Facilities Authority RB for Dartmouth-Hitchcock Obligation Group Series 2020 A (NR/A) | New Hampshire Health and Education Facilities Authority RB for Dartmouth-Hitchcock Obligation Group Series 2020 A (NR/A) |
| 5000000 | 5.000 | 08/01/2059 | 5176461 |
| New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A) | New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A) | New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A) | New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A) |
| 3000000 | 5.000 | 08/01/2034 | 3206204 |
| 7290000 | 5.000 | 08/01/2035 | 7741178 |
| 5000000 | 5.000 | 08/01/2036 | 5281121 |
| 8055000 | 5.000 | 08/01/2037 | 8462432 |
| 5945000 | 5.000 | 08/01/2038 | 6221266 |
|  |  |  | 53436772 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey – 5.7%** | **New Jersey – 5.7%** | **New Jersey – 5.7%** | **New Jersey – 5.7%** |
| Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) | Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) | Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) | Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) |
| 1205000 | 5.000% | 03/01/2042 | $1254857 |
| New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (Baa2/NR) | New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (Baa2/NR) | New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (Baa2/NR) | New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (Baa2/NR) |
| 1000000 | 4.750 | 06/15/2032 | 1000234 |
| 1000000 | 5.000 | 06/15/2037 | 1000121 |
| 1000000 | 5.125 | 06/15/2043 | 1000064 |
| New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/B) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/B) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/B) | New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (NR/B) |
| 500000 | 5.000 | 07/01/2037 | 465788 |
| 1150000 | 5.000 | 07/01/2047 | 1010057 |
| New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB) |
| 4500000 | 5.000 | 06/15/2041 | 4572028 |
| New Jersey Economic Development Authority RB Refunding for New Jersey Natural Gas Co. Series 2011 C (AMT) (A1/NR) | New Jersey Economic Development Authority RB Refunding for New Jersey Natural Gas Co. Series 2011 C (AMT) (A1/NR) | New Jersey Economic Development Authority RB Refunding for New Jersey Natural Gas Co. Series 2011 C (AMT) (A1/NR) | New Jersey Economic Development Authority RB Refunding for New Jersey Natural Gas Co. Series 2011 C (AMT) (A1/NR) |
| 2000000 | 3.000 | 08/01/2041 | 1493864 |
| New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+) |
| 8500000 | 5.250 | 09/15/2029 | 8444752 |
| New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/B+) |
| 5000000 | 5.625 | 11/15/2030 | 5022468 |
| New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+) |
| 5000000 | 5.625 | 11/15/2030 | 5022469 |
| New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (Baa1/BBB) | New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (Baa1/BBB) | New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (Baa1/BBB) | New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (Baa1/BBB) |
| 2470000 | 5.000 | 06/15/2047 | 2495341 |
| New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB) | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB) |
| 5000000 | 5.000 | 06/15/2042 | 5089489 |
| New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR) | New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR) |
| 1000000 | 5.375 | 01/01/2043 | 1001426 |
| New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+) | New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+) |
| 3450000 | 4.000 | 07/01/2042 | 2614243 |
| New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A2/AA) | New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A2/AA) | New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A2/AA) | New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A2/AA) |
| 1110000 | 3.250 | 07/01/2049 | 850407 |
| New Jersey Educational Facilities Authority RB for Stevens Institute of Technology 2020 Series A (NR/BBB+) | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology 2020 Series A (NR/BBB+) | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology 2020 Series A (NR/BBB+) | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology 2020 Series A (NR/BBB+) |
| 1130000 | 5.000 | 07/01/2035 | 1189585 |
| 1095000 | 5.000 | 07/01/2036 | 1146826 |
| 1980000 | 5.000 | 07/01/2038 | 2052682 |
| 1710000 | 5.000 | 07/01/2045 | 1736751 |
| New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+) | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+) | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+) | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+) |
| 3350000 | 3.000 | 07/01/2050 | 2338787 |
| New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (Baa2/BBB)<sup>(b)</sup> | New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (Baa2/BBB)<sup>(b)</sup> | New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (Baa2/BBB)<sup>(b)</sup> | New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (Baa2/BBB)<sup>(b)</sup> |
| 1000000 | 5.000 | 07/01/2026 | 1072933 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** |
| New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A2/AA) | New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A2/AA) | New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A2/AA) | New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A2/AA) |
| 9700000 | 4.125% | 07/01/2038 | $9695530 |
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/AA)<sup>(f)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/AA)<sup>(f)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/AA)<sup>(f)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/AA)<sup>(f)</sup> |
| 25400000 | 0.000 | 12/15/2034 | 15526009 |
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/BBB+)<sup>(f)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/BBB+)<sup>(f)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/BBB+)<sup>(f)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/BBB+)<sup>(f)</sup> |
| 94365000 | 0.000 | 12/15/2036 | 49705537 |
| New Jersey Transportation Trust Fund Authority RB Series 2016 (A+/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2016 (A+/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2016 (A+/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2016 (A+/Baa1) |
| 1335000 | 5.000 | 06/15/2030 | 1404954 |
| New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) |
| 7180000 | 5.000 | 12/15/2033 | 7666818 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC)<br>(Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC)<br>(Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC)<br>(Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC)<br>(Baa1/BBB)<sup>(f)</sup> |
| 114955000 | 0.000 | 12/15/2035 | 64255166 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (Baa1/BBB)<sup>(f)</sup> |
| 47575000 | 0.000 | 12/15/2035 | 26357911 |
| 46515000 | 0.000 | 12/15/2038 | 21397239 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> |
| 12000000 | 0.000 | 12/15/2026 | 10384954 |
| 1900000 | 0.000 | 12/15/2034 | 1120043 |
| New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (Baa1/BBB) |
| 21100000 | 5.000 | 06/15/2038 | 21243024 |
| New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB) |
| 2525000 | 5.250 | 06/15/2041 | 2560662 |
| 5075000 | 5.000 | 06/15/2045 | 5109752 |
| 1770000 | 5.000 | 06/15/2046 | 1780477 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A2/AA)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A2/AA)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A2/AA)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A2/AA)<sup>(f)</sup> |
| 11150000 | 0.000 | 12/15/2033 | 7197695 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(f)</sup> |
| 24445000 | 0.000 | 12/15/2030 | 17887074 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)<sup>(f)</sup> |
| 52985000 | 0.000 | 12/15/2036 | 27644182 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(f)</sup> |
| 3355000 | 0.000 | 12/15/2033 | 2092715 |
| 1565000 | 0.000 | 12/15/2036 | 816517 |
| 16175000 | 0.000 | 12/15/2039 | 6974181 |
| New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) |
| 6120000 | 4.000 | 12/15/2031 | 6221331 |
| 6070000 | 5.000 | 12/15/2035 | 6383877 |
| 5275000 | 4.250 | 12/15/2038 | 5138245 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** |
| New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) |
| 935000 | 3.000% | 06/15/2050 | $656832 |
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB) |
| 5675000 | 5.000 | 06/15/2034 | 6029877 |
| 7000000 | 5.250 | 06/15/2043 | 7271844 |
| New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) |
| 1500000 | 4.500 | 01/01/2048 | 1519448 |
| 5025000 | 5.250 | 01/01/2052 | 5441585 |
| South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) |
| 27340000 | 5.000 | 01/01/2048 | 26422923 |
| South Jersey Transportation Authority Transportation System RB 2022 Series A (Baa2/BBB+) | South Jersey Transportation Authority Transportation System RB 2022 Series A (Baa2/BBB+) | South Jersey Transportation Authority Transportation System RB 2022 Series A (Baa2/BBB+) | South Jersey Transportation Authority Transportation System RB 2022 Series A (Baa2/BBB+) |
| 1500000 | 4.625 | 11/01/2047 | 1413474 |
| Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) |
| 30000000 | 5.000 | 06/01/2046 | 28644714 |
| Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(c)</sup> | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(c)</sup> | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(c)</sup> | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(c)</sup> |
| 10055000 | 6.750 | 12/01/2041 | 8339209 |
|  |  |  | 456178971 |
| **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** |
| City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (NR/NR) | City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (NR/NR) | City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (NR/NR) | City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (NR/NR) |
| 500000 | 5.000 | 05/15/2044 | 421621 |
| 1000000 | 5.000 | 05/15/2049 | 817282 |
| Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) |
| 450000 | 4.000 | 09/01/2033 | 462171 |
| 375000 | 4.000 | 09/01/2034 | 381276 |
| 300000 | 4.000 | 09/01/2035 | 301862 |
| 1125000 | 4.000 | 09/01/2040 | 1078639 |
| Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(c)</sup> | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(c)</sup> | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(c)</sup> | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(c)</sup> |
| 2250000 | 4.250 | 05/01/2040 | 1833397 |
|  |  |  | 5296248 |
| **New York – 5.4%** | **New York – 5.4%** | **New York – 5.4%** | **New York – 5.4%** |
| Brooklyn Arena Local Development Corp. Pilot RB for Barclays Center Project Series 2009 (NR/NR)<sup>(f)</sup> | Brooklyn Arena Local Development Corp. Pilot RB for Barclays Center Project Series 2009 (NR/NR)<sup>(f)</sup> | Brooklyn Arena Local Development Corp. Pilot RB for Barclays Center Project Series 2009 (NR/NR)<sup>(f)</sup> | Brooklyn Arena Local Development Corp. Pilot RB for Barclays Center Project Series 2009 (NR/NR)<sup>(f)</sup> |
| 9610000 | 0.000 | 07/15/2045 | 2598462 |
| Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A2/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A2/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A2/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A2/AA) |
| 1240000 | 3.000 | 07/15/2043 | 929755 |
| Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR)<sup>(f)</sup> | Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR)<sup>(f)</sup> | Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR)<sup>(f)</sup> | Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR)<sup>(f)</sup> |
| 1175000 | 0.000 | 07/15/2046 | 296386 |
| Brooklyn Arena Local Development Corp. RB Refunding for Brooklyn Events Center LLC 2016 A (Ba1/NR) | Brooklyn Arena Local Development Corp. RB Refunding for Brooklyn Events Center LLC 2016 A (Ba1/NR) | Brooklyn Arena Local Development Corp. RB Refunding for Brooklyn Events Center LLC 2016 A (Ba1/NR) | Brooklyn Arena Local Development Corp. RB Refunding for Brooklyn Events Center LLC 2016 A (Ba1/NR) |
| 2125000 | 5.000 | 07/15/2028 | 2159820 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) |
| 1175000 | 5.000% | 06/15/2052 | $1067548 |
| 950000 | 5.000 | 06/15/2057 | 844930 |
| Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) |
| 670000 | 5.000 | 07/01/2052 | 661420 |
| 505000 | 5.000 | 07/01/2056 | 487175 |
| Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(c)</sup> |
| 2975000 | 5.000 | 12/01/2051 | 2446150 |
| 3080000 | 5.000 | 12/01/2055 | 2476656 |
| Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) |
| 2750000 | 5.250 | 07/01/2052 | 2790657 |
| 3625000 | 5.250 | 07/01/2057 | 3651413 |
| 5000000 | 5.250 | 07/01/2062 | 5006680 |
| Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) |
| 590000 | 4.000 | 06/15/2051 | 435676 |
| 450000 | 4.000 | 06/15/2056 | 320256 |
| Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR)<sup>(c)</sup> |
| 850000 | 2.500 | 06/15/2031 | 709729 |
| 4965000 | 5.000 | 06/15/2051 | 4439971 |
| Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(c)</sup> |
| 6125000 | 6.500 | 07/01/2042 | 6038531 |
| 1900000 | 6.500 | 07/01/2052 | 1840725 |
| 1850000 | 6.500 | 07/01/2057 | 1760044 |
| Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(c)</sup> | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(c)</sup> |
| 1900000 | 9.750 | 07/01/2032 | 1835780 |
| City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2) | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2) |
| 4100000 | 4.500 | 05/01/2049 | 4127244 |
| Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(c)</sup> | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(c)</sup> | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(c)</sup> | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(c)</sup> |
| 4290000 | 5.000 | 07/01/2045 | 3994153 |
| 7650000 | 5.000 | 07/01/2051 | 6929778 |
| Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(c)(f)</sup> | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(c)(f)</sup> | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(c)(f)</sup> | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(c)(f)</sup> |
| 66000000 | 0.000 | 06/01/2060 | 3446329 |
| Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) | Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) | Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) | Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) |
| 645000 | 5.000 | 07/01/2030 | 672175 |
| 865000 | 5.000 | 07/01/2033 | 894349 |
| 815000 | 5.000 | 07/01/2035 | 837302 |
| 640000 | 5.000 | 07/01/2036 | 655089 |
| 455000 | 5.000 | 07/01/2038 | 462695 |
| Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 A (NR/NR) | Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 A (NR/NR) | Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 A (NR/NR) | Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 A (NR/NR) |
| 5060000 | 5.250 | 07/01/2056 | 3858513 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| Metransportation Revenue Green Bonds for Tropolitan Transportation Authority Series 2016A (A3/BBB+) | Metransportation Revenue Green Bonds for Tropolitan Transportation Authority Series 2016A (A3/BBB+) | Metransportation Revenue Green Bonds for Tropolitan Transportation Authority Series 2016A (A3/BBB+) | Metransportation Revenue Green Bonds for Tropolitan Transportation Authority Series 2016A (A3/BBB+) |
| 1000000 | 5.250% | 11/15/2056 | $999229 |
| Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+) |
| 645000 | 5.000 | 11/15/2027 | 667085 |
| Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+) |
| 7950000 | 4.750 | 11/15/2045 | 7433934 |
| 2475000 | 5.000 | 11/15/2050 | 2377800 |
| 2000000 | 5.250 | 11/15/2055 | 1999866 |
| Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+) |
| 8185000 | 4.000 | 11/15/2050 | 6656449 |
| Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) |
| 4705000 | 5.000 | 11/15/2033 | 4862926 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+) |
| 950000 | 4.000 | 11/15/2035 | 874043 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/BBB+)<sup>(f)</sup> | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/BBB+)<sup>(f)</sup> | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/BBB+)<sup>(f)</sup> | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/BBB+)<sup>(f)</sup> |
| 650000 | 0.000 | 11/15/2040 | 265492 |
| Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+) |
| 545000 | 5.000 | 11/15/2027 | 566134 |
| Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) |
| 740000 | 5.000 | 11/15/2029 | 766609 |
| Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (A3/BBB+) |
| 1635000 | 5.000 | 11/15/2029 | 1667837 |
| Metropolitan Transportation Authority RB Series 2013 A (A3/BBB+) | Metropolitan Transportation Authority RB Series 2013 A (A3/BBB+) | Metropolitan Transportation Authority RB Series 2013 A (A3/BBB+) | Metropolitan Transportation Authority RB Series 2013 A (A3/BBB+) |
| 2000000 | 5.000 | 11/15/2043 | 1944847 |
| Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+) | Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+) |
| 595000 | 5.000 | 11/15/2028 | 617907 |
| Metropolitan Transportation Authority RB Subseries 2014 D-1 (A3/BBB+) | Metropolitan Transportation Authority RB Subseries 2014 D-1 (A3/BBB+) | Metropolitan Transportation Authority RB Subseries 2014 D-1 (A3/BBB+) | Metropolitan Transportation Authority RB Subseries 2014 D-1 (A3/BBB+) |
| 1000000 | 5.000 | 11/15/2039 | 992506 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AA/A3) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AA/A3) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AA/A3) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AA/A3) |
| 1785000 | 4.000 | 11/15/2048 | 1605323 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/BBB+) |
| 4435000 | 4.000 | 11/15/2040 | 3910087 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) |
| 23200000 | 5.000 | 11/15/2045 | 22371739 |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AA/A3) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AA/A3) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AA/A3) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AA/A3) |
| 14715000 | 4.000 | 11/15/2050 | 13137902 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3\BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3\BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3\BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3\BBB+) |
| 9415000 | 4.000 | 11/15/2045 | 7951635 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(f)</sup> | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(f)</sup> | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(f)</sup> | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(f)</sup> |
| 202665000 | 0.000% | 06/01/2060 | $10483313 |
| New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR) | New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR) |
| 2000000 | 4.500 | 02/15/2048 | 1962277 |
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) |
| 5025000 | 3.000 | 01/01/2046 | 3742804 |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) |
| 2545000 | 3.000 | 03/01/2049 | 1851526 |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) |
| 1975000 | 3.000 | 03/01/2049 | 1402353 |
| New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (Baa2/BBB)<sup>(b)</sup> | New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (Baa2/BBB)<sup>(b)</sup> | New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (Baa2/BBB)<sup>(b)</sup> | New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (Baa2/BBB)<sup>(b)</sup> |
| 1000000 | 5.000 | 08/01/2025 | 1058860 |
| New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(f)</sup> | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(f)</sup> | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(f)</sup> | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(f)</sup> |
| 178305000 | 0.000 | 06/01/2060 | 8821818 |
| New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(c)</sup> | New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(c)</sup> | New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(c)</sup> | New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(c)</sup> |
| 2350000 | 5.150 | 11/15/2034 | 2270912 |
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(c)</sup> | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(c)</sup> | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(c)</sup> | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(c)</sup> |
| 11450000 | 7.250 | 11/15/2044 | 11501761 |
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(c)</sup> | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(c)</sup> | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(c)</sup> | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(c)</sup> |
| 28870000 | 5.000 | 11/15/2044 | 26191990 |
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR) |
| 1250000 | 2.625 | 09/15/2069 | 1114100 |
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR) |
| 1430000 | 2.800 | 09/15/2069 | 1279632 |
| New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR) | New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR) | New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR) | New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR) |
| 1695000 | 4.000 | 03/15/2043 | 1613969 |
| New York State Dormitory Authority RB for Brooklyn St. Joseph's College Series 2021 (NR/NR) | New York State Dormitory Authority RB for Brooklyn St. Joseph's College Series 2021 (NR/NR) | New York State Dormitory Authority RB for Brooklyn St. Joseph's College Series 2021 (NR/NR) | New York State Dormitory Authority RB for Brooklyn St. Joseph's College Series 2021 (NR/NR) |
| 750000 | 5.000 | 07/01/2051 | 763239 |
| New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) |
| 150000 | 3.560 | 07/01/2026 | 141586 |
| 150000 | 3.670 | 07/01/2027 | 140501 |
| 60000 | 3.760 | 07/01/2028 | 55680 |
| 300000 | 3.820 | 07/01/2029 | 273580 |
| New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) |
| 715000 | 4.000 | 07/01/2031 | 707433 |
| 870000 | 4.000 | 07/01/2032 | 857297 |
| 925000 | 4.000 | 07/01/2033 | 907592 |
| 845000 | 4.000 | 07/01/2035 | 811752 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A2/AA) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A2/AA) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A2/AA) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A2/AA) |
| 8480000 | 3.000% | 09/01/2050 | $6239018 |
| New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) |
| 4160000 | 4.000 | 09/01/2045 | 3467777 |
| 2325000 | 4.000 | 09/01/2050 | 1871056 |
| New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)<sup>(a)(b)(c)(h)</sup> | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)<sup>(a)(b)(c)(h)</sup> | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)<sup>(a)(b)(c)(h)</sup> | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)<sup>(a)(b)(c)(h)</sup> |
| 1685000 | 2.875 | 12/03/2029 | 1454524 |
| New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> |
| 2905000 | 2.750 | 09/02/2025 | 2735630 |
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) |
| 975000 | 4.000 | 12/01/2040 | 943956 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) |
| 4745000 | 5.000 | 01/01/2029 | 4837185 |
| 7050000 | 5.000 | 01/01/2030 | 7183866 |
| 5250000 | 5.000 | 01/01/2033 | 5307698 |
| 5565000 | 4.000 | 01/01/2036 | 5111547 |
| 10000000 | 5.000 | 01/01/2036 | 9918930 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) |
| 6820000 | 4.000 | 10/01/2030 | 6585792 |
| 7580000 | 5.000 | 10/01/2035 | 7538751 |
| 10225000 | 5.000 | 10/01/2040 | 9839835 |
| 1430000 | 4.375 | 10/01/2045 | 1278339 |
| New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) |
| 12000000 | 4.000 | 04/30/2053 | 9744697 |
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) |
| 660000 | 4.000 | 12/01/2039 | 603887 |
| 950000 | 4.000 | 12/01/2042 | 841941 |
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) |
| 11790000 | 5.000 | 07/01/2041 | 11468781 |
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa3\NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa3\NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa3\NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa3\NR) |
| 10000000 | 4.000 | 07/01/2046 | 8001614 |
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) |
| 29865000 | 5.250 | 01/01/2050 | 29021819 |
| New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) |
| 2590000 | 5.000 | 01/01/2028 | 2641454 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa3/NR) | New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa3/NR) |
| 5000000 | 4.000% | 07/01/2033 | $4711167 |
| 2000000 | 5.000 | 07/01/2034 | 2017731 |
| 2500000 | 4.000 | 07/01/2041 | 2090801 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) |
| 7050000 | 5.250 | 08/01/2031 | 7072078 |
| 5990000 | 5.375 | 08/01/2036 | 5907507 |
| New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) |
| 4590000 | 5.000 | 08/01/2026 | 4589668 |
| Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) |
| 590000 | 4.000 | 12/01/2033 | 591890 |
| 490000 | 4.000 | 12/01/2034 | 485948 |
| 505000 | 4.000 | 12/01/2035 | 493565 |
| 610000 | 4.000 | 12/01/2036 | 583014 |
| 740000 | 4.000 | 12/01/2037 | 702601 |
| 490000 | 4.000 | 12/01/2038 | 462527 |
| 1470000 | 3.000 | 12/01/2039 | 1187472 |
| 980000 | 3.000 | 12/01/2040 | 780391 |
| Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) |
| 405000 | 4.000 | 07/01/2039 | 344156 |
| 4835000 | 3.000 | 07/01/2044 | 3171705 |
| Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) | Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) | Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) | Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) |
| 2300000 | 5.500 | 08/01/2052 | 2476452 |
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) |
| 6510000 | 4.250 | 05/01/2052 | 5935719 |
| Town of Hempstead Local Development Corp. Education RB for Evergreen Charter School Project Series 2022A (NR/BB) | Town of Hempstead Local Development Corp. Education RB for Evergreen Charter School Project Series 2022A (NR/BB) | Town of Hempstead Local Development Corp. Education RB for Evergreen Charter School Project Series 2022A (NR/BB) | Town of Hempstead Local Development Corp. Education RB for Evergreen Charter School Project Series 2022A (NR/BB) |
| 5155000 | 5.500 | 06/15/2057 | 4932760 |
| Triborough Bridge and Tunnel Authority General Revenue Bond Series 2022A (Aa3/AA-) | Triborough Bridge and Tunnel Authority General Revenue Bond Series 2022A (Aa3/AA-) | Triborough Bridge and Tunnel Authority General Revenue Bond Series 2022A (Aa3/AA-) | Triborough Bridge and Tunnel Authority General Revenue Bond Series 2022A (Aa3/AA-) |
| 7500000 | 5.500 | 11/15/2057 | 8465084 |
| Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+) | Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+) | Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+) | Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+) |
| 945000 | 4.000 | 09/01/2040 | 864994 |
| Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-) | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-) | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-) | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-) |
| 4375000 | 5.000 | 11/01/2046 | 4350709 |
| Western Regional Off-Track Betting Corp. RB Refunding Series 2021 (NR/NR)<sup>(c)</sup> | Western Regional Off-Track Betting Corp. RB Refunding Series 2021 (NR/NR)<sup>(c)</sup> | Western Regional Off-Track Betting Corp. RB Refunding Series 2021 (NR/NR)<sup>(c)</sup> | Western Regional Off-Track Betting Corp. RB Refunding Series 2021 (NR/NR)<sup>(c)</sup> |
| 1785000 | 4.125 | 12/01/2041 | 1288583 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) | Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) | Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) | Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) |
| 475000 | 5.000% | 10/15/2039 | $435974 |
| 610000 | 5.000 | 10/15/2049 | 537246 |
| 530000 | 5.000 | 10/15/2054 | 459809 |
| Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) |
| 725000 | 5.000 | 10/15/2040 | 673270 |
| 1325000 | 5.000 | 10/15/2050 | 1161317 |
|  |  |  | 431710951 |
| **North Carolina – 0.3%** | **North Carolina – 0.3%** | **North Carolina – 0.3%** | **North Carolina – 0.3%** |
| Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2) |
| 2000000 | 5.500 | 07/01/2052 | 2112867 |
| North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR) | North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR) | North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR) | North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR) |
| 1370000 | 5.000 | 12/31/2037 | 1382056 |
| North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) |
| 365000 | 4.000 | 09/01/2046 | 293837 |
| North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) |
| 1000000 | 4.000 | 03/01/2041 | 779610 |
| 5575000 | 4.000 | 03/01/2051 | 3911074 |
| North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) | North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) | North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) | North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) |
| 950000 | 5.000 | 10/01/2045 | 865748 |
| 1310000 | 5.000 | 10/01/2050 | 1169487 |
| North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-) | North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-) | North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-) | North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-) |
| 3325000 | 3.000 | 07/01/2045 | 2496013 |
| North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR) |
| 1500000 | 4.000 | 07/01/2039 | 1214413 |
| 1650000 | 5.000 | 07/01/2039 | 1568158 |
| 1035000 | 4.000 | 07/01/2044 | 790962 |
| 1160000 | 5.000 | 07/01/2044 | 1072269 |
| North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)<sup>(b)</sup> | North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)<sup>(b)</sup> | North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)<sup>(b)</sup> | North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)<sup>(b)</sup> |
| 2000000 | 5.000 | 09/01/2024 | 2071789 |
|  |  |  | 19728283 |
| **North Dakota – 0.0%** | **North Dakota – 0.0%** | **North Dakota – 0.0%** | **North Dakota – 0.0%** |
| City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/AA) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/AA) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/AA) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/AA) |
| 1925000 | 3.000 | 12/01/2051 | 1362087 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Ohio – 4.1%** | **Ohio – 4.1%** | **Ohio – 4.1%** | **Ohio – 4.1%** |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+) |
| 5200000 | 3.000% | 06/01/2048 | $3660066 |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) |
| 73690000 | 5.000 | 06/01/2055 | 63962957 |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(f)</sup> | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(f)</sup> | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(f)</sup> | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(f)</sup> |
| 162690000 | 0.000 | 06/01/2057 | 18619578 |
| Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR) | Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR) | Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR) | Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR) |
| 2400000 | 5.250 | 11/01/2037 | 2253816 |
| 1000000 | 5.250 | 11/01/2047 | 884943 |
| 2320000 | 5.250 | 11/01/2050 | 2032082 |
| Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/B) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/B) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/B) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/B) |
| 22500000 | 5.375 | 09/15/2027 | 22505441 |
| Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR)<sup>(c)</sup> | Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR)<sup>(c)</sup> | Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR)<sup>(c)</sup> | Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR)<sup>(c)</sup> |
| 1030000 | 4.500 | 12/01/2055 | 803423 |
| Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/BB)<sup>(c)</sup> | Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/BB)<sup>(c)</sup> | Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/BB)<sup>(c)</sup> | Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/BB)<sup>(c)</sup> |
| 1345000 | 4.000 | 12/01/2055 | 1040738 |
| County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) |
| 1800000 | 5.000 | 05/15/2032 | 1746218 |
| 2775000 | 5.375 | 05/15/2037 | 2666118 |
| 3910000 | 5.500 | 05/15/2042 | 3726253 |
| County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-) | County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-) | County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-) | County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-) |
| 6250000 | 5.000 | 02/15/2037 | 6396179 |
| County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR) | County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR) | County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR) | County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR) |
| 550000 | 4.000 | 09/01/2040 | 474567 |
| 825000 | 4.000 | 09/01/2045 | 684514 |
| 1075000 | 5.000 | 09/01/2049 | 967432 |
| County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) |
| 8280000 | 5.250 | 11/15/2055 | 7140060 |
| County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) |
| 14360000 | 5.250 | 11/15/2048 | 12508677 |
| County of Summit Green Local School District Improvement Bonds Series 2022A (NR/AA) | County of Summit Green Local School District Improvement Bonds Series 2022A (NR/AA) | County of Summit Green Local School District Improvement Bonds Series 2022A (NR/AA) | County of Summit Green Local School District Improvement Bonds Series 2022A (NR/AA) |
| 4205000 | 5.500 | 11/01/2059 | 4579488 |
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-) |
| 29500000 | 8.223 | 02/15/2040 | 33952594 |
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) |
| 7520000 | 5.000 | 02/15/2042 | 7614095 |
| 7500000 | 4.750 | 02/15/2047 | 7234376 |
| 1500000 | 5.000 | 02/15/2057 | 1444305 |
| 1020000 | 5.500 | 02/15/2057 | 1029853 |
| Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) |
| 10975000 | 5.000 | 12/01/2051 | 10556883 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** |
| Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (NR/NR) | Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (NR/NR) | Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (NR/NR) | Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (NR/NR) |
| 2000000 | 5.000% | 01/01/2042 | $1843200 |
| 1610000 | 5.000 | 01/01/2046 | 1447569 |
| Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (Ba2/BB+) | Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (Ba2/BB+) | Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (Ba2/BB+) | Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (Ba2/BB+) |
| 8000000 | 5.000 | 02/15/2048 | 6877225 |
| Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR) | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR) |
| 450000 | 3.000 | 12/01/2040 | 348117 |
| 200000 | 4.000 | 12/01/2045 | 175144 |
| Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)<sup>(c)</sup> | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)<sup>(c)</sup> | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)<sup>(c)</sup> | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)<sup>(c)</sup> |
| 1575000 | 3.750 | 01/15/2028 | 1538256 |
| 2880000 | 4.250 | 01/15/2038 | 2662217 |
| 18110000 | 4.500 | 01/15/2048 | 15841712 |
| Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR) | Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR) | Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR) | Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR) |
| 2000000 | 3.250 | 09/01/2029 | 1833473 |
| Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) |
| 4790000 | 5.000 | 12/01/2050 | 4324065 |
| Ohio State Higher Education Facilities RB Series 2020 (NR/NR) | Ohio State Higher Education Facilities RB Series 2020 (NR/NR) | Ohio State Higher Education Facilities RB Series 2020 (NR/NR) | Ohio State Higher Education Facilities RB Series 2020 (NR/NR) |
| 7810000 | 5.000 | 01/15/2050 | 7662276 |
| Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)<sup>(c)</sup> | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)<sup>(c)</sup> | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)<sup>(c)</sup> | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)<sup>(c)</sup> |
| 1075000 | 5.000 | 12/01/2033 | 1048830 |
| 2085000 | 5.000 | 12/01/2038 | 1906467 |
| 5000000 | 5.000 | 12/01/2048 | 4323404 |
| Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A2/A) | Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A2/A) | Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A2/A) | Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A2/A) |
| 2000000 | 3.000 | 01/15/2045 | 1485031 |
| Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> |
| 2750000 | 4.375 | 06/15/2026 | 2529393 |
| Port of Greater Cincinnati Development Authority RB Series 2021<br>(NR/NR)<sup>(c)</sup> | Port of Greater Cincinnati Development Authority RB Series 2021<br>(NR/NR)<sup>(c)</sup> | Port of Greater Cincinnati Development Authority RB Series 2021<br>(NR/NR)<sup>(c)</sup> | Port of Greater Cincinnati Development Authority RB Series 2021<br>(NR/NR)<sup>(c)</sup> |
| 2095000 | 4.250 | 12/01/2050 | 1580578 |
| Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(c)</sup> | Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(c)</sup> | Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(c)</sup> | Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(c)</sup> |
| 4725000 | 6.500 | 12/01/2030 | 3551490 |
| 12500000 | 7.000 | 12/01/2042 | 8591113 |
| State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) | State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) | State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) | State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) |
| 1800000 | 6.000 | 09/01/2047 | 1853876 |
| 2925000 | 6.000 | 09/01/2052 | 2997850 |
| State of Ohio Hospital RB for University Hospital Health System Series 2021A (A/A2) | State of Ohio Hospital RB for University Hospital Health System Series 2021A (A/A2) | State of Ohio Hospital RB for University Hospital Health System Series 2021A (A/A2) | State of Ohio Hospital RB for University Hospital Health System Series 2021A (A/A2) |
| 22915000 | 4.000 | 01/15/2046 | 20437829 |
| State of Ohio Hospital RB Series 2020A (A2/A) | State of Ohio Hospital RB Series 2020A (A2/A) | State of Ohio Hospital RB Series 2020A (A2/A) | State of Ohio Hospital RB Series 2020A (A2/A) |
| 5745000 | 4.000 | 01/15/2050 | 5004397 |
| Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) |
| 1475000 | 4.000 | 01/01/2043 | 1199404 |
| 950000 | 4.000 | 01/01/2046 | 749621 |
| 950000 | 4.000 | 01/01/2051 | 714755 |
| 2520000 | 4.000 | 01/01/2057 | 1846335 |
|  |  |  | 322858283 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Oklahoma – 0.9%** | **Oklahoma – 0.9%** | **Oklahoma – 0.9%** | **Oklahoma – 0.9%** |
| Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-) | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-) |
| 1075000 | 4.000% | 09/01/2045 | $910826 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA) |
| 2400000 | 4.000 | 08/15/2052 | 2203068 |
| 2000000 | 4.125 | 08/15/2057 | 1854357 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) |
| 26960000 | 5.500 | 08/15/2057 | 24332136 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) |
| 1050000 | 5.500 | 08/15/2052 | 959568 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba3/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba3/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba3/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba3/BB-) |
| 2050000 | 5.250 | 08/15/2048 | 1822399 |
| Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR)<sup>(c)</sup> | Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR)<sup>(c)</sup> | Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR)<sup>(c)</sup> | Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 2465000 | 4.375 | 12/01/2041 | 1984483 |
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR) |
| 4680000 | 5.500 | 12/01/2035 | 4666905 |
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) |
| 24300000 | 5.500 | 12/01/2035 | 24232006 |
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> |
| 9070000 | 5.000 | 06/01/2025 | 9091364 |
|  |  |  | 72057112 |
| **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** |
| Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) | Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) | Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) | Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) |
| 130000 | 5.250 | 11/15/2050 | 113550 |
| 225000 | 5.375 | 11/15/2055 | 197368 |
| Oregon State Facilities Authority RB Refunding for Willamette University Series 2021 A (Baa2/BBB) | Oregon State Facilities Authority RB Refunding for Willamette University Series 2021 A (Baa2/BBB) | Oregon State Facilities Authority RB Refunding for Willamette University Series 2021 A (Baa2/BBB) | Oregon State Facilities Authority RB Refunding for Willamette University Series 2021 A (Baa2/BBB) |
| 2000000 | 4.000 | 10/01/2051 | 1631699 |
| Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)<sup>(c)</sup> | Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)<sup>(c)</sup> | Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)<sup>(c)</sup> | Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)<sup>(c)</sup> |
| 860000 | 5.000 | 11/01/2039 | 924698 |
| Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) |
| 1825000 | 5.000 | 11/15/2051 | 1400645 |
|  |  |  | 4267960 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – 3.3%** | **Pennsylvania – 3.3%** | **Pennsylvania – 3.3%** | **Pennsylvania – 3.3%** |
| Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) |
| 32000000 | 4.000% | 04/01/2044 | $29058019 |
| Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (BB/NR) | Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (BB/NR) | Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (BB/NR) | Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (BB/NR) |
| 1305000 | 4.000 | 06/15/2041 | 1019106 |
| 975000 | 4.000 | 06/15/2051 | 685916 |
| 1070000 | 4.000 | 06/15/2056 | 724009 |
| Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) | Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) | Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) | Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) |
| 3900000 | 4.875 | 11/01/2024 | 3909525 |
| 2500000 | 5.125 | 05/01/2030 | 2544874 |
| Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) |
| 1000000 | 5.000 | 05/01/2042 | 974436 |
| Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR)<sup>(c)</sup> | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR)<sup>(c)</sup> | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR)<sup>(c)</sup> | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 6375000 | 5.250 | 05/01/2042 | 6120337 |
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)<sup>(c)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)<sup>(c)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)<sup>(c)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)<sup>(c)</sup> |
| 1400000 | 5.000 | 05/01/2032 | 1391103 |
| 6950000 | 5.000 | 05/01/2042 | 6553692 |
| Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)<sup>(c)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)<sup>(c)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)<sup>(c)</sup> | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)<sup>(c)</sup> |
| 250000 | 5.000 | 05/01/2028 | 250767 |
| 1000000 | 5.000 | 05/01/2033 | 987824 |
| 2750000 | 5.000 | 05/01/2042 | 2593188 |
| Berks County IDA Health System RB for Tower Health Project Series 2017 (BB-/NR) | Berks County IDA Health System RB for Tower Health Project Series 2017 (BB-/NR) | Berks County IDA Health System RB for Tower Health Project Series 2017 (BB-/NR) | Berks County IDA Health System RB for Tower Health Project Series 2017 (BB-/NR) |
| 8745000 | 5.000 | 11/01/2050 | 5768147 |
| Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-) | Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-) | Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-) | Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-) |
| 950000 | 5.000 | 11/01/2029 | 808832 |
| 1745000 | 5.000 | 11/01/2030 | 1447517 |
| 1425000 | 5.000 | 11/01/2034 | 1101115 |
| 7850000 | 4.000 | 11/01/2047 | 4398686 |
| Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR) |
| 11200000 | 4.000 | 07/01/2051 | 8138357 |
| Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+) | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+) |
| 4005000 | 5.000 | 07/01/2054 | 3541045 |
| Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) | Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) | Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) | Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) |
| 1150000 | 5.000 | 10/01/2037 | 1139268 |
| Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB)<sup>(c)</sup> | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB)<sup>(c)</sup> | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB)<sup>(c)</sup> | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB)<sup>(c)</sup> |
| 2850000 | 6.000 | 10/15/2052 | 2735358 |
| Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (Ba2/NR) | Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (Ba2/NR) | Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (Ba2/NR) | Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (Ba2/NR) |
| 500000 | 5.000 | 08/01/2035 | 486338 |
| 1000000 | 5.000 | 08/01/2045 | 917588 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Clairton Municipal Authority Sewer RB Series 2012 B (NR/BBB+) | Clairton Municipal Authority Sewer RB Series 2012 B (NR/BBB+) | Clairton Municipal Authority Sewer RB Series 2012 B (NR/BBB+) | Clairton Municipal Authority Sewer RB Series 2012 B (NR/BBB+) |
| 1000000 | 5.000% | 12/01/2042 | $1000422 |
| Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) |
| 6000000 | 4.000 | 06/01/2039 | 5903259 |
| Cumberland County Municipal Authority RB Refunding Series 2015 (NR/NR)<sup>(b)</sup> | Cumberland County Municipal Authority RB Refunding Series 2015 (NR/NR)<sup>(b)</sup> | Cumberland County Municipal Authority RB Refunding Series 2015 (NR/NR)<sup>(b)</sup> | Cumberland County Municipal Authority RB Refunding Series 2015 (NR/NR)<sup>(b)</sup> |
| 145000 | 5.000 | 01/01/2025 | 151243 |
| Cumberland County Municipal Authority RB Series 2015 (CASH/ US GOVT SECURITIES) (NR\NR)<sup>(b)</sup> | Cumberland County Municipal Authority RB Series 2015 (CASH/ US GOVT SECURITIES) (NR\NR)<sup>(b)</sup> | Cumberland County Municipal Authority RB Series 2015 (CASH/ US GOVT SECURITIES) (NR\NR)<sup>(b)</sup> | Cumberland County Municipal Authority RB Series 2015 (CASH/ US GOVT SECURITIES) (NR\NR)<sup>(b)</sup> |
| 610000 | 5.000 | 01/01/2025 | 636266 |
| Cumberland County Municipal Authority RB Series 2015 (NR\NR) | Cumberland County Municipal Authority RB Series 2015 (NR\NR) | Cumberland County Municipal Authority RB Series 2015 (NR\NR) | Cumberland County Municipal Authority RB Series 2015 (NR\NR) |
| 745000 | 5.000 | 01/01/2038 | 749199 |
| Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(c)</sup> | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(c)</sup> | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(c)</sup> | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(c)</sup> |
| 5100000 | 5.875 | 10/15/2040 | 5041318 |
| 17325000 | 6.250 | 10/15/2053 | 17331254 |
| Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB)<sup>(c)</sup> | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB)<sup>(c)</sup> | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB)<sup>(c)</sup> | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB)<sup>(c)</sup> |
| 1050000 | 5.000 | 10/15/2034 | 990049 |
| Doylestown Hospital Authority Commonwealth of Pennsylvania Hospital RB 2013 Series A (B3/CCC) | Doylestown Hospital Authority Commonwealth of Pennsylvania Hospital RB 2013 Series A (B3/CCC) | Doylestown Hospital Authority Commonwealth of Pennsylvania Hospital RB 2013 Series A (B3/CCC) | Doylestown Hospital Authority Commonwealth of Pennsylvania Hospital RB 2013 Series A (B3/CCC) |
| 3380000 | 5.000 | 07/01/2025 | 3315761 |
| 4020000 | 5.000 | 07/01/2026 | 3915903 |
| 1070000 | 5.000 | 07/01/2027 | 1035338 |
| 1925000 | 5.000 | 07/01/2028 | 1850810 |
| Doylestown Hospital Authority Hospital RB 2016 Series A (B3/CCC) | Doylestown Hospital Authority Hospital RB 2016 Series A (B3/CCC) | Doylestown Hospital Authority Hospital RB 2016 Series A (B3/CCC) | Doylestown Hospital Authority Hospital RB 2016 Series A (B3/CCC) |
| 1650000 | 5.000 | 07/01/2046 | 1383394 |
| Doylestown Hospital Authority RB Series 2019 A (Ba1/BBB-) | Doylestown Hospital Authority RB Series 2019 A (Ba1/BBB-) | Doylestown Hospital Authority RB Series 2019 A (Ba1/BBB-) | Doylestown Hospital Authority RB Series 2019 A (Ba1/BBB-) |
| 1800000 | 4.000 | 07/01/2045 | 1305493 |
| Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) | Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) | Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) | Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) |
| 1100000 | 5.000 | 12/01/2043 | 911634 |
| 900000 | 5.000 | 12/01/2048 | 728977 |
| 1750000 | 5.000 | 12/01/2053 | 1382665 |
| Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)<sup>(e)</sup> | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)<sup>(e)</sup> | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)<sup>(e)</sup> | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)<sup>(e)</sup> |
| (3M USD LIBOR + 0.77%)  | (3M USD LIBOR + 0.77%)  | (3M USD LIBOR + 0.77%)  |  |
| 52950000 | 3.745 | 05/01/2037 | 46753664 |
| Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) | Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) | Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) | Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) |
| 750000 | 5.000 | 03/01/2045 | 633538 |
| Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) |
| 300000 | 5.000 | 03/01/2033 | 308559 |
| 315000 | 5.000 | 03/01/2034 | 322175 |
| 450000 | 4.000 | 03/01/2035 | 411416 |
| 465000 | 4.000 | 03/01/2036 | 417180 |
| 275000 | 4.000 | 03/01/2037 | 242169 |
| 335000 | 4.000 | 03/01/2039 | 287901 |
| 250000 | 4.000 | 03/01/2040 | 212509 |
| 250000 | 4.000 | 03/01/2041 | 210272 |
| 625000 | 4.000 | 03/01/2046 | 503043 |
| 675000 | 4.000 | 03/01/2051 | 523023 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) |
| 2365000 | 5.000% | 11/15/2045 | $2274491 |
| Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR) | Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR) | Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR) | Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR) |
| 1900000 | 5.000 | 11/01/2044 | 1666134 |
| 2100000 | 5.000 | 11/01/2049 | 1791785 |
| Northeastern Pennsylvania Hospital & Education Authority RB for King's College Project Series 2019 (NR/BBB+) | Northeastern Pennsylvania Hospital & Education Authority RB for King's College Project Series 2019 (NR/BBB+) | Northeastern Pennsylvania Hospital & Education Authority RB for King's College Project Series 2019 (NR/BBB+) | Northeastern Pennsylvania Hospital & Education Authority RB for King's College Project Series 2019 (NR/BBB+) |
| 945000 | 5.000 | 05/01/2044 | 929432 |
| 1245000 | 5.000 | 05/01/2049 | 1204794 |
| Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) |
| 2250000 | 4.000 | 07/01/2046 | 1830913 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) |
| 5000000 | 5.000 | 12/31/2057 | 4959114 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) |
| 1375000 | 5.250 | 06/30/2053 | 1346332 |
| 6825000 | 6.000 | 06/30/2061 | 7202725 |
| Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (WR/AA)<sup>(e)</sup> | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (WR/AA)<sup>(e)</sup> | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (WR/AA)<sup>(e)</sup> | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (WR/AA)<sup>(e)</sup> |
| (3M USD LIBOR + 0.60%)  | (3M USD LIBOR + 0.60%)  | (3M USD LIBOR + 0.60%)  |  |
| 7210000 | 3.785 | 07/01/2027 | 7073622 |
| (3M USD LIBOR + 0.65%) | (3M USD LIBOR + 0.65%) | (3M USD LIBOR + 0.65%) |  |
| 10850000 | 3.844 | 07/01/2039 | 9590919 |
| Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (NR/BB) | Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (NR/BB) | Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (NR/BB) | Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (NR/BB) |
| 5645000 | 5.000 | 05/01/2042 | 4753080 |
| Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (Baa3/NR) | Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (Baa3/NR) | Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (Baa3/NR) | Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (Baa3/NR) |
| 365000 | 5.000 | 07/01/2031 | 363751 |
| 400000 | 5.000 | 07/01/2035 | 384192 |
| Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) | Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) | Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) | Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) |
| 1705000 | 5.250 | 06/15/2052 | 1533513 |
| Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) | Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) | Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) | Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) |
| 2225000 | 5.000 | 06/15/2050 | 1959794 |
| Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) | Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) | Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) | Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) |
| 310000 | 5.000 | 08/01/2040 | 311431 |
| 975000 | 5.000 | 08/01/2050 | 957648 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) |
| 500000 | 5.000% | 07/01/2028 | $525314 |
| 2000000 | 5.000 | 07/01/2029 | 2092366 |
| 2000000 | 5.000 | 07/01/2030 | 2076761 |
| 2615000 | 5.000 | 07/01/2031 | 2715092 |
| 1000000 | 5.000 | 07/01/2032 | 1035831 |
| 2095000 | 5.000 | 07/01/2033 | 2163482 |
| Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+) | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+) |
| 2150000 | 5.000 | 11/15/2028 | 2047929 |
| Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR) | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR) |
| 1100000 | 5.000 | 01/01/2035 | 1141871 |
| 2325000 | 5.000 | 01/01/2038 | 2381769 |
| The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) |
| 475000 | 5.000 | 10/01/2039 | 444254 |
| 1125000 | 5.000 | 10/01/2049 | 982722 |
| The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) | The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) | The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) | The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) |
| 4600000 | 5.000 | 11/01/2044 | 3185467 |
| Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> |
| 4485000 | 6.250 | 07/01/2057 | 4092280 |
| Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (NR/BB) | Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (NR/BB) | Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (NR/BB) | Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (NR/BB) |
| 1000000 | 5.000 | 07/01/2028 | 992428 |
| 1000000 | 5.000 | 07/01/2035 | 964872 |
| Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) |
| 1320000 | 4.000 | 07/01/2037 | 1201248 |
|  |  |  | 263930837 |
| **Puerto Rico – 7.9%** | **Puerto Rico – 7.9%** | **Puerto Rico – 7.9%** | **Puerto Rico – 7.9%** |
| HTA Trust Certificates Class 2031 Units (NR/NR) | HTA Trust Certificates Class 2031 Units (NR/NR) | HTA Trust Certificates Class 2031 Units (NR/NR) | HTA Trust Certificates Class 2031 Units (NR/NR) |
| 2981635 | 5.250 | 07/01/2031 | 2942024 |
| HTA Trust Certificates Class L-2028 Units (NR/NR) | HTA Trust Certificates Class L-2028 Units (NR/NR) | HTA Trust Certificates Class L-2028 Units (NR/NR) | HTA Trust Certificates Class L-2028 Units (NR/NR) |
| 22395387 | 5.250 | 07/01/2038 | 22056233 |
| Puerto Rico Aqueduct & Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR)<sup>(c)</sup> | Puerto Rico Aqueduct & Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR)<sup>(c)</sup> | Puerto Rico Aqueduct & Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR)<sup>(c)</sup> | Puerto Rico Aqueduct & Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR)<sup>(c)</sup> |
| 3650000 | 5.000 | 07/01/2037 | 3447369 |
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(c)</sup> | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(c)</sup> | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(c)</sup> | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(c)</sup> |
| 20000000 | 5.000 | 07/01/2035 | 19062158 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(c)</sup> |
| 37500000 | 5.000 | 07/01/2047 | 33781485 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR)<sup>(c)</sup> |
| 9400000 | 3.500 | 07/01/2026 | 8675043 |
| 9400000 | 3.750 | 07/01/2027 | 8553052 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)<sup>(c)</sup> |
| 4400000 | 5.000% | 07/01/2033 | $4250153 |
| 2000000 | 4.000 | 07/01/2042 | 1602952 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR)<sup>(c)</sup> |
| 450000 | 5.000 | 07/01/2037 | 425018 |
| 1000000 | 4.000 | 07/01/2042 | 801476 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)<sup>(c)</sup> |
| 495000 | 5.000 | 07/01/2025 | 495112 |
| 1355000 | 5.000 | 07/01/2033 | 1308854 |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(c)</sup> |
| 23435000 | 4.000 | 07/01/2042 | 18782595 |
| Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(d)(i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(d)(i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(d)(i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(d)(i)</sup> |
| 25798336 | 0.000 | 11/01/2043 | 11286772 |
| Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(d)(i)</sup> | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(d)(i)</sup> | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(d)(i)</sup> | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(d)(i)</sup> |
| 5178853 | 0.000 | 11/01/2051 | 1741389 |
| Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(d)(i)</sup> | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(d)(i)</sup> | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(d)(i)</sup> | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(d)(i)</sup> |
| 17849175 | 0.000 | 11/01/2051 | 7809014 |
| Puerto Rico Commonwealth GO CVIs (NR/NR)<sup>(a)(d)(i)</sup> | Puerto Rico Commonwealth GO CVIs (NR/NR)<sup>(a)(d)(i)</sup> | Puerto Rico Commonwealth GO CVIs (NR/NR)<sup>(a)(d)(i)</sup> | Puerto Rico Commonwealth GO CVIs (NR/NR)<sup>(a)(d)(i)</sup> |
| 162047 | 0.000 | 11/01/2051 | 21066 |
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) |
| 391 | 5.250 | 07/01/2023 | 391 |
| 1908379 | 5.625 | 07/01/2029 | 1952678 |
| 3735960 | 5.750 | 07/01/2031 | 3862864 |
| 12254090 | 0.000 <sup>(f)</sup> | 07/01/2033 | 6624078 |
| 7839196 | 4.000 | 07/01/2033 | 6797051 |
| 4889113 | 4.000 | 07/01/2035 | 4114622 |
| 9271482 | 4.000 | 07/01/2037 | 7584685 |
| 16955158 | 4.000 | 07/01/2041 | 13275862 |
| 21849454 | 4.000 | 07/01/2046 | 16380245 |
| Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (WR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (WR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (WR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (WR/NR) |
| 215000 | 5.000 | 07/01/2028 | 215000 |
| Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) |
| 2809104 | 5.000 | 07/01/2062 | 2587887 |
| Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(f)</sup> |
| 1825536 | 0.000 | 07/01/2032 | 1083912 |
| Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(d)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(d)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(d)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(d)</sup> |
| 3122747 | 0.000 | 07/01/2053 | 1725318 |
| Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)<sup>\*</sup> |
| 1905000 | 4.800 | 07/01/2029 | 1383506 |
| 15600000 | 5.000 | 07/01/2042 | 11388000 |
| Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> |
| 715000 | 7.250 | 07/01/2030 | 538037 |
| 5210000 | 7.000 | 07/01/2033 | 3907500 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** |
| 2610000 | 6.750% | 07/01/2036 | $1950975 |
| 6190000 | 7.000 | 07/01/2040 | 4642500 |
| Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)<sup>\*</sup> |
| 1678950 | 10.000 | 07/01/2022 | 1284397 |
| Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR)<sup>\*</sup> |
| 747236 | 10.000 | 07/01/2019 | 571636 |
| Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> |
| 130000 | 5.250 | 07/01/2023 | 95225 |
| 3420000 | 5.250 | 07/01/2031 | 2505150 |
| Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR)<sup>\*</sup> |
| 747235 | 10.000 | 07/01/2019 | 571635 |
| Puerto Rico Electric Power Authority Power RB Series BBB (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series BBB (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series BBB (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series BBB (NR/NR)<sup>\*</sup> |
| 90000 | 5.400 | 07/01/2028 | 65250 |
| Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> |
| 80000 | 5.000 | 07/01/2022 | 57600 |
| 90000 | 4.250 | 07/01/2023 | 65363 |
| 60000 | 4.500 | 07/01/2023 | 43575 |
| 50000 | 4.600 | 07/01/2024 | 36312 |
| 210000 | 4.625 | 07/01/2025 | 152513 |
| 900000 | 5.000 | 07/01/2025 | 657000 |
| 25000 | 5.000 | 07/01/2026 | 18250 |
| 65000 | 4.800 | 07/01/2027 | 47206 |
| 4980000 | 5.000 | 07/01/2028 | 3635400 |
| Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)<sup>\*</sup> |
| 5036850 | 10.000 | 01/01/2021 | 3853190 |
| Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)<sup>\*</sup> |
| 5036850 | 10.000 | 07/01/2021 | 3853190 |
| Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)<sup>\*</sup> |
| 1678950 | 10.000 | 01/01/2022 | 1284397 |
| Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR)<sup>\*</sup> |
| 1175000 | 5.950 | 07/01/2030 | 854812 |
| 4620000 | 6.050 | 07/01/2032 | 3361050 |
| 115000 | 6.250 | 07/01/2040 | 83663 |
| Puerto Rico Electric Power Authority Power RB Series SS (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series SS (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series SS (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series SS (NR/NR)<sup>\*</sup> |
| 130000 | 4.625 | 07/01/2030 | 94412 |
| Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> |
| 300000 | 4.200 | 07/01/2019 | 212625 |
| 700000 | 5.000 | 07/01/2025 | 511000 |
| 4795000 | 5.000 | 07/01/2032 | 3500350 |
| 1385000 | 5.000 | 07/01/2037 | 1011050 |
| Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)<sup>\*</sup> |
| 2000000 | 5.500 | 07/01/2020 | 1452500 |
| 3765000 | 5.250 | 07/01/2033 | 2757863 |
| 2200000 | 5.500 | 07/01/2038 | 1619750 |
| Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> |
| 20000 | 4.875 | 07/01/2027 | 14525 |
| 12290000 | 5.250 | 07/01/2040 | 9002425 |
| Puerto Rico Electric Power Authority Power RB Series YY (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series YY (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series YY (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series YY (NR/NR)<sup>\*</sup> |
| 2460000 | 6.125 | 07/01/2040 | 1789650 |
| Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> |
| 65000 | 3.700 | 07/01/2017 | 45825 |
| 1230000 | 5.000 | 07/01/2017 | 885600 |
| 145000 | 4.250 | 07/01/2018 | 102769 |
| 3130000 | 5.000 | 07/01/2019 | 2253600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** |
| Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> – (continued) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> – (continued) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> – (continued) | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> – (continued) |
| 260000 | 4.250% | 07/01/2020 | $184275 |
| 25000 | 5.250 | 07/01/2020 | 18063 |
| 80000 | 4.375 | 07/01/2021 | 57300 |
| 100000 | 4.375 | 07/01/2022 | 71625 |
| 65000 | 5.000 | 07/01/2022 | 46800 |
| 190000 | 4.500 | 07/01/2023 | 137987 |
| 90000 | 4.625 | 07/01/2025 | 65362 |
| Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR)<sup>\*</sup> |
| 215000 | 3.300 | 07/01/2019 | 151575 |
| 80000 | 3.500 | 07/01/2020 | 56400 |
| 155000 | 3.625 | 07/01/2021 | 109275 |
| 60000 | 3.750 | 07/01/2022 | 42300 |
| 730000 | 3.875 | 07/01/2023 | 518300 |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(e)</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(e)</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(e)</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(e)</sup> |
| (3M USD LIBOR + 0.52%) | (3M USD LIBOR + 0.52%) | (3M USD LIBOR + 0.52%) |  |
| 52372000 | 3.705 | 07/01/2029 | 47119811 |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR) | Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR) | Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR) | Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR) |
| 1250000 | 5.250 | 07/01/2032 | 1245056 |
| Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (WR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (WR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (WR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (WR/NR)<sup>\*</sup> |
| 126000 | 5.000 | 07/01/2024 | 91980 |
| Puerto Rico Electric Power Authority RB Series 2010 AAA (WR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority RB Series 2010 AAA (WR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority RB Series 2010 AAA (WR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority RB Series 2010 AAA (WR/NR)<sup>\*</sup> |
| 1489000 | 5.250 | 07/01/2027 | 1090692 |
| 2119000 | 5.250 | 07/01/2028 | 1552168 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) |
| 1452000 | 4.329 | 07/01/2040 | 1308017 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> |
| 4313000 | 0.000 | 07/01/2031 | 2809583 |
| 5295000 | 0.000 | 07/01/2033 | 3080119 |
| 229970000 | 0.000 | 07/01/2046 | 56662699 |
| 56485000 | 0.000 | 07/01/2051 | 10168153 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 87426000 | 4.329 | 07/01/2040 | 78756672 |
| 562000 | 4.536 | 07/01/2053 | 479140 |
| 10379000 | 4.784 | 07/01/2058 | 9004719 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 3939000 | 4.500 | 07/01/2034 | 3715916 |
| 3447000 | 4.550 | 07/01/2040 | 3162340 |
| 42730000 | 4.750 | 07/01/2053 | 37771064 |
| 93059000 | 5.000 | 07/01/2058 | 84491058 |
|  |  |  | 629376083 |
| **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** |
| Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-)<sup>(f)</sup> |
| 124220000 | 0.000 | 06/01/2052 | 16966141 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **South Carolina – 0.4%** | **South Carolina – 0.4%** | **South Carolina – 0.4%** | **South Carolina – 0.4%** |
| Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR) | Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR) | Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR) | Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR) |
| 2690000 | 6.875% | 11/01/2035 | $2691342 |
| South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(c)</sup> |
| 6160000 | 5.250 | 06/15/2052 | 5470660 |
| 5615000 | 5.250 | 06/15/2057 | 4880763 |
| South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (NR/NR) | South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (NR/NR) | South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (NR/NR) | South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (NR/NR) |
| 2365000 | 5.000 | 11/15/2047 | 2286462 |
| South Carolina Jobs-Economic Development Authority RB for Kiawah Life Plan Village, Inc. Project Series 2021 A (NR/NR)<sup>(c)</sup> | South Carolina Jobs-Economic Development Authority RB for Kiawah Life Plan Village, Inc. Project Series 2021 A (NR/NR)<sup>(c)</sup> | South Carolina Jobs-Economic Development Authority RB for Kiawah Life Plan Village, Inc. Project Series 2021 A (NR/NR)<sup>(c)</sup> | South Carolina Jobs-Economic Development Authority RB for Kiawah Life Plan Village, Inc. Project Series 2021 A (NR/NR)<sup>(c)</sup> |
| 910000 | 8.750 | 07/01/2025 | 946471 |
| South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (A/NR) | South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (A/NR) | South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (A/NR) | South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (A/NR) |
| 7790000 | 5.250 | 12/01/2055 | 7830387 |
| South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/AA) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/AA) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/AA) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/AA) |
| 9000000 | 5.000 | 12/01/2052 | 9208496 |
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) |
| 2000000 | 3.000 | 04/15/2049 | 1416638 |
|  |  |  | 34731219 |
| **South Dakota – 0.0%** | **South Dakota – 0.0%** | **South Dakota – 0.0%** | **South Dakota – 0.0%** |
| County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) | County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) | County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) | County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) |
| 1050000 | 4.000 | 08/01/2056 | 793828 |
| 1450000 | 4.000 | 08/01/2061 | 1062697 |
|  |  |  | 1856525 |
| **Tennessee – 0.1%** | **Tennessee – 0.1%** | **Tennessee – 0.1%** | **Tennessee – 0.1%** |
| Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) | Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) | Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) | Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) |
| 1230000 | 4.000 | 07/01/2040 | 1144591 |
| Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR)<sup>(c)</sup> | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR)<sup>(c)</sup> | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR)<sup>(c)</sup> | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR)<sup>(c)</sup> |
| 1150000 | 4.000 | 06/01/2051 | 887273 |
| Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR)<sup>(c)(f)</sup> | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR)<sup>(c)(f)</sup> | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR)<sup>(c)(f)</sup> | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR)<sup>(c)(f)</sup> |
| 2825000 | 0.000 | 06/01/2043 | 857177 |
| Memphis-Shelby County Industrial Development Board Tax Allocation Refunding Bonds Series 2017 A (NR/NR) | Memphis-Shelby County Industrial Development Board Tax Allocation Refunding Bonds Series 2017 A (NR/NR) | Memphis-Shelby County Industrial Development Board Tax Allocation Refunding Bonds Series 2017 A (NR/NR) | Memphis-Shelby County Industrial Development Board Tax Allocation Refunding Bonds Series 2017 A (NR/NR) |
| 100000 | 4.750 | 07/01/2027 | 82719 |
| 4100000 | 5.625 | 01/01/2046 | 2586383 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) | Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) |
| 315000 | 5.000 | 10/01/2029 | 323665 |
| 230000 | 5.000 | 10/01/2034 | 235017 |
| 375000 | 5.000 | 10/01/2039 | 375055 |
| 450000 | 5.000 | 10/01/2048 | 436509 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Tennessee – (continued)** | **Tennessee – (continued)** | **Tennessee – (continued)** | **Tennessee – (continued)** |
| Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)<sup>(c)</sup> | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)<sup>(c)</sup> | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)<sup>(c)</sup> | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)<sup>(c)</sup> |
| 850000 | 5.125% | 06/01/2036 | $855341 |
|  |  |  | 7783730 |
| **Texas – 7.3%** | **Texas – 7.3%** | **Texas – 7.3%** | **Texas – 7.3%** |
| Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)<sup>(c)</sup> | Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)<sup>(c)</sup> | Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)<sup>(c)</sup> | Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)<sup>(c)</sup> |
| 260000 | 4.250 | 09/01/2023 | 259707 |
| 500000 | 4.625 | 09/01/2028 | 499894 |
| 2340000 | 5.125 | 09/01/2038 | 2294613 |
| 2580000 | 5.250 | 09/01/2047 | 2497107 |
| Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR)<sup>(c)</sup> | Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR)<sup>(c)</sup> | Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR)<sup>(c)</sup> | Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR)<sup>(c)</sup> |
| 5500000 | 6.750 | 02/15/2062 | 5461969 |
| Arlington Higher Education Finance Corp. Education RB for Texas Charter Schools Series 2021 (Ba3/NR)<sup>(a)(b)(c)</sup> | Arlington Higher Education Finance Corp. Education RB for Texas Charter Schools Series 2021 (Ba3/NR)<sup>(a)(b)(c)</sup> | Arlington Higher Education Finance Corp. Education RB for Texas Charter Schools Series 2021 (Ba3/NR)<sup>(a)(b)(c)</sup> | Arlington Higher Education Finance Corp. Education RB for Texas Charter Schools Series 2021 (Ba3/NR)<sup>(a)(b)(c)</sup> |
| 2325000 | 4.500 | 06/15/2026 | 2221936 |
| Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) |
| 1495000 | 5.625 | 08/15/2052 | 1332841 |
| 1780000 | 5.750 | 08/15/2057 | 1585807 |
| Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) |
| 305000 | 4.000 | 08/15/2036 | 258408 |
| 560000 | 4.000 | 08/15/2041 | 447226 |
| 810000 | 4.000 | 08/15/2046 | 614346 |
| Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (A2/AAA) | Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (A2/AAA) | Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (A2/AAA) | Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (A2/AAA) |
| 5000000 | 4.000 | 02/15/2052 | 4679823 |
| Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) |
| 1480000 | 5.000 | 01/01/2029 | 1518940 |
| Board of Managers, Joint Guadalupe County - City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (NR/BB) | Board of Managers, Joint Guadalupe County - City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (NR/BB) | Board of Managers, Joint Guadalupe County - City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (NR/BB) | Board of Managers, Joint Guadalupe County - City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (NR/BB) |
| 1950000 | 5.250 | 12/01/2035 | 1976681 |
| 2435000 | 5.000 | 12/01/2040 | 2399318 |
| Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR)<sup>(a)(c)</sup> | Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR)<sup>(a)(c)</sup> | Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR)<sup>(a)(c)</sup> | Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR)<sup>(a)(c)</sup> |
| 6600000 | 10.000 | 06/01/2042 | 6466522 |
| Cedar Bayou Navigation District Special Assessment Series 2020 (NR/NR) | Cedar Bayou Navigation District Special Assessment Series 2020 (NR/NR) | Cedar Bayou Navigation District Special Assessment Series 2020 (NR/NR) | Cedar Bayou Navigation District Special Assessment Series 2020 (NR/NR) |
| 9415000 | 6.000 | 09/15/2051 | 7612935 |
| City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 2190000 | 6.500 | 09/01/2048 | 2234723 |
| City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(c)</sup> | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(c)</sup> | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(c)</sup> | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(c)</sup> |
| 867000 | 4.000 | 09/15/2041 | 710932 |
| 1271000 | 4.250 | 09/15/2051 | 1010571 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1931000 | 6.000% | 09/01/2052 | $1888950 |
| City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1620000 | 6.000 | 09/01/2045 | 1632063 |
| City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)<sup>(c)</sup> | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)<sup>(c)</sup> | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)<sup>(c)</sup> | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)<sup>(c)</sup> |
| 4150000 | 5.125 | 11/01/2033 | 4030571 |
| City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1170000 | 5.500 | 11/01/2051 | 1136969 |
| City of Bee Cave Special Assessment RB Series 2021 (NR/NR)<br>(NR/NR)<sup>(c)</sup> | City of Bee Cave Special Assessment RB Series 2021 (NR/NR)<br>(NR/NR)<sup>(c)</sup> | City of Bee Cave Special Assessment RB Series 2021 (NR/NR)<br>(NR/NR)<sup>(c)</sup> | City of Bee Cave Special Assessment RB Series 2021 (NR/NR)<br>(NR/NR)<sup>(c)</sup> |
| 563000 | 4.750 | 09/01/2031 | 508023 |
| 1540000 | 5.000 | 09/01/2041 | 1382741 |
| 1907000 | 5.250 | 09/01/2051 | 1705525 |
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> |
| 430000 | 3.750 | 09/01/2040 | 345765 |
| 1451000 | 4.000 | 09/01/2050 | 1151322 |
| City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 450000 | 4.250 | 09/01/2041 | 380754 |
| 550000 | 4.500 | 09/01/2050 | 457508 |
| City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1021000 | 5.000 | 09/01/2051 | 908751 |
| City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> |
| 812000 | 3.375 | 09/01/2042 | 587651 |
| 3549000 | 4.000 | 09/01/2052 | 2753893 |
| City of Celina Special Assessment RB for Parks At Wilson Creek Series 2021 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Parks At Wilson Creek Series 2021 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Parks At Wilson Creek Series 2021 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Parks At Wilson Creek Series 2021 (NR/NR)<sup>(c)</sup> |
| 120000 | 2.750 | 09/01/2026 | 110957 |
| 221000 | 3.500 | 09/01/2026 | 208759 |
| 240000 | 3.250 | 09/01/2031 | 209222 |
| 446000 | 4.000 | 09/01/2031 | 410038 |
| 1134000 | 3.500 | 09/01/2041 | 913663 |
| 959000 | 4.250 | 09/01/2041 | 828552 |
| 1916000 | 4.000 | 09/01/2051 | 1543768 |
| 1410000 | 4.500 | 09/01/2051 | 1180480 |
| City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1215000 | 5.625 | 09/01/2052 | 1184944 |
| City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> | City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> | City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> | City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> |
| 910000 | 4.000 | 09/01/2043 | 746056 |
| 933000 | 4.125 | 09/01/2051 | 741931 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)<sup>(c)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)<sup>(c)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)<sup>(c)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)<sup>(c)</sup> |
| 400000 | 5.500 | 09/01/2046 | 400420 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR) |
| 1125000 | 5.625% | 09/01/2038 | $1139843 |
| 1686000 | 5.750 | 09/01/2047 | 1698788 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 2330000 | 4.250 | 09/01/2049 | 1919893 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR)<sup>(c)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR)<sup>(c)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR)<sup>(c)</sup> | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR)<sup>(c)</sup> |
| 1800000 | 4.125 | 09/01/2050 | 1428427 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR) |
| 3710000 | 7.500 | 09/01/2045 | 3767365 |
| City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Area #1 Project Series 2015 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Area #1 Project Series 2015 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Area #1 Project Series 2015 (NR/NR) | City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Area #1 Project Series 2015 (NR/NR) |
| 1635000 | 6.250 | 09/01/2045 | 1654977 |
| City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 215000 | 4.750 | 09/01/2031 | 199385 |
| 370000 | 5.250 | 09/01/2041 | 351390 |
| 500000 | 5.500 | 09/01/2050 | 478159 |
| City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> |
| 242000 | 4.125 | 09/15/2026 | 230748 |
| 261000 | 4.750 | 09/15/2031 | 239019 |
| 900000 | 4.250 | 09/15/2041 | 767681 |
| 500000 | 5.000 | 09/15/2041 | 456749 |
| 1400000 | 4.500 | 09/15/2051 | 1158770 |
| 650000 | 5.250 | 09/15/2051 | 590997 |
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 4500000 | 6.125 | 09/15/2052 | 4561877 |
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Single Family Residential Major Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Single Family Residential Major Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Single Family Residential Major Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Single Family Residential Major Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1580000 | 6.750 | 09/15/2052 | 1620446 |
| City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR)<sup>(c)</sup> | City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR)<sup>(c)</sup> | City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR)<sup>(c)</sup> | City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR)<sup>(c)</sup> |
| 1364000 | 5.750 | 09/01/2052 | 1313232 |
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(c)</sup> | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(c)</sup> | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(c)</sup> | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(c)</sup> |
| 1413000 | 5.250 | 09/01/2052 | 1316679 |
| City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)<sup>(c)</sup> | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)<sup>(c)</sup> | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)<sup>(c)</sup> | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)<sup>(c)</sup> |
| 1071000 | 4.000 | 09/01/2051 | 821876 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |  |
| City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(c)</sup> |
| 692000 | 3.875% | 08/15/2040 | $555550 |
| 994000 | 4.125 | 08/15/2050 | 796724 |
| City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> |
| 925000 | 3.750 | 08/15/2041 | 735981 |
| 1656000 | 4.000 | 08/15/2051 | 1306703 |
| City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 2275000 | 6.000 | 08/15/2052 | 2274274 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)<sup>(c)</sup> |
| 1360000 | 4.250 | 08/15/2049 | 1144816 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(c)</sup> |
| 910000 | 4.350 | 08/15/2039 | 815995 |
| 1920000 | 4.500 | 08/15/2048 | 1655419 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> |
| 1000000 | 4.375 | 08/15/2052 | 840655 |
| City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 961000 | 4.125 | 09/15/2042 | 825502 |
| 617000 | 4.250 | 09/15/2047 | 520061 |
| City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR) |
| 4345000 | 5.000 | 09/01/2047 | 4104440 |
| City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR) | City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR) |
| 1390000 | 4.500 | 09/01/2037 | 1297102 |
| 2435000 | 5.000 | 09/01/2044 | 2315592 |
| City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) | City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) | City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) | City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) |
| 2235000 | 4.500 | 09/01/2032 | 2222016 |
| 4715000 | 4.500 | 09/01/2038 | 4422274 |
| City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) (NR/NR)<sup>(c)</sup> |
| 1852000 | 4.000 | 09/01/2051 | 1434619 |
| City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 2450000 | 4.375 | 09/01/2049 | 2081677 |
| City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR\NR) | City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR\NR) | City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR\NR) | City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR\NR) |
| 1000000 | 4.000 | 07/15/2041 | 847326 |
| City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> |
| 1000000 | 4.000 | 09/01/2056 | 765512 |
| City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(c)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(c)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(c)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(c)</sup> |
| 2491000 | 4.000 | 09/01/2051 | 1949170 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |  |
| City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 2329000 | 4.000% | 09/01/2056 | $1785264 |
| City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) | City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) | City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) | City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) |
| 1500000 | 5.000 | 08/15/2043 | 1511849 |
| City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)<sup>(c)</sup> | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)<sup>(c)</sup> | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)<sup>(c)</sup> | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)<sup>(c)</sup> |
| 2051000 | 4.000 | 09/01/2051 | 1619138 |
| City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)<sup>(c)</sup> | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)<sup>(c)</sup> | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)<sup>(c)</sup> | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)<sup>(c)</sup> |
| 575000 | 3.625 | 09/15/2041 | 439233 |
| City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 620000 | 6.000 | 09/15/2052 | 629955 |
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 700000 | 3.750 | 09/01/2041 | 539300 |
| 900000 | 4.000 | 09/01/2046 | 719264 |
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)<sup>(c)</sup> |
| 1405000 | 4.625 | 09/01/2039 | 1305095 |
| 900000 | 4.750 | 09/01/2044 | 820872 |
| City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> |
| 1310000 | 3.625 | 09/01/2040 | 1025857 |
| 400000 | 4.000 | 09/01/2046 | 321709 |
| City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 212000 | 4.125 | 09/01/2027 | 203641 |
| 501000 | 4.625 | 09/01/2041 | 452663 |
| City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)<sup>(c)</sup> | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)<sup>(c)</sup> |
| 1225000 | 4.875 | 09/01/2044 | 1125493 |
| City of Kyle Special Assessment RB Series 2022 (NR/NR) | City of Kyle Special Assessment RB Series 2022 (NR/NR) | City of Kyle Special Assessment RB Series 2022 (NR/NR) | City of Kyle Special Assessment RB Series 2022 (NR/NR) |
| 1950000 | 5.000 | 09/01/2042 | 1831869 |
| City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR) | City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR) | City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR) | City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR) |
| 990000 | 3.750 | 09/01/2042 | 799171 |
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 580000 | 4.250 | 09/15/2039 | 510744 |
| 2415000 | 4.500 | 09/15/2049 | 2045212 |
| City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 850000 | 5.000 | 09/15/2049 | 774096 |
| City of Lavon Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> | City of Lavon Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> | City of Lavon Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> | City of Lavon Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> |
| 2123000 | 4.000 | 09/15/2042 | 1738299 |
| 900000 | 4.375 | 09/15/2042 | 756299 |
| 4978000 | 4.125 | 09/15/2052 | 3887597 |
| 1396000 | 4.500 | 09/15/2052 | 1134289 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |  |
| City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> |
| 1890000 | 4.000% | 09/01/2054 | $1472262 |
| City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 225000 | 3.500 | 09/01/2027 | 209003 |
| 275000 | 3.875 | 09/01/2032 | 244037 |
| 550000 | 4.125 | 09/01/2042 | 463044 |
| 2100000 | 4.000 | 09/01/2052 | 1671510 |
| 900000 | 4.375 | 09/01/2052 | 738199 |
| City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> |
| 700000 | 3.500 | 09/15/2041 | 521528 |
| 830000 | 4.125 | 09/15/2041 | 692558 |
| 900000 | 4.000 | 09/15/2051 | 706761 |
| 1125000 | 4.375 | 09/15/2051 | 908504 |
| City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> |
| 295000 | 4.500 | 09/15/2040 | 266209 |
| 525000 | 4.625 | 09/15/2049 | 454143 |
| City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(c)</sup> |
| 150000 | 4.125 | 09/01/2026 | 142122 |
| 150000 | 4.625 | 09/01/2031 | 135004 |
| 900000 | 4.125 | 09/01/2041 | 758099 |
| 450000 | 4.875 | 09/01/2041 | 388822 |
| 1370000 | 4.375 | 09/01/2051 | 1115885 |
| 520000 | 5.125 | 09/01/2051 | 466382 |
| City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 780000 | 4.250 | 09/15/2039 | 703580 |
| 2950000 | 4.375 | 09/15/2049 | 2532172 |
| City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 585000 | 3.625 | 09/15/2041 | 447827 |
| 820000 | 4.000 | 09/15/2051 | 640491 |
| City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 2430000 | 5.750 | 09/15/2052 | 2313731 |
| City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 1155000 | 5.750 | 09/15/2039 | 1133039 |
| 2055000 | 6.000 | 09/15/2049 | 2041256 |
| City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)<sup>(c)</sup> | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 2405000 | 5.875 | 09/15/2039 | 2372722 |
| 5200000 | 5.125 | 09/15/2048 | 4874250 |
| 3830000 | 6.125 | 09/15/2048 | 3830276 |
| City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> |
| 130000 | 4.125 | 09/15/2031 | 117640 |
| 420000 | 4.500 | 09/15/2041 | 362898 |
| 1540000 | 4.125 | 09/15/2051 | 1227594 |
| 510000 | 4.750 | 09/15/2051 | 428673 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |  |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(c)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(c)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(c)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(c)</sup> |
| 2310000 | 5.375% | 09/15/2052 | $2145356 |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1300000 | 6.125 | 09/15/2052 | 1272881 |
| City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> | City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> | City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> | City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 220000 | 3.625 | 09/01/2026 | 204026 |
| 320000 | 4.250 | 09/01/2031 | 288553 |
| 782000 | 4.500 | 09/01/2041 | 661918 |
| 1355000 | 4.750 | 09/01/2051 | 1124193 |
| City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)<sup>(c)</sup> |
| 361000 | 5.250 | 09/01/2040 | 345383 |
| 355000 | 5.625 | 09/01/2040 | 344372 |
| 560000 | 4.125 | 09/01/2049 | 461465 |
| 932000 | 5.375 | 09/01/2050 | 878288 |
| City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)<sup>(c)</sup> |
| 1175000 | 3.750 | 09/01/2040 | 960391 |
| City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(c)</sup> | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(c)</sup> | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(c)</sup> | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)<sup>(c)</sup> |
| 1355000 | 4.125 | 09/01/2048 | 1133007 |
| 1440000 | 4.500 | 09/01/2048 | 1273084 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 600000 | 5.500 | 09/15/2042 | 578972 |
| 1350000 | 5.625 | 09/15/2052 | 1300879 |
| 1928000 | 6.125 | 09/15/2052 | 1931033 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 550000 | 5.500 | 09/15/2042 | 530725 |
| 1200000 | 5.625 | 09/15/2052 | 1156337 |
| City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(c)</sup> | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(c)</sup> | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(c)</sup> | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(c)</sup> |
| 3701000 | 6.000 | 09/15/2052 | 3699715 |
| 1480000 | 6.500 | 09/15/2052 | 1492330 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1040000 | 4.375 | 09/01/2052 | 877008 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)<sup>(c)</sup> |
| 2460000 | 4.875 | 09/01/2048 | 2281136 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> |
| 126000 | 3.875 | 09/01/2040 | 103734 |
| 175000 | 4.125 | 09/01/2050 | 142319 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |  |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) |
| 400000 | 4.875% | 09/01/2039 | $382939 |
| 835000 | 5.000 | 09/01/2049 | 786683 |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> |
| 398000 | 4.000 | 09/01/2051 | 315205 |
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022<br>(NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022<br>(NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022<br>(NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022<br>(NR/NR)<sup>(c)</sup> |
| 700000 | 5.125 | 09/01/2042 | 667569 |
| 1300000 | 5.250 | 09/01/2052 | 1207893 |
| City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)<sup>(c)</sup> |
| 2205000 | 4.500 | 09/01/2039 | 2023490 |
| 1185000 | 5.500 | 09/01/2039 | 1183623 |
| 1490000 | 4.750 | 09/01/2049 | 1331215 |
| 2140000 | 5.750 | 09/01/2049 | 2128254 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 912000 | 5.125 | 09/01/2042 | 870097 |
| 2050000 | 5.250 | 09/01/2052 | 1921334 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> |
| 750000 | 3.750 | 09/01/2040 | 604947 |
| 1250000 | 4.000 | 09/01/2050 | 991956 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(c)</sup> |
| 1449000 | 4.000 | 09/01/2051 | 1147027 |
| City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(c)</sup> | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 809000 | 3.375 | 09/15/2041 | 599951 |
| 565000 | 4.000 | 09/15/2051 | 444894 |
| City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(c)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(c)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(c)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(c)</sup> |
| 1195000 | 3.875 | 09/15/2040 | 987345 |
| 1780000 | 4.125 | 09/15/2050 | 1436248 |
| City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> |
| 110000 | 4.375 | 09/15/2030 | 103651 |
| 500000 | 4.125 | 09/15/2040 | 431752 |
| 1520000 | 4.375 | 09/15/2050 | 1273550 |
| 600000 | 5.125 | 09/15/2050 | 544531 |
| City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)<sup>(c)</sup> | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)<sup>(c)</sup> | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)<sup>(c)</sup> | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)<sup>(c)</sup> |
| 1760000 | 4.750 | 09/15/2049 | 1594163 |
| City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(c)</sup> | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(c)</sup> | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(c)</sup> | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(c)</sup> |
| 1070000 | 3.750 | 09/15/2040 | 845253 |
| 1490000 | 4.000 | 09/15/2050 | 1179305 |
| City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 613000 | 6.875 | 09/15/2042 | 618956 |
| 1350000 | 7.000 | 09/15/2052 | 1366846 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |  |
| City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) | City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) | City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) | City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) |
| 665000 | 5.375% | 09/01/2040 | $644752 |
| 1500000 | 5.625 | 09/01/2050 | 1454683 |
| City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) (NR/NR)<sup>(c)</sup> | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) (NR/NR)<sup>(c)</sup> | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) (NR/NR)<sup>(c)</sup> | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) (NR/NR)<sup>(c)</sup> |
| 1522000 | 4.500 | 09/01/2051 | 1254360 |
| City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR) | City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR) | City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR) | City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR) |
| 780000 | 5.000 | 09/01/2028 | 783491 |
| 2035000 | 5.600 | 09/01/2038 | 2050149 |
| 2470000 | 5.700 | 09/01/2047 | 2472229 |
| City of Sinton Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> | City of Sinton Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> | City of Sinton Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> | City of Sinton Special Assessment RB Series 2022 (NR\NR)<sup>(c)</sup> |
| 900000 | 5.125 | 09/01/2042 | 835500 |
| 1150000 | 5.250 | 09/01/2051 | 1048917 |
| City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR)<sup>(c)</sup> |
| 2000000 | 6.625 | 09/01/2052 | 2065995 |
| City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1171000 | 5.500 | 08/15/2052 | 1126290 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) |
| 1175000 | 4.000 | 10/01/2050 | 925470 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(c)</sup> | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(c)</sup> | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(c)</sup> | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(c)</sup> |
| 1100000 | 5.000 | 10/01/2050 | 886589 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) |
| 575000 | 4.000 | 10/01/2050 | 524679 |
| County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)<sup>(c)</sup> |
| 800000 | 3.750 | 09/15/2040 | 631877 |
| 1200000 | 4.000 | 09/15/2050 | 927140 |
| County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(c)</sup> | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(c)</sup> | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(c)</sup> | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 985000 | 4.500 | 09/01/2041 | 825861 |
| 765000 | 4.750 | 09/01/2050 | 637295 |
| Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)<sup>(c)</sup> | Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)<sup>(c)</sup> | Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)<sup>(c)</sup> | Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)<sup>(c)</sup> |
| 3250000 | 5.000 | 04/01/2032 | 3242999 |
| Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(c)</sup> | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(c)</sup> | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(c)</sup> | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(c)</sup> |
| 100000 | 3.750 | 08/15/2024 | 97673 |
| 350000 | 4.000 | 08/15/2029 | 325852 |
| 1150000 | 4.500 | 08/15/2035 | 1033700 |
| 875000 | 5.000 | 08/15/2044 | 797996 |
| Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (Baa2/NR) | Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (Baa2/NR) | Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (Baa2/NR) | Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (Baa2/NR) |
| 1545000 | 4.750 | 05/01/2038 | 1545552 |
| Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (Baa2/NR) | Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (Baa2/NR) | Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (Baa2/NR) | Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (Baa2/NR) |
| 5685000 | 4.750 | 11/01/2042 | 5548465 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |  |
| Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)<sup>(c)</sup> | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)<sup>(c)</sup> | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)<sup>(c)</sup> | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)<sup>(c)</sup> |
| 1090000 | 5.000% | 09/01/2027 | $1072024 |
| 895000 | 5.000 | 09/01/2032 | 863047 |
| 1315000 | 5.125 | 09/01/2037 | 1246094 |
| Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)<sup>(d)</sup> | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)<sup>(d)</sup> | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)<sup>(d)</sup> | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)<sup>(d)</sup> |
| 15140000 | 0.000 | 10/01/2046 | 15810006 |
| 11100000 | 0.000 | 10/01/2047 | 11601003 |
| Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(e)</sup> | Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(e)</sup> | Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(e)</sup> | Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(e)</sup> |
| (3M USD LIBOR + 0.67%) | (3M USD LIBOR + 0.67%) | (3M USD LIBOR + 0.67%) | (3M USD LIBOR + 0.67%) |
| 13855000 | 3.756 | 08/15/2035 | 12628245 |
| Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL) (Baa2/BB)<sup>(f)</sup> | Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL) (Baa2/BB)<sup>(f)</sup> | Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL) (Baa2/BB)<sup>(f)</sup> | Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL) (Baa2/BB)<sup>(f)</sup> |
| 5525000 | 0.000 | 11/15/2036 | 2495329 |
| Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1789000 | 5.500 | 09/15/2042 | 1759277 |
| 3204000 | 5.750 | 09/15/2052 | 3141108 |
| Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)<sup>(c)</sup> | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)<sup>(c)</sup> | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)<sup>(c)</sup> | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)<sup>(c)</sup> |
| 1340000 | 4.500 | 09/01/2039 | 1249261 |
| Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) |
| 595000 | 3.750 | 09/01/2032 | 567009 |
| 510000 | 3.875 | 09/01/2037 | 462538 |
| 930000 | 4.000 | 09/01/2047 | 811615 |
| Hidalgo County Regional Mobility Authority Junior Lien Toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3\BB+)<sup>(f)</sup> | Hidalgo County Regional Mobility Authority Junior Lien Toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3\BB+)<sup>(f)</sup> | Hidalgo County Regional Mobility Authority Junior Lien Toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3\BB+)<sup>(f)</sup> | Hidalgo County Regional Mobility Authority Junior Lien Toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3\BB+)<sup>(f)</sup> |
| 6105000 | 0.000 | 12/01/2049 | 1144329 |
| 6365000 | 0.000 | 12/01/2050 | 1118062 |
| 6760000 | 0.000 | 12/01/2051 | 1112583 |
| 6925000 | 0.000 | 12/01/2052 | 1067676 |
| 7155000 | 0.000 | 12/01/2053 | 1033189 |
| 7300000 | 0.000 | 12/01/2054 | 987095 |
| Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) | Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) | Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) | Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) |
| 15835000 | 5.000 | 07/15/2028 | 16048134 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR) |
| 875000 | 5.000 | 07/01/2027 | 887636 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) |
| 2750000 | 5.000 | 07/15/2027 | 2789991 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) |
| 2780000 | 5.000 | 07/15/2027 | 2821561 |
| Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/B) | Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/B) | Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/B) | Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/B) |
| 10000000 | 6.625 | 07/15/2038 | 10002810 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |  |
| Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/B) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/B) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/B) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/B) |
| 9250000 | 5.000% | 07/01/2029 | $9269691 |
| Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/B) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/B) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/B) | Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/B) |
| 10500000 | 5.000 | 07/15/2035 | 10096560 |
| Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) | Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) | Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) | Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) |
| 1035000 | 4.000 | 10/01/2051 | 823663 |
| Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (NR/BB) | Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (NR/BB) | Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (NR/BB) | Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (NR/BB) |
| 1950000 | 5.000 | 12/01/2045 | 1890603 |
| Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)<sup>(c)</sup> | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)<sup>(c)</sup> | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)<sup>(c)</sup> | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)<sup>(c)</sup> |
| 135000 | 4.500 | 09/01/2023 | 135075 |
| 785000 | 5.000 | 09/01/2028 | 789264 |
| 1170000 | 5.375 | 09/01/2038 | 1161961 |
| 1930000 | 5.125 | 09/01/2047 | 1827813 |
| 1500000 | 5.500 | 09/01/2047 | 1468180 |
| Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) |
| 165000 | 2.375 | 09/01/2031 | 137526 |
| 165000 | 2.375 | 09/01/2032 | 134940 |
| 175000 | 2.375 | 09/01/2033 | 140453 |
| 175000 | 2.500 | 09/01/2034 | 137308 |
| 365000 | 2.500 | 09/01/2036 | 269697 |
| 385000 | 2.625 | 09/01/2038 | 274437 |
| 370000 | 3.000 | 09/01/2041 | 265237 |
| 520000 | 3.000 | 09/01/2046 | 347414 |
| 1265000 | 3.000 | 09/01/2051 | 805102 |
| Lake Houston Redevelopment Authority RB Refunding for City of Houston Reinvestment Zone No. 10 Series 2021 (NR/BBB-) | Lake Houston Redevelopment Authority RB Refunding for City of Houston Reinvestment Zone No. 10 Series 2021 (NR/BBB-) | Lake Houston Redevelopment Authority RB Refunding for City of Houston Reinvestment Zone No. 10 Series 2021 (NR/BBB-) | Lake Houston Redevelopment Authority RB Refunding for City of Houston Reinvestment Zone No. 10 Series 2021 (NR/BBB-) |
| 480000 | 2.500 | 09/01/2041 | 325421 |
| 590000 | 3.000 | 09/01/2044 | 422633 |
| 650000 | 3.000 | 09/01/2047 | 446649 |
| Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(c)</sup> | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(c)</sup> | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(c)</sup> | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(c)</sup> |
| 14675000 | 4.625 | 10/01/2031 | 14117092 |
| Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) |
| 705000 | 5.500 | 02/15/2040 | 696064 |
| 1325000 | 5.250 | 02/15/2045 | 1261791 |
| 780000 | 4.000 | 02/15/2051 | 594574 |
| Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-) | Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-) | Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-) | Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-) |
| 1850000 | 5.000 | 09/15/2043 | 1858291 |
| 2800000 | 5.000 | 09/15/2048 | 2803829 |
| New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(c)</sup> | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(c)</sup> | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(c)</sup> | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(c)</sup> |
| 2850000 | 4.000 | 08/15/2046 | 2162151 |
| 8205000 | 4.000 | 08/15/2056 | 5763560 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |  |
| New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) |
| 1630000 | 4.000% | 01/01/2036 | $1337436 |
| 1600000 | 4.000 | 01/01/2041 | 1228739 |
| New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for Army Retirement Residence Foundation Project Series 2022 (NR/BB+) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for Army Retirement Residence Foundation Project Series 2022 (NR/BB+) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for Army Retirement Residence Foundation Project Series 2022 (NR/BB+) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for Army Retirement Residence Foundation Project Series 2022 (NR/BB+) |
| 2325000 | 5.750 | 07/15/2052 | 2154468 |
| 3055000 | 6.000 | 07/15/2057 | 2905978 |
| New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for the Outlook at Windhaven Project Series 2022B-3 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for the Outlook at Windhaven Project Series 2022B-3 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for the Outlook at Windhaven Project Series 2022B-3 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for the Outlook at Windhaven Project Series 2022B-3 (NR/NR) |
| 4700000 | 4.250 | 10/01/2026 | 4656484 |
| New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) |
| 1400000 | 4.000 | 11/01/2055 | 1019086 |
| New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) |
| 11100000 | 5.500 | 01/01/2057 | 7999632 |
| New Hope Cultural Education Facilities Finance Corp. Senior Living RB Series 2021B (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB Series 2021B (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB Series 2021B (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB Series 2021B (NR\NR) |
| 3250000 | 7.000 | 01/01/2057 | 2303158 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)<sup>(c)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)<sup>(c)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)<sup>(c)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)<sup>(c)</sup> |
| 1465000 | 5.000 | 08/15/2051 | 1333368 |
| 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)<sup>(b)</sup> | 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)<sup>(b)</sup> | 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)<sup>(b)</sup> | 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)<sup>(b)</sup> |
| 335000 | 5.000 | 04/01/2026 | 357763 |
| New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)<sup>(b)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)<sup>(b)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)<sup>(b)</sup> | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)<sup>(b)</sup> |
| 1000000 | 5.000 | 04/01/2025 | 1046442 |
| North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 1395000 | 4.000 | 09/15/2041 | 1178470 |
| 6110000 | 5.000 | 09/15/2051 | 5523799 |
| North Parkway Municipal Management Special Assessment RB for Major Improvements Project Series 2021 (NR/NR)<sup>(c)</sup> | North Parkway Municipal Management Special Assessment RB for Major Improvements Project Series 2021 (NR/NR)<sup>(c)</sup> | North Parkway Municipal Management Special Assessment RB for Major Improvements Project Series 2021 (NR/NR)<sup>(c)</sup> | North Parkway Municipal Management Special Assessment RB for Major Improvements Project Series 2021 (NR/NR)<sup>(c)</sup> |
| 1553000 | 4.250 | 09/15/2031 | 1465274 |
| 4700000 | 4.750 | 09/15/2041 | 4311646 |
| North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) |
| 15475000 | 3.000 | 01/01/2046 | 11395173 |
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(c)</sup> | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(c)</sup> | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(c)</sup> | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(c)</sup> |
| 1650000 | 2.750 | 01/01/2036 | 1170876 |
| 3675000 | 2.875 | 01/01/2041 | 2406346 |
| 11125000 | 3.000 | 01/01/2050 | 6537686 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |  |
| Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)<sup>(c)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)<sup>(c)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)<sup>(c)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)<sup>(c)</sup> |
| 9995000 | 4.000% | 01/01/2050 | $7181979 |
| Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)<sup>(c)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)<sup>(c)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)<sup>(c)</sup> | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)<sup>(c)</sup> |
| 4125000 | 6.000 | 01/01/2025 | 3871715 |
| Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B<br>(NR/NR)<sup>(c)</sup> | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B<br>(NR/NR)<sup>(c)</sup> | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B<br>(NR/NR)<sup>(c)</sup> | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B<br>(NR/NR)<sup>(c)</sup> |
| 29500000 | 4.100 | 01/01/2028 | 23990530 |
| Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR) | Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR) | Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR) | Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR) |
| 175000 | 5.750 | 09/15/2036 | 169897 |
| 460000 | 6.000 | 09/15/2046 | 450520 |
| Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1166000 | 6.000 | 09/15/2052 | 1165871 |
| Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)<sup>(c)</sup> | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)<sup>(c)</sup> | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)<sup>(c)</sup> | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)<sup>(c)</sup> |
| 825000 | 4.125 | 09/15/2039 | 726258 |
| 3275000 | 4.375 | 09/15/2049 | 2782306 |
| Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (NR/NR) | Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (NR/NR) |
| 7300000 | 5.000 | 05/15/2045 | 6169342 |
| Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(e)</sup> | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(e)</sup> |
| (3M USD LIBOR + 0.70%) | (3M USD LIBOR + 0.70%) | (3M USD LIBOR + 0.70%) | (3M USD LIBOR + 0.70%) |
| 4100000 | 3.895 | 12/15/2026 | 4054940 |
| Texas Private Activity Bond Surface Transportation Corp. Senior Lien RB for NTE Mobility Partners Segments 3 LLC Series 2013 (NR/NR) | Texas Private Activity Bond Surface Transportation Corp. Senior Lien RB for NTE Mobility Partners Segments 3 LLC Series 2013 (NR/NR) | Texas Private Activity Bond Surface Transportation Corp. Senior Lien RB for NTE Mobility Partners Segments 3 LLC Series 2013 (NR/NR) | Texas Private Activity Bond Surface Transportation Corp. Senior Lien RB for NTE Mobility Partners Segments 3 LLC Series 2013 (NR/NR) |
| 5000000 | 6.750 | 06/30/2043 | 5079438 |
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (Baa3/NR) |
| 3900000 | 5.000 | 12/31/2050 | 3757293 |
| 3900000 | 5.000 | 12/31/2055 | 3721886 |
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) |
| 10040000 | 5.000 | 06/30/2058 | 9575819 |
| Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)<sup>(c)</sup> | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)<sup>(c)</sup> | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)<sup>(c)</sup> | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)<sup>(c)</sup> |
| 1500000 | 4.000 | 09/01/2043 | 1232215 |
| Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 2225000 | 5.375 | 09/15/2052 | 2069354 |
| Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 429000 | 3.750 | 09/01/2042 | 329113 |
| 410000 | 4.000 | 09/01/2051 | 316366 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 2000000 | 6.875% | 09/01/2052 | $2065243 |
| Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)<sup>(c)</sup> | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)<sup>(c)</sup> | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)<sup>(c)</sup> | Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)<sup>(c)</sup> |
| 1343000 | 5.875 | 09/01/2047 | 1371261 |
| Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)<sup>(c)</sup> | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)<sup>(c)</sup> | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)<sup>(c)</sup> | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)<sup>(c)</sup> |
| 1400000 | 5.000 | 09/01/2047 | 1317952 |
| Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(c)</sup> |
| 1145000 | 5.500 | 09/01/2052 | 1105966 |
| Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) | Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) | Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) | Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) |
| 1630000 | 3.000 | 09/01/2036 | 1331603 |
| 860000 | 3.000 | 09/01/2037 | 687290 |
| 625000 | 3.000 | 09/01/2039 | 481444 |
| 600000 | 3.000 | 09/01/2040 | 452956 |
| Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) |
| 390000 | 3.125 | 12/01/2035 | 308136 |
| 457000 | 3.375 | 12/01/2040 | 344647 |
| 786000 | 3.500 | 12/01/2047 | 565096 |
| Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR) | Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR) | Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR) | Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR) |
| 424000 | 4.000 | 12/01/2027 | 414063 |
| 1545000 | 4.750 | 12/01/2035 | 1517610 |
|  |  |  | 578368244 |
| **Utah – 0.8%** |  |  |  |
| Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> |
| 2010000 | 3.750 | 03/01/2041 | 1567015 |
| 7125000 | 4.000 | 03/01/2051 | 5289547 |
| Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR)<sup>(c)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR)<sup>(c)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR)<sup>(c)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR)<sup>(c)</sup> |
| 5000000 | 7.375 | 09/15/2051 | 4028566 |
| Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR) | Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR) | Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR) | Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR) |
| 3240000 | 7.100 | 08/15/2023 | 3236580 |
| Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR)<sup>(c)</sup> | Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR)<sup>(c)</sup> | Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR)<sup>(c)</sup> | Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR)<sup>(c)</sup> |
| 2350000 | 5.500 | 06/01/2041 | 2200110 |
| Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)<sup>(c)</sup> |
| 10250000 | 5.500 | 02/01/2050 | 8580544 |
| Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR)<sup>(c)</sup> | Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR)<sup>(c)</sup> | Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR)<sup>(c)</sup> | Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR)<sup>(c)</sup> |
| 1954000 | 7.875 | 08/15/2050 | 1616561 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Utah – (continued)** | **Utah – (continued)** | **Utah – (continued)** | **Utah – (continued)** |
| Military Installation Development Authority RB Series 2021 A-1 (NR/NR) | Military Installation Development Authority RB Series 2021 A-1 (NR/NR) | Military Installation Development Authority RB Series 2021 A-1 (NR/NR) | Military Installation Development Authority RB Series 2021 A-1 (NR/NR) |
| 1500000 | 4.000% | 06/01/2036 | $1256519 |
| 800000 | 4.000 | 06/01/2041 | 634499 |
| 13950000 | 4.000 | 06/01/2052 | 10192714 |
| Military Installation Development Authority RB Series 2021 A-2 (NR/NR) | Military Installation Development Authority RB Series 2021 A-2 (NR/NR) | Military Installation Development Authority RB Series 2021 A-2 (NR/NR) | Military Installation Development Authority RB Series 2021 A-2 (NR/NR) |
| 2500000 | 4.000 | 06/01/2036 | 2093991 |
| 2500000 | 4.000 | 06/01/2041 | 1965623 |
| Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> |
| 1180000 | 3.625 | 02/01/2035 | 935020 |
| 500000 | 4.125 | 02/01/2041 | 380492 |
| 500000 | 4.375 | 02/01/2051 | 365170 |
| Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR)<sup>(c)</sup> | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR)<sup>(c)</sup> | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR)<sup>(c)</sup> | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR)<sup>(c)</sup> |
| 600000 | 7.375 | 08/15/2051 | 476760 |
| ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> | ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)<sup>(c)</sup> |
| 1625000 | 4.250 | 03/01/2051 | 1199471 |
| Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(c)</sup> | Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(c)</sup> | Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(c)</sup> | Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(c)</sup> |
| 6365000 | 5.750 | 06/15/2052 | 6086871 |
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(c)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(c)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(c)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(c)</sup> |
| 3630000 | 4.250 | 07/15/2050 | 2693162 |
| Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)<sup>(c)</sup> | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)<sup>(c)</sup> | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)<sup>(c)</sup> | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)<sup>(c)</sup> |
| 1220000 | 4.250 | 06/15/2051 | 861254 |
| Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR)<sup>(c)</sup> | Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR)<sup>(c)</sup> | Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR)<sup>(c)</sup> | Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR)<sup>(c)</sup> |
| 6600000 | 4.000 | 10/15/2061 | 4306293 |
|  |  |  | 59966762 |
| **Vermont – 0.0%** | **Vermont – 0.0%** | **Vermont – 0.0%** | **Vermont – 0.0%** |
| Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) | Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) | Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) | Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) |
| 1000000 | 5.000 | 05/01/2047 | 863663 |
| Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(c)</sup> | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(c)</sup> | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(c)</sup> | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(c)</sup> |
| 2250000 | 5.000 | 06/01/2027 | 2235859 |
|  |  |  | 3099522 |
| **Virgin Islands – 0.1%** | **Virgin Islands – 0.1%** | **Virgin Islands – 0.1%** | **Virgin Islands – 0.1%** |
| Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)<sup>(c)</sup> | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)<sup>(c)</sup> | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)<sup>(c)</sup> | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)<sup>(c)</sup> |
| 9850000 | 5.000 | 10/01/2039 | 8231864 |
| **Virginia – 1.4%** | **Virginia – 1.4%** | **Virginia – 1.4%** | **Virginia – 1.4%** |
| Ablemarle County Economic Development Authority Residential Care Facility Revenue Refunding Bonds Series 2022B (NR\NR) | Ablemarle County Economic Development Authority Residential Care Facility Revenue Refunding Bonds Series 2022B (NR\NR) | Ablemarle County Economic Development Authority Residential Care Facility Revenue Refunding Bonds Series 2022B (NR\NR) | Ablemarle County Economic Development Authority Residential Care Facility Revenue Refunding Bonds Series 2022B (NR\NR) |
| 4000000 | 4.000 | 06/01/2054 | 3044237 |
| Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (NR/NR)<sup>(b)</sup> | Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (NR/NR)<sup>(b)</sup> | Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (NR/NR)<sup>(b)</sup> | Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (NR/NR)<sup>(b)</sup> |
| 2700000 | 5.000 | 10/01/2025 | 2854995 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Virginia – (continued)** | **Virginia – (continued)** | **Virginia – (continued)** | **Virginia – (continued)** |
| Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-) | Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-) | Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-) | Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-) |
| 5000000 | 5.000% | 01/01/2050 | $4604442 |
| 5000000 | 5.000 | 01/01/2059 | 4481118 |
| James City County Economic Development Authority RB Refunding for Virginia United Methodist Homes, Inc. Obligated Group Series 2021 A (NR/NR) | James City County Economic Development Authority RB Refunding for Virginia United Methodist Homes, Inc. Obligated Group Series 2021 A (NR/NR) | James City County Economic Development Authority RB Refunding for Virginia United Methodist Homes, Inc. Obligated Group Series 2021 A (NR/NR) | James City County Economic Development Authority RB Refunding for Virginia United Methodist Homes, Inc. Obligated Group Series 2021 A (NR/NR) |
| 580000 | 4.000 | 06/01/2041 | 444759 |
| 940000 | 4.000 | 06/01/2047 | 672262 |
| Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) | Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) | Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) | Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) |
| 710000 | 4.000 | 04/01/2045 | 605993 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) |
| 10940000 | 6.706 | 06/01/2046 | 9855199 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(f)</sup> |
| 236845000 | 0.000 | 06/01/2047 | 56596410 |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)<sup>(f)</sup> |
| 34250000 | 0.000 | 06/01/2047 | 7919874 |
| Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) |
| 1525000 | 3.000 | 06/01/2041 | 1085444 |
| 1050000 | 4.000 | 06/01/2046 | 864460 |
| Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) |
| 520000 | 5.000 | 12/31/2052 | 490005 |
| 21645000 | 5.000 | 12/31/2056 | 20145015 |
| Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)<sup>(a)(b)(c)</sup> | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)<sup>(a)(b)(c)</sup> | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)<sup>(a)(b)(c)</sup> | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)<sup>(a)(b)(c)</sup> |
| 1000000 | 5.000 | 07/01/2038 | 943333 |
|  |  |  | 114607546 |
| **Washington – 1.1%** | **Washington – 1.1%** | **Washington – 1.1%** | **Washington – 1.1%** |
| Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB) | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB) |
| 3880000 | 5.000 | 04/01/2030 | 3879402 |
| Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-) |
| 2765000 | 4.000 | 08/01/2047 | 2406151 |
| Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A) | Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A) |
| 1125000 | 4.000 | 05/01/2050 | 1000015 |
| Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-) | Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-) | Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-) | Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-) |
| 47425000 | 5.000 | 07/01/2048 | 47645503 |
| 37700000 | 4.000 | 07/01/2058 | 30960167 |
| Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)<sup>(c)</sup> | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)<sup>(c)</sup> | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)<sup>(c)</sup> | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)<sup>(c)</sup> |
| 1350000 | 5.000 | 01/01/2049 | 1059578 |
| 3800000 | 5.000 | 01/01/2055 | 2900590 |
|  |  |  | 89851406 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **West Virginia – 0.6%** | **West Virginia – 0.6%** | **West Virginia – 0.6%** | **West Virginia – 0.6%** |
| City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR\NR)<sup>(c)</sup> | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR\NR)<sup>(c)</sup> | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR\NR)<sup>(c)</sup> | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR\NR)<sup>(c)</sup> |
| 1345000 | 4.250% | 06/01/2042 | $1040888 |
| 2350000 | 4.500 | 06/01/2050 | 1764047 |
| City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR\NR)<sup>(c)</sup> | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR\NR)<sup>(c)</sup> | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR\NR)<sup>(c)</sup> | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR\NR)<sup>(c)</sup> |
| 2450000 | 5.500 | 06/01/2032 | 2094661 |
| 2725000 | 6.000 | 06/01/2037 | 2235420 |
| County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) | County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) | County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) | County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) |
| 955000 | 3.000 | 03/01/2035 | 809377 |
| 2685000 | 3.000 | 03/01/2037 | 2160904 |
| 2020000 | 3.250 | 03/01/2041 | 1566319 |
| Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)<sup>(c)</sup> | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)<sup>(c)</sup> | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)<sup>(c)</sup> | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)<sup>(c)</sup> |
| 2725000 | 4.125 | 06/01/2043 | 2365340 |
| Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR)<sup>(c)</sup> | Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR)<sup>(c)</sup> | Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR)<sup>(c)</sup> | Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR)<sup>(c)</sup> |
| 1650000 | 4.875 | 06/01/2043 | 1424405 |
| West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)<sup>(a)(b)</sup> |
| 9300000 | 5.000 | 07/01/2025 | 9276301 |
| West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)<sup>(a)(b)</sup> |
| 4850000 | 4.125 | 07/01/2025 | 4734006 |
| West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+) | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+) |
| 6120000 | 5.000 | 01/01/2043 | 6171016 |
| 13000000 | 4.125 | 01/01/2047 | 10908610 |
| West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR) | West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR) | West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR) | West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR) |
| 1650000 | 5.000 | 09/01/2038 | 1695096 |
| 1525000 | 5.000 | 09/01/2039 | 1569592 |
|  |  |  | 49815982 |
| **Wisconsin – 2.2%** | **Wisconsin – 2.2%** | **Wisconsin – 2.2%** | **Wisconsin – 2.2%** |
| Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A2/AA) | Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A2/AA) | Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A2/AA) | Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A2/AA) |
| 900000 | 5.000 | 07/01/2044 | 920036 |
| 2350000 | 4.125 | 07/01/2049 | 2069280 |
| 1300000 | 5.000 | 07/01/2054 | 1312150 |
| 1600000 | 5.000 | 07/01/2058 | 1614954 |
| Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(c)</sup> | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(c)</sup> | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(c)</sup> | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(c)</sup> |
| 1400000 | 6.000 | 06/01/2062 | 1333178 |
| Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(c)</sup> | Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(c)</sup> | Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(c)</sup> | Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(c)</sup> |
| 1250000 | 5.000 | 06/15/2051 | 923826 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** |
| Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(c)</sup> | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(c)</sup> | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(c)</sup> | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(c)</sup> |
| 1630000 | 5.500% | 06/15/2052 | $1516865 |
| 2700000 | 5.750 | 06/15/2062 | 2554851 |
| Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)<sup>(c)</sup> | Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)<sup>(c)</sup> | Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)<sup>(c)</sup> | Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)<sup>(c)</sup> |
| 250000 | 4.000 | 06/15/2029 | 234652 |
| 385000 | 5.000 | 06/15/2039 | 359583 |
| 495000 | 5.000 | 06/15/2049 | 438713 |
| 430000 | 5.000 | 06/15/2054 | 374929 |
| Public Finance Authority Education RB for Triad Educational Services Series 2022 (NR/BBB-) | Public Finance Authority Education RB for Triad Educational Services Series 2022 (NR/BBB-) | Public Finance Authority Education RB for Triad Educational Services Series 2022 (NR/BBB-) | Public Finance Authority Education RB for Triad Educational Services Series 2022 (NR/BBB-) |
| 600000 | 5.500 | 06/15/2050 | 590715 |
| 1450000 | 5.250 | 06/15/2052 | 1402663 |
| 1400000 | 5.375 | 06/15/2057 | 1353285 |
| Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (NR/Ba2)<sup>(c)</sup> | Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (NR/Ba2)<sup>(c)</sup> | Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (NR/Ba2)<sup>(c)</sup> | Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (NR/Ba2)<sup>(c)</sup> |
| 1400000 | 5.000 | 06/15/2052 | 1197282 |
| 1850000 | 5.000 | 06/15/2057 | 1556120 |
| 1850000 | 5.000 | 06/15/2062 | 1533374 |
| Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(c)</sup> | Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(c)</sup> | Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(c)</sup> | Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(c)</sup> |
| 3925000 | 5.000 | 01/01/2057 | 3275023 |
| Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) |
| 5900000 | 4.300 | 11/01/2030 | 5660731 |
| Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA) | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA) |
| 950000 | 4.000 | 07/01/2050 | 812684 |
| 1185000 | 4.000 | 07/01/2055 | 998337 |
| 1520000 | 4.000 | 07/01/2059 | 1263563 |
| Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(c)</sup> | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(c)</sup> | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(c)</sup> | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(c)</sup> |
| 5650000 | 5.000 | 12/01/2055 | 4893255 |
| Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-) | Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-) | Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-) | Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-) |
| 4115000 | 4.000 | 07/01/2061 | 3046771 |
| Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)<sup>(c)</sup> | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)<sup>(c)</sup> | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)<sup>(c)</sup> | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)<sup>(c)</sup> |
| 1300000 | 5.000 | 06/15/2054 | 1128530 |
| Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-)<sup>(c)</sup> | Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-)<sup>(c)</sup> | Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-)<sup>(c)</sup> | Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-)<sup>(c)</sup> |
| 520000 | 4.000 | 07/01/2030 | 474125 |
| 700000 | 5.000 | 07/01/2040 | 631126 |
| 1875000 | 5.000 | 07/01/2055 | 1571081 |
| Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)<sup>(c)</sup> |
| 300000 | 5.000 | 06/01/2036 | 276776 |
| 900000 | 5.000 | 06/01/2051 | 755449 |
| 1075000 | 5.000 | 06/01/2061 | 872289 |
| Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(c)</sup> |
| 3100000 | 5.250 | 03/01/2045 | 2761171 |
| 7110000 | 5.250 | 03/01/2055 | 6120265 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** |
| Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR)<sup>(c)</sup> |
| 12100000 | 4.500% | 06/01/2056 | $8759333 |
| Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)<sup>\*(c)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)<sup>\*(c)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)<sup>\*(c)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)<sup>\*(c)</sup> |
| 41995 | 5.500 | 12/01/2048 | 13018 |
| Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)<sup>\*(c)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)<sup>\*(c)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)<sup>\*(c)</sup> | Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)<sup>\*(c)</sup> |
| 85207 | 7.250 | 12/01/2048 | 26414 |
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(c)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(c)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(c)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(c)</sup> |
| 12925000 | 5.625 | 06/01/2050 | 10067482 |
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(c)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(c)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(c)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(c)</sup> |
| 14840000 | 6.500 | 06/01/2045 | 11297413 |
| Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) |
| 2600000 | 5.200 | 12/01/2037 | 2692982 |
| 1525000 | 5.350 | 12/01/2045 | 1554591 |
| Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(c)</sup> | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(c)</sup> | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(c)</sup> | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(c)</sup> |
| 4470000 | 6.000 | 07/01/2031 | 3830485 |
| Public Finance Authority RB for The Foundation of The University of North Carolina at Charlotte, Inc. Series 2021 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for The Foundation of The University of North Carolina at Charlotte, Inc. Series 2021 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for The Foundation of The University of North Carolina at Charlotte, Inc. Series 2021 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB for The Foundation of The University of North Carolina at Charlotte, Inc. Series 2021 A (NR/NR)<sup>(c)</sup> |
| 2825000 | 4.000 | 09/01/2051 | 2125599 |
| 1875000 | 4.000 | 09/01/2056 | 1372647 |
| Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) | Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) | Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) | Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) |
| 1425000 | 4.000 | 01/01/2045 | 1269972 |
| 1900000 | 3.000 | 01/01/2050 | 1335128 |
| Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)<sup>(c)</sup> | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)<sup>(c)</sup> |
| 1950000 | 5.000 | 06/01/2050 | 1650037 |
| Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)<sup>(c)</sup> | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)<sup>(c)</sup> | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)<sup>(c)</sup> | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)<sup>(c)</sup> |
| 1450000 | 5.000 | 09/01/2049 | 1126203 |
| 1360000 | 5.000 | 09/01/2054 | 1031907 |
| Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(c)</sup> | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(c)</sup> | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(c)</sup> | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(c)</sup> |
| 9950000 | 4.500 | 07/01/2048 | 7807663 |
| Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(c)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(c)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(c)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(c)</sup> |
| 3205000 | 6.125 | 10/01/2049 | 2850901 |
| Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB)<sup>(c)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB)<sup>(c)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB)<sup>(c)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB)<sup>(c)</sup> |
| 1020000 | 5.000 | 10/01/2034 | 986497 |
| 350000 | 5.000 | 10/01/2039 | 324474 |
| Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) | Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) | Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) | Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) |
| 565000 | 5.000 | 11/15/2044 | 541761 |
| 765000 | 5.000 | 11/15/2049 | 719762 |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** |
| Public Finance Authority Revenue and Revenue Refunding Bonds Series 2022 (NR\BB)<sup>(c)</sup> | Public Finance Authority Revenue and Revenue Refunding Bonds Series 2022 (NR\BB)<sup>(c)</sup> | Public Finance Authority Revenue and Revenue Refunding Bonds Series 2022 (NR\BB)<sup>(c)</sup> | Public Finance Authority Revenue and Revenue Refunding Bonds Series 2022 (NR\BB)<sup>(c)</sup> |
| 900000 | 4.000% | 04/01/2042 | $716257 |
| 1400000 | 4.000 | 04/01/2052 | 1014557 |
| Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) | Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) | Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) | Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) |
| 12080000 | 4.000 | 01/01/2052 | 9367436 |
| Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (NR/NR) | Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (NR/NR) | Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (NR/NR) | Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (NR/NR) |
| 3800000 | 4.000 | 03/31/2056 | 2857615 |
| Public Finance Authority Student Housing RB for CHF-Cullowhee, LLC-Western Carolina University Project Series 2015 A (NR/BBB-) | Public Finance Authority Student Housing RB for CHF-Cullowhee, LLC-Western Carolina University Project Series 2015 A (NR/BBB-) | Public Finance Authority Student Housing RB for CHF-Cullowhee, LLC-Western Carolina University Project Series 2015 A (NR/BBB-) | Public Finance Authority Student Housing RB for CHF-Cullowhee, LLC-Western Carolina University Project Series 2015 A (NR/BBB-) |
| 3250000 | 5.250 | 07/01/2047 | 3107708 |
| Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(c)</sup> | Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(c)</sup> | Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(c)</sup> | Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(c)</sup> |
| 8815000 | 4.000 | 07/01/2061 | 6158734 |
| Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR)<sup>(c)</sup> | Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR)<sup>(c)</sup> | Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR)<sup>(c)</sup> | Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR)<sup>(c)</sup> |
| 1875000 | 5.250 | 07/01/2061 | 1396748 |
| Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) | Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) | Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) | Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) |
| 1315000 | 3.000 | 02/01/2042 | 988549 |
| 435000 | 4.000 | 02/01/2045 | 386338 |
| Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) |
| 950000 | 4.000 | 12/01/2051 | 655134 |
| 950000 | 4.000 | 12/01/2056 | 630084 |
| Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B<br>(NR/NR)<sup>(c)</sup> | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B<br>(NR/NR)<sup>(c)</sup> | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B<br>(NR/NR)<sup>(c)</sup> | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B<br>(NR/NR)<sup>(c)</sup> |
| 32525000 | 6.000 | 02/01/2062 | 30556675 |
|  |  |  | 175047736 |
| **Wyoming – 0.3%** | **Wyoming – 0.3%** | **Wyoming – 0.3%** | **Wyoming – 0.3%** |
| County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) | County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) | County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) | County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) |
| 28040000 | 3.625 | 07/15/2039 | 24491846 |
| **TOTAL MUNICIPAL BONDS<br>(Cost $8,301,707,087)** | **TOTAL MUNICIPAL BONDS<br>(Cost $8,301,707,087)** | **TOTAL MUNICIPAL BONDS<br>(Cost $8,301,707,087)** | $7681438965 |
| **Corporate Bonds – 1.0%** | **Corporate Bonds – 1.0%** | **Corporate Bonds – 1.0%** | **Corporate Bonds – 1.0%** |
| **Healthcare - Services – 0.3%** | **Healthcare - Services – 0.3%** | **Healthcare - Services – 0.3%** | **Healthcare - Services – 0.3%** |
| Prime Healthcare Foundation Inc Series (NR/NR) | Prime Healthcare Foundation Inc Series (NR/NR) | Prime Healthcare Foundation Inc Series (NR/NR) | Prime Healthcare Foundation Inc Series (NR/NR) |
| 16525000 | 7.000% | 12/01/27 | $16200094 |
| Toldeo Hospital RB Series 2022 B (Ba2/BB) | Toldeo Hospital RB Series 2022 B (Ba2/BB) | Toldeo Hospital RB Series 2022 B (Ba2/BB) | Toldeo Hospital RB Series 2022 B (Ba2/BB) |
| 4988000 | 5.325 | 11/15/28 | 3874748 |
| Tower Health Series (BB-/NR) | Tower Health Series (BB-/NR) | Tower Health Series (BB-/NR) | Tower Health Series (BB-/NR) |
| 10354000 | 4.451 | 02/01/50 | 4975708 |
|  |  |  | 25050550 |
| **Real Estate – 0.7%** | **Real Estate – 0.7%** | **Real Estate – 0.7%** | **Real Estate – 0.7%** |
| Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> |
| 6283773 | 9.750 | 12/01/39 | 5866530 |
| Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(c)(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(c)(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(c)(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(c)(j)</sup> |
| 3874089 | 9.750 | 12/01/39 | 3616850 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
|  Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(c)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(c)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(c)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(c)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(c)(j)</sup> |
|  $ | 29700000 | 10.000% | 12/01/51 | $26826822 |
|  Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(c)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(c)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(c)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(c)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(c)(j)</sup> |
|  | 27165373 | 6.875 | 12/01/51 | 22942787 |
|  |  |  |  | 59252989 |
| **TOTAL CORPORATE BONDS<br>(Cost $94,263,426)** | **TOTAL CORPORATE BONDS<br>(Cost $94,263,426)** | **TOTAL CORPORATE BONDS<br>(Cost $94,263,426)** | **TOTAL CORPORATE BONDS<br>(Cost $94,263,426)** | $84303539 |
| **TOTAL INVESTMENTS – 97.7%<br>(Cost $8,395,970,513)** | **TOTAL INVESTMENTS – 97.7%<br>(Cost $8,395,970,513)** | **TOTAL INVESTMENTS – 97.7%<br>(Cost $8,395,970,513)** | **TOTAL INVESTMENTS – 97.7%<br>(Cost $8,395,970,513)** | $7765742504 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.3%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.3%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.3%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.3%** | 180640786 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $7946383290 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Security is currently in default and/or non-income producing. |
| (a) | Variable Rate Demand Instruments - rate shown is that which is in effect on December 31, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | Pre-refunded security. Maturity date disclosed is pre-refunding date. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Zero coupon bond until next reset date. |
| (e) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (f) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (g) | When-issued security. |
| (h) | Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on December 31, 2022. |
| (i) | Contingent value instrument that only pays out if a portion of the territory's Sales and Use Tax outperforms the projections in the Oversight Board's Certified Fiscal Plan. |
| (j) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |

---

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

*December 31, 2022 (Unaudited)* 

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:** | **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. |
| BHAC | — Berkshire Hathaway Assurance Corp. |
| BHAC-CR | — Insured by Berkshire Hathaway Assurance Corp. Insured Custodial Receipts |
| CFD | — Community Facilities District |
| COPS | — Certificates of Participation |
| ETM | — Escrowed to Maturity |
| FGIC | — Insured by Financial Guaranty Insurance Co. |
| 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 |
| NR | — Not Rated |
| PSF-GTD | — Guaranteed by Permanent School Fund |
| RB | — Revenue Bond |
| RMKT | — Remarketed |
| SD CRED PROG | — School District Credit Program |
| ST AID WITHHLDG | — State Aid Withholding |
| UT | — Unlimited Tax |
| WR | — Withdrawn Rating |

---

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**SWAP CONTRACTS** — At December 31, 2022, the Fund had the following swap contracts:

**OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index<sup>(a)</sup>** | **Financing Rate<br>Received (Paid) by<br>the Fund** | **Credit<br>Spread at<br>December 31,<br>2022<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000's)** | **Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** |  |  |  |  |  |  |  |
|  California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023 | 1.000% | 0.171% | JPMorgan Chase Bank NA | 03/20/2023 | USD 9,000 | $18420 | $(9543) | $27963 |
|  California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023 | 1.000 | 0.171 | Bank of America NA | 03/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | 8187 | (4241) | 12428 |
|  California State Various Purpose GO Bonds Series 2003, 5.000%, 09/20/2023 | 1.000 | 0.556 | JPMorgan Chase Bank NA | 09/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | 88385 | (50117) | 138502 |
|  California State Various Purpose GO Bonds Series 2003, 5.000%, 12/20/2023 | 1.000 | 0.724 | Morgan Stanley Co., Inc. | 12/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | 75692 | (27405) | 103097 |
|  Illinois State GO Bonds, Series A, 5.000%, 12/20/2023 | 1.000 | 0.170 | Morgan Stanley Co., Inc. | 12/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | (13687) | (74180) | 60493 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | $176997 | $(165486) | $342483 |

---

(a) Payments received quarterly.

(b) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty
to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

## Schedule of Investments
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – 96.8%** | **Municipal Bonds – 96.8%** | **Municipal Bonds – 96.8%** | **Municipal Bonds – 96.8%** |
| **Alabama – 1.1%** | **Alabama – 1.1%** | **Alabama – 1.1%** | **Alabama – 1.1%** |
| Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Prepay RB 2019 Series A<br>(NR/NR)<sup>(a)(b)</sup> |
| 1000000 | 4.000% | 12/01/2025 | $988979 |
| Black Belt Energy Gas District Gas Supply RB Series 2021A<br>(Aa1/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Supply RB Series 2021A<br>(Aa1/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Supply RB Series 2021A<br>(Aa1/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Supply RB Series 2021A<br>(Aa1/NR)<sup>(a)(b)</sup> |
| 365000 | 4.000 | 12/01/2031 | 355703 |
| County of Jefferson AL Sewer Revenue (NR/NR)<sup>(c)</sup> | County of Jefferson AL Sewer Revenue (NR/NR)<sup>(c)</sup> | County of Jefferson AL Sewer Revenue (NR/NR)<sup>(c)</sup> | County of Jefferson AL Sewer Revenue (NR/NR)<sup>(c)</sup> |
| 125000 | 0.000 | 10/01/2050 | 127673 |
| Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-) |
| 200000 | 5.750 | 10/01/2049 | 206282 |
| Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) |
| 30000 | 6.500 | 10/01/2053 | 32040 |
| Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) | Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) | Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) | Midcity Improvement District Special Assessment RB Series 2022 (NR\NR) |
| 100000 | 3.875 | 11/01/2027 | 89849 |
| 100000 | 4.250 | 11/01/2032 | 83841 |
|  |  |  | 1884367 |
| **Alaska – 0.1%** | **Alaska – 0.1%** | **Alaska – 0.1%** | **Alaska – 0.1%** |
| Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-) |
| 100000 | 4.000 | 06/01/2050 | 97276 |
| Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+) | Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+) |
| 5000 | 0.500 | 06/01/2031 | 4955 |
|  |  |  | 102231 |
| **American Samoa – 0.0%** | **American Samoa – 0.0%** | **American Samoa – 0.0%** | **American Samoa – 0.0%** |
| American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)<sup>(d)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)<sup>(d)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)<sup>(d)</sup> | American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)<sup>(d)</sup> |
| 100000 | 2.470 | 09/01/2024 | 94623 |
| **Arizona – 1.4%** | **Arizona – 1.4%** | **Arizona – 1.4%** | **Arizona – 1.4%** |
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.81%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.81%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.81%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.81%) |
| 495000 | 3.995 | 01/01/2037 | 459784 |
| Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(d)</sup> | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(d)</sup> | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(d)</sup> | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 485000 | 6.500 | 11/01/2053 | 454450 |
| Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) | Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) | Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) | Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-) |
| 25000 | 3.375 | 07/01/2041 | 20769 |
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) |
| 180000 | 4.500 | 01/01/2049 | 103848 |
| Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-) | Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-) | Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-) | Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-) |
| 65000 | 4.000 | 07/01/2051 | 52101 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** |
| Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A<br>(NR/BB)<sup>(d)</sup> | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A<br>(NR/BB)<sup>(d)</sup> | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A<br>(NR/BB)<sup>(d)</sup> | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A<br>(NR/BB)<sup>(d)</sup> |
| 25000 | 4.000% | 12/15/2051 | $18555 |
| Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A<br>(Ba1/NR)<sup>(d)</sup> | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A<br>(Ba1/NR)<sup>(d)</sup> | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A<br>(Ba1/NR)<sup>(d)</sup> | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A<br>(Ba1/NR)<sup>(d)</sup> |
| 265000 | 4.000 | 07/15/2041 | 213333 |
| City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+) | City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+) | City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+) | City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+) |
| 100000 | 5.000 | 07/01/2045 | 104393 |
| County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(d)</sup> | County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(d)</sup> | County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(d)</sup> | County of Maricopa IDA Education RB Series 2021A (BB+/NR)<sup>(d)</sup> |
| 75000 | 4.000 | 07/01/2041 | 59956 |
| County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(d)</sup> | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(d)</sup> | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(d)</sup> | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)<sup>(d)</sup> |
| 50000 | 4.000 | 07/01/2026 | 49636 |
| 150000 | 4.375 | 07/01/2031 | 149219 |
| 150000 | 5.000 | 07/01/2044 | 149184 |
| Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) |
| 99000 | 4.750 | 07/01/2043 | 83833 |
| Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) |
| 100000 | 5.000 | 05/15/2041 | 91874 |
| Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR) | Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR) | Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR) | Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR) |
| 140000 | 5.000 | 11/15/2042 | 141357 |
| La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB) |
| 50000 | 4.000 | 02/15/2046 | 40762 |
| Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)<sup>(d)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)<sup>(d)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)<sup>(d)</sup> | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)<sup>(d)</sup> |
| 40000 | 4.000 | 07/01/2051 | 28884 |
| Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(d)</sup> | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(d)</sup> | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(d)</sup> | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)<sup>(d)</sup> |
| 25000 | 5.125 | 10/01/2030 | 25293 |
| Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) |
| 225000 | 5.000 | 12/01/2037 | 228749 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475980 |
| **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
| Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) | Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) | Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) | Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) |
| 50000 | 4.250 | 07/01/2041 | 44012 |
| 25000 | 3.500 | 07/01/2046 | 16319 |
| Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) |
| 100000 | 3.500 | 07/01/2038 | 98348 |
| Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) | Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) | Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) | Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) |
| 50000 | 5.000 | 06/01/2027 | 52560 |
|  |  |  | 211239 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

## Schedule of Investments (continued)
*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – 9.3%** | **California – 9.3%** | **California – 9.3%** | **California – 9.3%** |
| Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA) <sup>(f)</sup> | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA) <sup>(f)</sup> | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA) <sup>(f)</sup> | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA) <sup>(f)</sup> |
| 200000 | 0.000% | 08/01/2036 | $108611 |
| Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)<sup>(b)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.30%) |
| 500000 | 3.430 | 04/01/2027 | 485973 |
| Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)<sup>(b)(e)</sup> | Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)<sup>(b)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.41%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.41%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.41%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index Yield + 0.41%) |
| 350000 | 3.540 | 04/01/2028 | 339426 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> |
| 575000 | 4.000 | 08/01/2028 | 572025 |
| California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)<sup>(d)</sup> | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)<sup>(d)</sup> | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)<sup>(d)</sup> | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)<sup>(d)</sup> |
| 150000 | 4.000 | 02/01/2056 | 123759 |
| California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-) |
| 30000 | 4.000 | 06/01/2049 | 29634 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) |
| 50000 | 4.000 | 06/01/2049 | 42712 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-) |
| 20000 | 5.000 | 06/01/2049 | 20064 |
| California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)<sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)<sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)<sup>(f)</sup> | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)<sup>(f)</sup> |
| 250000 | 0.000 | 06/01/2055 | 49034 |
| California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-) |
| 60000 | 5.000 | 06/01/2049 | 60181 |
| California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)<sup>(f)</sup> | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)<sup>(f)</sup> | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)<sup>(f)</sup> | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)<sup>(f)</sup> |
| 400000 | 0.000 | 06/01/2055 | 43299 |
| California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC –M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC –M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC –M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC –M@College Project Series 2020 A (Baa3/NR) |
| 50000 | 5.000 | 08/01/2045 | 50092 |
| California Health Facilities Financing Authority RB for Lucile Salter Packard Childrens Hospital at Stanford 2016 Series B (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Childrens Hospital at Stanford 2016 Series B (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Childrens Hospital at Stanford 2016 Series B (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Childrens Hospital at Stanford 2016 Series B (A1/A+) |
| 760000 | 5.000 | 08/15/2055 | 774430 |
| California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2) | California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2) | California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2) | California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2) |
| 250000 | 5.000 | 08/15/2042 | 255030 |
| California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) |
| 100000 | 4.000 | 07/01/2041 | 88449 |
| California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) | California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) | California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) | California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) |
| 150000 | 5.000 | 07/01/2042 | 152709 |
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) |
| 1000000 | 5.000 | 12/31/2043 | 1006286 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR\NR) |
| 50000 | 2.750% | 11/15/2027 | $44813 |
| California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR\NR) | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR\NR) |
| 75000 | 2.125 | 11/15/2026 | 68520 |
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR) |
| 250000 | 4.000 | 07/15/2029 | 243405 |
| California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-) |
| 205000 | 4.300 | 07/01/2040 | 205335 |
| California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(d)</sup> | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(d)</sup> | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(d)</sup> | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)<sup>(d)</sup> |
| 55000 | 5.000 | 06/15/2040 | 50835 |
| California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(d)</sup> | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(d)</sup> | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(d)</sup> | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)<sup>(d)</sup> |
| 250000 | 6.250 | 04/01/2052 | 245687 |
| California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(d)</sup> | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(d)</sup> | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(d)</sup> | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)<sup>(d)</sup> |
| 100000 | 5.000 | 10/01/2042 | 102153 |
| California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(d)</sup> | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(d)</sup> | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(d)</sup> | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR)<sup>(d)</sup> |
| 250000 | 6.375 | 06/01/2052 | 253849 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(d)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(d)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(d)</sup> | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)<sup>(d)</sup> |
| 35000 | 3.000 | 10/01/2031 | 32051 |
| California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)<sup>(d)</sup> | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)<sup>(d)</sup> | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)<sup>(d)</sup> | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)<sup>(d)</sup> |
| 365000 | 3.000 | 07/01/2030 | 315285 |
| California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)<sup>(d)</sup> | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)<sup>(d)</sup> | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)<sup>(d)</sup> | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)<sup>(d)</sup> |
| 260000 | 4.000 | 06/01/2031 | 244707 |
| California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB-)<sup>(d)</sup> | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB-)<sup>(d)</sup> | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB-)<sup>(d)</sup> | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB-)<sup>(d)</sup> |
| 250000 | 5.250 | 12/01/2056 | 247475 |
| California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) |
| 125000 | 4.000 | 09/01/2051 | 104937 |
| California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C (NR/AA-) (PUTABLE)<sup>(a)(b)(g)</sup> | California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C (NR/AA-) (PUTABLE)<sup>(a)(b)(g)</sup> | California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C (NR/AA-) (PUTABLE)<sup>(a)(b)(g)</sup> | California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C (NR/AA-) (PUTABLE)<sup>(a)(b)(g)</sup> |
| 120000 | 5.000 | 11/01/2029 | 136113 |
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-) |
| 350000 | 5.500 | 12/01/2054 | 351587 |
| California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) |
| 50000 | 5.125 | 09/01/2042 | 50391 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) |
| 100000 | 5.000% | 05/15/2040 | $100423 |
| California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+) | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+) |
| 190000 | 1.750 | 09/01/2029 | 156712 |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) |
| 50000 | 4.000 | 09/01/2041 | 44980 |
| City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(d)</sup> | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(d)</sup> | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(d)</sup> | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)<sup>(d)</sup> |
| 50000 | 4.000 | 09/01/2036 | 46653 |
| City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR) | City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR) | City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR) | City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR) |
| 185000 | 4.000 | 09/01/2033 | 181484 |
| City of Chula Vista CA Community Facilities District No. 16-1 Special Tax for Improvement Area No. 2 Series 2021 (NR/NR) | City of Chula Vista CA Community Facilities District No. 16-1 Special Tax for Improvement Area No. 2 Series 2021 (NR/NR) | City of Chula Vista CA Community Facilities District No. 16-1 Special Tax for Improvement Area No. 2 Series 2021 (NR/NR) | City of Chula Vista CA Community Facilities District No. 16-1 Special Tax for Improvement Area No. 2 Series 2021 (NR/NR) |
| 250000 | 4.000 | 09/01/2046 | 217103 |
| City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) | City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) | City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) | City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR) |
| 50000 | 4.000 | 09/01/2045 | 42782 |
| 50000 | 4.000 | 09/01/2051 | 41125 |
| City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series C (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series C (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series C (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series C (Aa3/AA-) |
| 60000 | 5.000 | 05/15/2030 | 63561 |
| City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) |
| 25000 | 3.000 | 09/01/2039 | 19022 |
| City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR) | City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR) | City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR) | City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR) |
| 25000 | 4.000 | 09/01/2036 | 23714 |
| City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) |
| 100000 | 3.000 | 09/01/2031 | 91186 |
| City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 500000 | 4.000 | 09/02/2037 | 471228 |
| City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) |
| 100000 | 5.000 | 09/01/2030 | 103290 |
| City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) |
| 250000 | 4.000 | 09/01/2033 | 245459 |
| City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) | City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR) |
| 25000 | 4.000 | 09/01/2040 | 22955 |
| City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) |
| 400000 | 5.000 | 05/01/2048 | 417971 |
| City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) |
| 490000 | 5.000 | 05/01/2049 | 496147 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)<sup>(d)</sup> | CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)<sup>(d)</sup> | CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)<sup>(d)</sup> | CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)<sup>(d)</sup> |
| 150000 | 3.000% | 08/01/2056 | $95973 |
| County of Los Angeles CA Community Facilities District NO 2021-01 | County of Los Angeles CA Community Facilities District NO 2021-01 | County of Los Angeles CA Community Facilities District NO 2021-01 | County of Los Angeles CA Community Facilities District NO 2021-01 |
| 100000 | 5.000 | 09/01/2047 | 100190 |
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2) |
| 750000 | 4.000 | 01/15/2046 | 692529 |
| Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR) |
| 700000 | 3.850 | 06/01/2050 | 618895 |
| Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)<sup>(f)</sup> | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)<sup>(f)</sup> |
| 250000 | 0.000 | 06/01/2036 | 104335 |
| Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)<sup>(e)</sup> | Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)<sup>(e)</sup> | Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)<sup>(e)</sup> | Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.63%) |  |
| 525000 | 3.820 | 09/01/2037 | 483441 |
| Needles Unified School District GO Bonds 2011 B (AGM) (A2/AA)<sup>(c)</sup> | Needles Unified School District GO Bonds 2011 B (AGM) (A2/AA)<sup>(c)</sup> | Needles Unified School District GO Bonds 2011 B (AGM) (A2/AA)<sup>(c)</sup> | Needles Unified School District GO Bonds 2011 B (AGM) (A2/AA)<sup>(c)</sup> |
| 865000 | 0.000 | 08/01/2041 | 649124 |
| Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA)<sup>(f)</sup> | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA)<sup>(f)</sup> | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA)<sup>(f)</sup> | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA)<sup>(f)</sup> |
| 50000 | 0.000 | 08/01/2033 | 33240 |
| Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) |
| 125000 | 3.000 | 09/01/2034 | 111186 |
| River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) | River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) | River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) | River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) |
| 170000 | 5.000 | 09/01/2042 | 170365 |
| River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) |
| 35000 | 4.000 | 09/01/2046 | 30045 |
| Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) |
| 25000 | 2.500 | 09/01/2037 | 18274 |
| 125000 | 4.000 | 09/01/2041 | 113309 |
| 425000 | 4.000 | 09/01/2050 | 363883 |
| Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(e)</sup> | Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(e)</sup> | Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(e)</sup> | Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.55%) |  |
| 1200000 | 3.740 | 06/01/2034 | 1135470 |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) |
| 150000 | 4.000 | 07/01/2039 | 140070 |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2\NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2\NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2\NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2\NR) |
| 590000 | 4.000 | 07/01/2040 | 546060 |
| San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)<sup>(f)</sup> | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)<sup>(f)</sup> | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)<sup>(f)</sup> | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)<sup>(f)</sup> |
| 300000 | 0.000 | 07/01/2031 | 227030 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 E (AMT) (A1/A) | San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 E (AMT) (A1/A) | San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 E (AMT) (A1/A) | San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 E (AMT) (A1/A) |
| 500000 | 4.000% | 05/01/2050 | $433215 |
| San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR) | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR) |
| 100000 | 4.000 | 08/01/2032 | 89906 |
| Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR) |
| 100000 | 4.000 | 09/01/2050 | 85754 |
| Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-) | Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-) | Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-) | Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-) |
| 65000 | 4.000 | 06/01/2049 | 64003 |
| Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) | Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) | Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) | Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) |
| 50000 | 2.500 | 09/02/2046 | 31413 |
|  |  |  | 16022362 |
| **Colorado – 3.7%** | **Colorado – 3.7%** | **Colorado – 3.7%** | **Colorado – 3.7%** |
| Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) | Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) | Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) | Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) |
| 125000 | 5.350 | 12/01/2050 | 109333 |
| Citadel on Colfax Business Improvement District Senior RB Series 2020 B (NR/NR) | Citadel on Colfax Business Improvement District Senior RB Series 2020 B (NR/NR) | Citadel on Colfax Business Improvement District Senior RB Series 2020 B (NR/NR) | Citadel on Colfax Business Improvement District Senior RB Series 2020 B (NR/NR) |
| 100000 | 7.875 | 12/15/2050 | 89067 |
| City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A) | City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A) | City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A) | City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A) |
| 575000 | 5.250 | 12/01/2043 | 595684 |
| Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR) |
| 100000 | 4.000 | 10/01/2056 | 78565 |
| Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) | Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) | Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) | Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB) |
| 100000 | 5.000 | 09/01/2052 | 100341 |
| Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3) | Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3) | Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3) | Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3) |
| 90000 | 5.000 | 11/01/2049 | 85698 |
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) |
| 695000 | 6.000 | 07/01/2036 | 661434 |
| Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) |
| 440000 | 6.000 | 07/01/2031 | 428318 |
| Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR) |
| 200000 | 4.000 | 09/01/2050 | 163202 |
| Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)<sup>(a)</sup> |
| 101026 | 5.000 | 07/01/2057 | 79873 |
| Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) | Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) | Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) | Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) |
| 100000 | 4.000 | 11/15/2043 | 93173 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1) | Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1) | Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1) | Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1) |
| 885000 | 4.000% | 08/01/2049 | $742265 |
| Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B) |
| 550000 | 5.000 | 10/01/2032 | 540807 |
| Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2) |
| 225000 | 5.000 | 12/01/2033 | 228771 |
| Denver Health & Hospital Authority RB Refunding Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Refunding Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Refunding Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Refunding Series 2019 A (NR/BBB) |
| 500000 | 5.000 | 12/01/2033 | 525709 |
| E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)<sup>(f)</sup> |
| 20000 | 0.000 | 09/01/2034 | 12882 |
| Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(d)</sup> | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(d)</sup> | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(d)</sup> | Fiddler's Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)<sup>(d)</sup> |
| 150000 | 5.000 | 12/01/2032 | 150068 |
| Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) |
| 500000 | 4.000 | 12/01/2041 | 375157 |
| Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) | Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) | Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) | Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) |
| 915000 | 5.250 | 12/01/2051 | 760537 |
| South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | South Sloan's Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) |
| 65000 | 5.000 | 12/01/2026 | 69251 |
| Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) | Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) | Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) | Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) |
| 575000 | 3.375 | 12/01/2030 | 497470 |
|  |  |  | 6387605 |
| **Connecticut – 0.3%** | **Connecticut – 0.3%** | **Connecticut – 0.3%** | **Connecticut – 0.3%** |
| City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) |
| 25000 | 5.500 | 08/01/2029 | 27685 |
| City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 100000 | 11.000 | 12/01/2027 | 100565 |
| State of Connecticut Health & Educational Facilities Authority RB Series E (NR/BBB) (NR/NR) | State of Connecticut Health & Educational Facilities Authority RB Series E (NR/BBB) (NR/NR) | State of Connecticut Health & Educational Facilities Authority RB Series E (NR/BBB) (NR/NR) | State of Connecticut Health & Educational Facilities Authority RB Series E (NR/BBB) (NR/NR) |
| 230000 | 4.000 | 07/01/2041 | 192771 |
| State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) | State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-) |
| 55000 | 5.375 | 07/01/2052 | 52204 |
| Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(d)</sup> | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(d)</sup> | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(d)</sup> | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 4.000 | 04/01/2041 | 81179 |
|  |  |  | 454404 |
| **Delaware – 0.1%** | **Delaware – 0.1%** | **Delaware – 0.1%** | **Delaware – 0.1%** |
| Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR\BB) |
| 50000 | 3.000 | 06/01/2032 | 41696 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Delaware – (continued)** | **Delaware – (continued)** | **Delaware – (continued)** | **Delaware – (continued)** |
| 50000 | 4.000% | 06/01/2042 | $40146 |
| Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR) | Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR) | Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR) | Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR) |
| 75000 | 4.000 | 09/01/2041 | 67384 |
| Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) |
| 100000 | 4.000 | 07/01/2030 | 97554 |
|  |  |  | 246780 |
| **District of Columbia – 1.7%** | **District of Columbia – 1.7%** | **District of Columbia – 1.7%** | **District of Columbia – 1.7%** |
| District of Columbia Income Tax Secured RB Series 2022A (Aa1/AAA) | District of Columbia Income Tax Secured RB Series 2022A (Aa1/AAA) | District of Columbia Income Tax Secured RB Series 2022A (Aa1/AAA) | District of Columbia Income Tax Secured RB Series 2022A (Aa1/AAA) |
| 340000 | 5.500 | 07/01/2047 | 387320 |
| District of Columbia Private Activity RB Series 2022A (NR/NR) | District of Columbia Private Activity RB Series 2022A (NR/NR) | District of Columbia Private Activity RB Series 2022A (NR/NR) | District of Columbia Private Activity RB Series 2022A (NR/NR) |
| 100000 | 5.500 | 02/28/2037 | 105111 |
| District of Columbia RB Refunding for KIPP DC Obligated Group Series 2017 B (NR/BBB+) | District of Columbia RB Refunding for KIPP DC Obligated Group Series 2017 B (NR/BBB+) | District of Columbia RB Refunding for KIPP DC Obligated Group Series 2017 B (NR/BBB+) | District of Columbia RB Refunding for KIPP DC Obligated Group Series 2017 B (NR/BBB+) |
| 125000 | 5.000 | 07/01/2037 | 128095 |
| District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-) | District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-) | District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-) | District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-) |
| 55000 | 6.500 | 05/15/2033 | 56298 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3) |
| 1500000 | 5.000 | 10/01/2044 | 1535439 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) |
| 565000 | 5.000 | 10/01/2039 | 594997 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA) |
| 125000 | 3.000 | 10/01/2050 | 89301 |
|  |  |  | 2896561 |
| **Florida – 16.7%** | **Florida – 16.7%** | **Florida – 16.7%** | **Florida – 16.7%** |
| Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 200000 | 5.000 | 06/15/2032 | 197511 |
| AH at Turnpike South Community Development District Special Assessment Phase 3 Project Series 2021 (NR/NR) | AH at Turnpike South Community Development District Special Assessment Phase 3 Project Series 2021 (NR/NR) | AH at Turnpike South Community Development District Special Assessment Phase 3 Project Series 2021 (NR/NR) | AH at Turnpike South Community Development District Special Assessment Phase 3 Project Series 2021 (NR/NR) |
| 500000 | 4.000 | 05/01/2051 | 378066 |
| Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR) |
| 250000 | 4.000 | 10/01/2046 | 193432 |
| Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 55000 | 3.750 | 05/01/2029 | 51560 |
| Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(d)</sup> | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(d)</sup> | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(d)</sup> | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 55000 | 3.200 | 05/01/2041 | 40159 |
| Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(d)</sup> | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(d)</sup> | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(d)</sup> | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 20000 | 2.500 | 05/01/2026 | 18583 |
| 50000 | 3.200 | 05/01/2041 | 36497 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) |
| 125000 | 2.375% | 05/01/2026 | $115378 |
| Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) |
| 25000 | 3.125 | 05/01/2041 | 17828 |
| Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(d)</sup> | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(d)</sup> | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(d)</sup> | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)<sup>(d)</sup> |
| 40000 | 3.625 | 06/01/2024 | 39401 |
| Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) |
| 660000 | 2.875 | 05/01/2031 | 556545 |
| Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)<sup>(d)</sup> | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)<sup>(d)</sup> | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)<sup>(d)</sup> | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)<sup>(d)</sup> |
| 200000 | 3.000 | 05/01/2031 | 170704 |
| Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) | Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) | Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) | Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) |
| 35000 | 6.000 | 11/01/2027 | 37256 |
| Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) |
| 100000 | 3.625 | 12/15/2040 | 78491 |
| Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) | Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) | Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) | Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) |
| 500000 | 3.125 | 05/01/2031 | 430942 |
| Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 250000 | 4.800 | 06/15/2027 | 248414 |
| Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR\NR) |
| 100000 | 3.250 | 06/15/2042 | 71800 |
| Broward County Port Facilities RB Series 2019B (AMT) (A1/A) | Broward County Port Facilities RB Series 2019B (AMT) (A1/A) | Broward County Port Facilities RB Series 2019B (AMT) (A1/A) | Broward County Port Facilities RB Series 2019B (AMT) (A1/A) |
| 300000 | 4.000 | 09/01/2049 | 260691 |
| Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) |
| 55000 | 4.750 | 05/01/2027 | 54049 |
| Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 200000 | 4.000 | 05/01/2027 | 194670 |
| Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(d)</sup> | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(d)</sup> | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(d)</sup> | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(d)</sup> |
| 625000 | 5.250 | 12/01/2058 | 549713 |
| Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(d)</sup> | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(d)</sup> | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(d)</sup> | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)<sup>(d)</sup> |
| 100000 | 4.000 | 07/01/2051 | 72104 |
| Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR) | Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR) | Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR) | Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR) |
| 200000 | 4.000 | 08/01/2030 | 198228 |
| Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(d)</sup> | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(d)</sup> | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(d)</sup> | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)<sup>(d)</sup> |
| 100000 | 4.000 | 12/01/2028 | 92564 |
| 300000 | 5.250 | 12/01/2043 | 277748 |

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GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) | Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) | Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) | Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) |
| 235000 | 2.750% | 05/01/2031 | $196669 |
| Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| 30000 | 4.250 | 05/01/2037 | 28269 |
| CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 100000 | 3.350 | 05/01/2041 | 73394 |
| Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(d)</sup> | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(d)</sup> | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(d)</sup> | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.375 | 05/01/2041 | 74609 |
| Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(d)</sup> | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(d)</sup> | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(d)</sup> | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.700 | 05/01/2040 | 79003 |
| Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 200000 | 2.400 | 05/01/2026 | 184757 |
| Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(d)</sup> | Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(d)</sup> | Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(d)</sup> | Charlotte County IDA Utility System RB Series 2021A (NR/NR)<sup>(d)</sup> |
| 200000 | 4.000 | 10/01/2051 | 146212 |
| City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (NR/A-) | City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (NR/A-) | City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (NR/A-) | City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (NR/A-) |
| 145000 | 4.000 | 11/01/2039 | 139048 |
| City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR) |
| 100000 | 5.125 | 06/01/2042 | 99680 |
| City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) | City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) | City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) | City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) |
| 125000 | 3.250 | 09/01/2025 | 120545 |
| Coddington Community Development District | Coddington Community Development District | Coddington Community Development District | Coddington Community Development District |
| 260000 | 5.000 | 05/01/2032 | 258814 |
| Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR) |
| 175000 | 3.000 | 05/01/2031 | 149366 |
| 175000 | 3.000 | 05/01/2035 | 136811 |
| Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 100000 | 3.500 | 12/15/2029 | 92955 |
| Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 170000 | 3.125 | 05/01/2030 | 149398 |
| County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) | County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A) |
| 40000 | 5.000 | 09/01/2035 | 43259 |
| Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) |
| 50000 | 3.875 | 05/01/2027 | 47993 |
| 50000 | 4.250 | 05/01/2032 | 46706 |
| 270000 | 4.625 | 05/01/2042 | 238446 |
| Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 340000 | 4.250 | 05/01/2042 | 289986 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 200000 | 4.250% | 05/01/2027 | $196373 |
| 260000 | 4.750 | 05/01/2032 | 254472 |
| Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)<sup>(d)</sup> | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)<sup>(d)</sup> | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)<sup>(d)</sup> | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)<sup>(d)</sup> |
| 190000 | 2.700 | 05/01/2025 | 180645 |
| 310000 | 3.125 | 05/01/2030 | 273040 |
| Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(d)</sup> | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(d)</sup> | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(d)</sup> | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)<sup>(d)</sup> |
| 80000 | 2.625 | 05/01/2025 | 76305 |
| DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) |
| 330000 | 3.750 | 05/01/2040 | 260594 |
| DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) | DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR) |
| 175000 | 4.300 | 05/01/2027 | 170609 |
| DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> |
| 50000 | 3.375 | 05/01/2041 | 37588 |
| Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 235000 | 4.875 | 05/01/2032 | 232730 |
| East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| 50000 | 3.300 | 05/01/2041 | 36646 |
| Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 75000 | 3.625 | 05/01/2032 | 66228 |
| Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) |
| 100000 | 4.000 | 05/01/2040 | 83677 |
| Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) |
| 130000 | 3.600 | 05/01/2041 | 101059 |
| Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) | Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) | Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) | Edgewater East Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 125000 | 3.375 | 05/01/2032 | 108576 |
| Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> |
| 265000 | 2.125 | 05/01/2026 | 242071 |
| Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2) |
| 760000 | 4.000 | 08/15/2045 | 661244 |
| Eureka Grove Community Development District Special Assessment Bonds for 2021 Project Series 2021 (NR/NR) | Eureka Grove Community Development District Special Assessment Bonds for 2021 Project Series 2021 (NR/NR) | Eureka Grove Community Development District Special Assessment Bonds for 2021 Project Series 2021 (NR/NR) | Eureka Grove Community Development District Special Assessment Bonds for 2021 Project Series 2021 (NR/NR) |
| 685000 | 3.500 | 05/01/2041 | 514329 |
| Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(d)</sup> | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(d)</sup> | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(d)</sup> | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)<sup>(d)</sup> |
| 100000 | 5.000 | 11/01/2039 | 96666 |
| Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) |
| 195000 | 5.000 | 05/01/2035 | 194262 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(d)</sup> | Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(d)</sup> | Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(d)</sup> | Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)<sup>(d)</sup> |
| 100000 | 5.000% | 07/01/2032 | $93460 |
| 135000 | 5.375 | 07/01/2042 | 120124 |
| Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(d)</sup> | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(d)</sup> | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(d)</sup> | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)<sup>(d)</sup> |
| 100000 | 5.000 | 10/01/2042 | 91538 |
| Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(d)</sup> | Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(d)</sup> | Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(d)</sup> | Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)<sup>(a)(b)(d)</sup> |
| 500000 | 7.250 | 10/03/2023 | 498510 |
| Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> |
| 100000 | 4.000 | 06/01/2030 | 92174 |
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> |
| 100000 | 5.125 | 06/01/2040 | 92452 |
| Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)<sup>(d)</sup> |
| 100000 | 1.750 | 06/01/2026 | 89667 |
| Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) |
| 100000 | 4.000 | 06/01/2030 | 91885 |
| Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)<sup>(d)</sup> |
| 500000 | 7.375 | 01/01/2049 | 436116 |
| Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(d)</sup> | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)<sup>(d)</sup> |
| 100000 | 4.000 | 06/30/2041 | 76264 |
| Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) |
| 100000 | 5.000 | 04/01/2028 | 107055 |
| Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A<br>(NR/NR)<sup>(a)(b)(d)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A<br>(NR/NR)<sup>(a)(b)(d)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A<br>(NR/NR)<sup>(a)(b)(d)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A<br>(NR/NR)<sup>(a)(b)(d)</sup> |
| 400000 | 6.500 | 01/01/2029 | 356999 |
| Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(d)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(d)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(d)</sup> | Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)<sup>(a)(b)(d)</sup> |
| 100000 | 6.375 | 01/01/2026 | 91324 |
| Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) |
| 150000 | 5.000 | 03/01/2047 | 147835 |
| Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) |
| 110000 | 3.700 | 11/01/2029 | 103329 |
| Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(d)</sup> | Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(d)</sup> | Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(d)</sup> | Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(d)</sup> |
| 110000 | 4.750 | 05/01/2027 | 108767 |
| 200000 | 5.000 | 05/01/2032 | 195615 |
| Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 165000 | 2.950 | 05/01/2031 | 139934 |
| 75000 | 3.350 | 05/01/2041 | 55393 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) |
| 100000 | 4.000% | 05/01/2030 | $94440 |
| Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) |
| 25000 | 3.750 | 11/01/2024 | 24550 |
| 50000 | 4.750 | 11/01/2039 | 46372 |
| Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 60000 | 3.500 | 11/01/2041 | 44821 |
| Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 710000 | 3.750 | 05/01/2041 | 551745 |
| Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) |
| 50000 | 5.000 | 11/15/2036 | 50015 |
| Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR) | Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR) | Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR) | Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR) |
| 100000 | 3.500 | 11/01/2030 | 91018 |
| Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 45000 | 4.200 | 05/01/2027 | 43545 |
| Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) | Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 125000 | 3.450 | 05/01/2041 | 95641 |
| Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) |
| 60000 | 3.000 | 05/01/2036 | 54369 |
| Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) |
| 60000 | 2.875 | 05/01/2025 | 57261 |
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(d)</sup> | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(d)</sup> | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(d)</sup> | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)<sup>(d)</sup> |
| 25000 | 3.500 | 05/01/2031 | 22174 |
| Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) |
| 180000 | 2.375 | 05/01/2026 | 166145 |
| Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 125000 | 3.000 | 05/01/2037 | 94268 |
| K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 100000 | 3.125 | 05/01/2041 | 71312 |
| Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) |
| 100000 | 3.500 | 05/01/2040 | 77741 |
| Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) | Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) |
| 100000 | 2.700 | 05/01/2031 | 83138 |
| Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 50000 | 3.600 | 06/15/2041 | 38595 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) |
| 200000 | 5.500% | 05/01/2042 | $187546 |
| Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) |
| 85000 | 3.400 | 05/01/2030 | 76447 |
| Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) |
| 100000 | 3.200 | 05/01/2030 | 88178 |
| Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(d)</sup> | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(d)</sup> | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(d)</sup> | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)<sup>(d)</sup> |
| 100000 | 2.500 | 05/01/2025 | 94726 |
| Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) |
| 125000 | 3.250 | 05/01/2029 | 113871 |
| Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) |
| 60000 | 2.000 | 05/01/2028 | 54446 |
| 70000 | 2.000 | 05/01/2029 | 62248 |
| Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) |
| 185000 | 2.300 | 05/01/2026 | 170721 |
| Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(d)</sup> | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(d)</sup> | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(d)</sup> | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)<sup>(d)</sup> |
| 100000 | 4.750 | 11/01/2048 | 87401 |
| Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) |
| 75000 | 4.000 | 05/01/2038 | 64668 |
| Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 100000 | 4.750 | 05/01/2032 | 96630 |
| 50000 | 5.000 | 05/01/2042 | 46537 |
| Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) |
| 110000 | 3.125 | 05/01/2025 | 105995 |
| LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) |
| 75000 | 3.250 | 05/01/2031 | 65268 |
| LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) | LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) |
| 50000 | 3.450 | 05/01/2041 | 37731 |
| Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) | Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) | Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) | Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) |
| 75000 | 4.250 | 05/01/2042 | 63944 |
| Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 160000 | 3.250 | 05/01/2041 | 115627 |
| Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA) | Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA) | Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA) | Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA) |
| 100000 | 4.000 | 10/01/2038 | 99564 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(d)</sup> | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(d)</sup> | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(d)</sup> | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)<sup>(d)</sup> |
| 100000 | 5.000% | 07/01/2037 | $91040 |
| 100000 | 5.250 | 07/01/2042 | 89546 |
| Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR) | Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR) | Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR) | Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR) |
| 100000 | 3.250 | 05/01/2032 | 85564 |
| Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 100000 | 3.500 | 05/01/2041 | 75085 |
| 100000 | 4.000 | 05/01/2051 | 75613 |
| North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 200000 | 3.375 | 11/01/2041 | 148430 |
| North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(d)</sup> | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(d)</sup> | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(d)</sup> | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)<sup>(d)</sup> |
| 280000 | 4.750 | 05/01/2027 | 274944 |
| North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) |
| 100000 | 3.625 | 05/01/2040 | 77711 |
| Ocala Preserve Community Development District Capital Improvement RB Series 2021 (NR/NR) | Ocala Preserve Community Development District Capital Improvement RB Series 2021 (NR/NR) | Ocala Preserve Community Development District Capital Improvement RB Series 2021 (NR/NR) | Ocala Preserve Community Development District Capital Improvement RB Series 2021 (NR/NR) |
| 155000 | 2.375 | 11/01/2026 | 141402 |
| 330000 | 2.875 | 11/01/2031 | 275002 |
| Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) | Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) | Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) | Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) |
| 175000 | 4.000 | 06/01/2036 | 146347 |
| Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(d)</sup> | Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(d)</sup> | Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(d)</sup> | Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(d)</sup> |
| 30000 | 3.250 | 05/01/2024 | 29422 |
| Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 50000 | 3.150 | 11/01/2041 | 35997 |
| Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) |
| 155000 | 3.750 | 05/01/2040 | 122573 |
| Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) | Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) | Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) | Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) |
| 100000 | 3.550 | 05/01/2041 | 75460 |
| Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) |
| 210000 | 2.625 | 05/01/2034 | 174337 |
| Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) |
| 125000 | 3.500 | 05/01/2037 | 100407 |
| Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) |
| 100000 | 3.500 | 11/01/2030 | 89470 |
| Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) |
| 250000 | 3.000 | 05/01/2031 | 213380 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Preston Cove Community Development District Special Assessment RB Series 2022 (NR\NR) | Preston Cove Community Development District Special Assessment RB Series 2022 (NR\NR) | Preston Cove Community Development District Special Assessment RB Series 2022 (NR\NR) | Preston Cove Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 675000 | 3.600% | 05/01/2032 | $594581 |
| Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) | Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) | Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) | Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) |
| 40000 | 2.200 | 12/15/2026 | 36139 |
| Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) |
| 100000 | 3.000 | 05/01/2036 | 76882 |
| Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 90000 | 3.300 | 05/01/2042 | 65230 |
| Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR\NR) | Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR\NR) | Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR\NR) | Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR\NR) |
| 310000 | 3.125 | 05/01/2027 | 288704 |
| 365000 | 3.400 | 05/01/2032 | 316308 |
| Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 160000 | 2.450 | 11/01/2026 | 146587 |
| Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) |
| 100000 | 2.625 | 05/01/2040 | 77562 |
| Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR)<sup>(d)</sup> | Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR)<sup>(d)</sup> | Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR)<sup>(d)</sup> | Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR)<sup>(d)</sup> |
| 55000 | 2.625 | 05/01/2025 | 52203 |
| Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 85000 | 3.300 | 11/01/2041 | 61948 |
| Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1) |
| 250000 | 4.000 | 07/01/2048 | 223396 |
| Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 100000 | 3.750 | 05/01/2031 | 90497 |
| Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) |
| 50000 | 3.750 | 05/01/2040 | 39305 |
| Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 50000 | 4.125 | 05/01/2032 | 46644 |
| 75000 | 4.500 | 05/01/2042 | 65588 |
| Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) |
| 100000 | 5.000 | 10/01/2032 | 98478 |
| Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Siena North Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 50000 | 4.000 | 06/15/2042 | 40593 |
| Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 100000 | 3.000 | 06/15/2032 | 84009 |
| 100000 | 3.250 | 06/15/2042 | 73257 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) | Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) |
| 235000 | 4.000% | 05/01/2052 | $176415 |
| Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) | Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) | Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) | Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) |
| 200000 | 3.500 | 05/01/2041 | 149795 |
| South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| 25000 | 3.250 | 06/15/2041 | 18272 |
| South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| 25000 | 4.000 | 11/01/2031 | 24359 |
| St. Augustine Lakes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | St. Augustine Lakes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | St. Augustine Lakes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | St. Augustine Lakes Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 520000 | 5.375 | 06/15/2042 | 508333 |
| St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR) |
| 100000 | 4.000 | 12/15/2036 | 84048 |
| St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) | St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) |
| 150000 | 4.000 | 08/01/2055 | 130012 |
| Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 470000 | 3.000 | 05/01/2031 | 401155 |
| Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)<sup>(d)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)<sup>(d)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)<sup>(d)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)<sup>(d)</sup> |
| 130000 | 3.000 | 11/01/2032 | 107726 |
| Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(d)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(d)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(d)</sup> | Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)<sup>(d)</sup> |
| 50000 | 3.300 | 11/01/2041 | 36440 |
| Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 50000 | 4.500 | 06/15/2039 | 45221 |
| Storey Creek Community Development District | Storey Creek Community Development District | Storey Creek Community Development District | Storey Creek Community Development District |
| 240000 | 5.000 | 06/15/2032 | 238922 |
| Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR\NR) |
| 100000 | 3.000 | 06/15/2032 | 83308 |
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(d)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(d)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(d)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 25000 | 2.875 | 06/15/2031 | 21018 |
| Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)<sup>(d)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)<sup>(d)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)<sup>(d)</sup> | Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)<sup>(d)</sup> |
| 60000 | 3.750 | 06/15/2029 | 56093 |
| Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 75000 | 3.450 | 05/01/2041 | 55751 |
| Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) |
| 80000 | 3.750 | 05/01/2040 | 63264 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) |
| 100000 | 2.500% | 05/01/2025 | $94790 |
| Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) | Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) | Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) | Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) |
| 50000 | 4.000 | 05/01/2033 | 46041 |
| Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) |
| 50000 | 3.375 | 05/01/2041 | 37305 |
| Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) |
| 50000 | 3.300 | 12/15/2041 | 36674 |
| Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) | Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) | Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) | Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) |
| 85000 | 2.500 | 05/01/2026 | 78779 |
| Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(d)</sup> | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(d)</sup> | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(d)</sup> | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)<sup>(d)</sup> |
| 75000 | 3.625 | 05/01/2040 | 60453 |
| Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) |
| 540000 | 2.700 | 05/01/2031 | 448945 |
| Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(d)</sup> | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(d)</sup> | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(d)</sup> | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.250 | 05/01/2030 | 88648 |
| Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> |
| 305000 | 2.375 | 11/01/2026 | 278243 |
| Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) |
| 30000 | 2.500 | 11/01/2026 | 27498 |
| 50000 | 3.000 | 11/01/2031 | 42210 |
| 40000 | 3.500 | 11/01/2041 | 30071 |
| 50000 | 4.000 | 11/01/2050 | 37989 |
| TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) |
| 100000 | 3.375 | 11/01/2030 | 88673 |
| Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR\NR) |
| 75000 | 4.000 | 05/01/2042 | 61472 |
| Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 100000 | 5.125 | 05/01/2042 | 94823 |
| University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) |
| 85000 | 3.375 | 05/01/2045 | 71154 |
| V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| 250000 | 3.625 | 05/01/2041 | 193381 |
| Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(d)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(d)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(d)</sup> | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 20000 | 3.600 | 05/01/2041 | 15242 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) |
| 50000 | 4.125% | 05/01/2034 | $46000 |
| Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 310000 | 5.875 | 11/01/2029 | 313614 |
| Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) |
| 100000 | 3.750 | 05/01/2037 | 82781 |
| Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) |
| 50000 | 2.625 | 05/01/2024 | 48669 |
| Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(d)</sup> | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(d)</sup> | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(d)</sup> | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)<sup>(d)</sup> |
| 35000 | 1.875 | 05/01/2025 | 32838 |
| 50000 | 2.625 | 05/01/2030 | 42789 |
| 50000 | 3.000 | 05/01/2035 | 39648 |
| Village Community Development District Special Assessment RB Series 2021 (NR/NR) | Village Community Development District Special Assessment RB Series 2021 (NR/NR) | Village Community Development District Special Assessment RB Series 2021 (NR/NR) | Village Community Development District Special Assessment RB Series 2021 (NR/NR) |
| 50000 | 2.550 | 05/01/2031 | 41558 |
| 100000 | 2.850 | 05/01/2036 | 75904 |
| 100000 | 3.000 | 05/01/2041 | 69914 |
| Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) |
| 100000 | 5.125 | 05/01/2042 | 94766 |
| Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR\NR) |
| 45000 | 3.450 | 05/01/2042 | 32974 |
| Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR\NR) | Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR\NR) | Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR\NR) | Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR\NR) |
| 670000 | 4.000 | 05/01/2042 | 549132 |
| Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) |
| 100000 | 3.750 | 05/01/2040 | 79080 |
| West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) |
| 60000 | 5.125 | 05/01/2042 | 56219 |
| West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(d)</sup> | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(d)</sup> | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(d)</sup> | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)<sup>(d)</sup> |
| 125000 | 4.000 | 05/01/2040 | 104545 |
| 100000 | 4.000 | 05/01/2051 | 75613 |
| West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) |
| 100000 | 2.400 | 05/01/2026 | 92465 |
| 25000 | 3.000 | 05/01/2031 | 21384 |
| West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) |
| 50000 | 4.750 | 05/01/2039 | 46518 |
| West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) |
| 60000 | 3.500 | 05/01/2041 | 45390 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) | West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) |
| 100000 | 3.500% | 05/01/2041 | $75649 |
| Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| 100000 | 3.250 | 05/01/2041 | 74320 |
| Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) |
| 100000 | 5.000 | 06/15/2029 | 99616 |
| Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(d)</sup> | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(d)</sup> | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(d)</sup> | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)<sup>(d)</sup> |
| 150000 | 4.250 | 06/15/2039 | 128849 |
| Willow Walk Community Development District Special Assessment Series 2017 (NR/NR) | Willow Walk Community Development District Special Assessment Series 2017 (NR/NR) | Willow Walk Community Development District Special Assessment Series 2017 (NR/NR) | Willow Walk Community Development District Special Assessment Series 2017 (NR/NR) |
| 25000 | 3.500 | 05/01/2023 | 24909 |
| Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) |
| 135000 | 5.625 | 05/01/2042 | 135669 |
| Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) |
| 50000 | 2.400 | 05/01/2026 | 46189 |
| 150000 | 2.950 | 05/01/2031 | 127212 |
| 75000 | 3.350 | 05/01/2041 | 55046 |
| Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR\NR) |
| 100000 | 4.000 | 05/01/2042 | 81968 |
| Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) |
| 100000 | 3.700 | 05/01/2040 | 79462 |
| Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) |
| 25000 | 3.375 | 05/01/2041 | 18535 |
|  |  |  | 28863896 |
| **Georgia – 1.0%** | **Georgia – 1.0%** | **Georgia – 1.0%** | **Georgia – 1.0%** |
| George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) |
| 35000 | 2.375 | 01/01/2031 | 30140 |
| 50000 | 4.000 | 01/01/2036 | 44918 |
| Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> |
| 975000 | 4.000 | 09/01/2027 | 967017 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)<sup>(a)(b)</sup> | Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)<sup>(a)(b)</sup> | Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)<sup>(a)(b)</sup> | Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR)<sup>(a)(b)</sup> |
| 500000 | 4.000 | 12/01/2029 | 486314 |
| Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-) | Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-) | Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-) | Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-) |
| 150000 | 4.000 | 06/01/2045 | 136613 |
|  |  |  | 1665002 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Guam – 0.6%** | **Guam – 0.6%** | **Guam – 0.6%** | **Guam – 0.6%** |
| A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(h)</sup> | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(h)</sup> | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(h)</sup> | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)<sup>(h)</sup> |
| 100000 | 5.250% | 10/01/2029 | $101947 |
| 100000 | 5.250 | 10/01/2030 | 101626 |
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) |
| 50000 | 4.460 | 10/01/2043 | 38961 |
| Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+) |
| 25000 | 3.625 | 02/01/2025 | 24267 |
| 60000 | 4.250 | 02/01/2030 | 58283 |
| Guam Government RB Refunding Series 2021 E (Ba1/NR) | Guam Government RB Refunding Series 2021 E (Ba1/NR) | Guam Government RB Refunding Series 2021 E (Ba1/NR) | Guam Government RB Refunding Series 2021 E (Ba1/NR) |
| 275000 | 3.250 | 11/15/2026 | 259969 |
| Guam Government RB Refunding Series 2021 F (Ba1/NR) | Guam Government RB Refunding Series 2021 F (Ba1/NR) | Guam Government RB Refunding Series 2021 F (Ba1/NR) | Guam Government RB Refunding Series 2021 F (Ba1/NR) |
| 450000 | 4.000 | 01/01/2042 | 392179 |
|  |  |  | 977232 |
| **Illinois – 10.2%** | **Illinois – 10.2%** | **Illinois – 10.2%** | **Illinois – 10.2%** |
| Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) |
| 25000 | 4.000 | 10/01/2043 | 22563 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> |
| 175000 | 0.000 | 12/01/2027 | 143654 |
| 220000 | 0.000 | 12/01/2030 | 157159 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> |
| 245000 | 0.000 | 12/01/2029 | 183685 |
| Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> |
| 100000 | 0.000 | 12/01/2031 | 67946 |
| Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB) |
| 30000 | 5.500 | 12/01/2026 | 31253 |
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL)<br>(Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL)<br>(Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL)<br>(Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL)<br>(Baa2/BB)<sup>(f)</sup> |
| 295000 | 0.000 | 12/01/2025 | 263685 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB) |
| 500000 | 6.038 | 12/01/2029 | 468716 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB) |
| 100000 | 7.000 | 12/01/2044 | 105882 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB) |
| 100000 | 6.500 | 12/01/2046 | 105400 |
| Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+) | Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+) |
| 875000 | 6.000 | 01/01/2038 | 922791 |
| Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A) | Chicago Illinois O'Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A) |
| 55000 | 5.000 | 01/01/2037 | 56832 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A) | Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A) | Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A) | Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A) |
| 55000 | 5.000% | 11/01/2042 | $55002 |
| Chicago Transit Authority Sales Tax Recepts RB Series 2014 (NR/AA) | Chicago Transit Authority Sales Tax Recepts RB Series 2014 (NR/AA) | Chicago Transit Authority Sales Tax Recepts RB Series 2014 (NR/AA) | Chicago Transit Authority Sales Tax Recepts RB Series 2014 (NR/AA) |
| 250000 | 5.250 | 12/01/2049 | 252576 |
| City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) | City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) | City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) | City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR) |
| 35000 | 3.750 | 07/01/2041 | 27320 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (BB/NR) | City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (BB/NR) | City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (BB/NR) | City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (BB/NR) |
| 500000 | 5.000 | 12/01/2025 | 511535 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (NR/AA) |
| 450000 | 5.000 | 12/01/2029 | 474104 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB) |
| 100000 | 5.000 | 12/01/2024 | 101835 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR\BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR\BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR\BB) | City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR\BB) |
| 750000 | 4.000 | 12/01/2037 | 667712 |
| City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+) | City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+) | City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+) | City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+) |
| 200000 | 5.500 | 01/01/2037 | 202969 |
| City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) |
| 500000 | 5.000 | 01/01/2036 | 495435 |
| City of Chicago GO Bonds Series 2021B (BBB+/BBB-) | City of Chicago GO Bonds Series 2021B (BBB+/BBB-) | City of Chicago GO Bonds Series 2021B (BBB+/BBB-) | City of Chicago GO Bonds Series 2021B (BBB+/BBB-) |
| 826000 | 4.000 | 01/01/2049 | 675902 |
| City of Chicago GO Refunding Bonds Series B (Ba1\BBB+) | City of Chicago GO Refunding Bonds Series B (Ba1\BBB+) | City of Chicago GO Refunding Bonds Series B (Ba1\BBB+) | City of Chicago GO Refunding Bonds Series B (Ba1\BBB+) |
| 1000000 | 5.765 | 01/01/2028 | 983023 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) |
| 200000 | 5.000 | 01/01/2042 | 206717 |
| 150000 | 4.500 | 01/01/2048 | 141565 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+) |
| 100000 | 4.000 | 01/01/2042 | 95123 |
| City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR\NR)<sup>(d)</sup> | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR\NR)<sup>(d)</sup> | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR\NR)<sup>(d)</sup> | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR\NR)<sup>(d)</sup> |
| 270000 | 3.040 | 12/01/2028 | 240512 |
| Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) |
| 165000 | 5.000 | 03/01/2040 | 160440 |
| Illinois Finance Authority RB for Plymouth Place Series 2022B-3 (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022B-3 (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022B-3 (NR/NR) | Illinois Finance Authority RB for Plymouth Place Series 2022B-3 (NR/NR) |
| 250000 | 4.750 | 11/15/2027 | 250633 |
| Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(d)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(d)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(d)</sup> | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)<sup>(d)</sup> |
| 100000 | 6.125 | 04/01/2049 | 96014 |
| Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) |
| 305000 | 5.000 | 10/01/2033 | 321848 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-) |
| 200000 | 5.000% | 09/01/2046 | $201717 |
| Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) |
| 25000 | 5.000 | 05/15/2041 | 21860 |
| Illinois Finance Authority RB Series 2015A (NR/NR) | Illinois Finance Authority RB Series 2015A (NR/NR) | Illinois Finance Authority RB Series 2015A (NR/NR) | Illinois Finance Authority RB Series 2015A (NR/NR) |
| 1060000 | 5.000 | 05/15/2028 | 1037519 |
| Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(d)</sup> | Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(d)</sup> | Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(d)</sup> | Illinois Finance Authority RB Series 2021 (NR\BB+)<sup>(d)</sup> |
| 250000 | 4.000 | 10/01/2042 | 192347 |
| Illinois State GO Bonds Series 2017 A (Baa2/BBB) | Illinois State GO Bonds Series 2017 A (Baa2/BBB) | Illinois State GO Bonds Series 2017 A (Baa2/BBB) | Illinois State GO Bonds Series 2017 A (Baa2/BBB) |
| 35000 | 4.500 | 12/01/2041 | 31661 |
| Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) |
| 600000 | 5.000 | 11/01/2028 | 617037 |
| Illinois State GO Bonds Series 2018 A (Baa2/BBB) | Illinois State GO Bonds Series 2018 A (Baa2/BBB) | Illinois State GO Bonds Series 2018 A (Baa2/BBB) | Illinois State GO Bonds Series 2018 A (Baa2/BBB) |
| 750000 | 5.000 | 05/01/2032 | 760795 |
| Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) |
| 50000 | 5.500 | 05/01/2039 | 51604 |
| 290000 | 5.750 | 05/01/2045 | 301199 |
| Illinois State GO Bonds Series 2020 C (Baa2/BBB) | Illinois State GO Bonds Series 2020 C (Baa2/BBB) | Illinois State GO Bonds Series 2020 C (Baa2/BBB) | Illinois State GO Bonds Series 2020 C (Baa2/BBB) |
| 1000000 | 4.000 | 10/01/2041 | 852519 |
| 175000 | 4.250 | 10/01/2045 | 149672 |
| Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB) | Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB) | Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB) | Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB) |
| 375000 | 5.000 | 10/01/2031 | 382088 |
| Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)<sup>(f)</sup> |
| 135000 | 0.000 | 12/15/2032 | 88457 |
| Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)<sup>(f)</sup> | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)<sup>(f)</sup> |
| 35000 | 0.000 | 12/15/2054 | 6253 |
| Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)<sup>(f)</sup> | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)<sup>(f)</sup> | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)<sup>(f)</sup> | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)<sup>(f)</sup> |
| 1000000 | 0.000 | 12/15/2034 | 583330 |
| Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR) |
| 30000 | 4.000 | 06/15/2052 | 24283 |
| State of Illinois GO Bonds Series 2016 (BBB/Baa2) | State of Illinois GO Bonds Series 2016 (BBB/Baa2) | State of Illinois GO Bonds Series 2016 (BBB/Baa2) | State of Illinois GO Bonds Series 2016 (BBB/Baa2) |
| 1000000 | 4.000 | 06/01/2033 | 938543 |
| State of Illinois GO Bonds Series 2016 (Baa1/BBB+) | State of Illinois GO Bonds Series 2016 (Baa1/BBB+) | State of Illinois GO Bonds Series 2016 (Baa1/BBB+) | State of Illinois GO Bonds Series 2016 (Baa1/BBB+) |
| 1240000 | 5.000 | 01/01/2026 | 1272346 |
| State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) |
| 580000 | 4.250 | 12/01/2040 | 516271 |
| State of Illinois GO Bonds Series 2017 D (Baa2/BBB) | State of Illinois GO Bonds Series 2017 D (Baa2/BBB) | State of Illinois GO Bonds Series 2017 D (Baa2/BBB) | State of Illinois GO Bonds Series 2017 D (Baa2/BBB) |
| 30000 | 3.250 | 11/01/2026 | 29084 |
| State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) |
| 400000 | 5.000 | 11/01/2029 | 409783 |
| State of Illinois GO Bonds Series 2022A (Baa1/BBB+) | State of Illinois GO Bonds Series 2022A (Baa1/BBB+) | State of Illinois GO Bonds Series 2022A (Baa1/BBB+) | State of Illinois GO Bonds Series 2022A (Baa1/BBB+) |
| 625000 | 5.500 | 03/01/2047 | 639391 |
|  |  |  | 17597590 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Indiana – 0.4%** | **Indiana – 0.4%** | **Indiana – 0.4%** | **Indiana – 0.4%** |
| Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (NON-AMT) (BB-/NR) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (NON-AMT) (BB-/NR) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (NON-AMT) (BB-/NR) | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (NON-AMT) (BB-/NR) |
| 250000 | 4.125% | 12/01/2026 | $244216 |
| Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)<sup>(a)(b)</sup> | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)<sup>(a)(b)</sup> | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)<sup>(a)(b)</sup> | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)<sup>(a)(b)</sup> |
| 35000 | 2.100 | 11/01/2026 | 33728 |
| Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) | Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) | Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) | Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) |
| 50000 | 2.520 | 11/15/2026 | 44634 |
| 50000 | 2.920 | 11/15/2027 | 43968 |
| 50000 | 3.210 | 11/15/2028 | 43328 |
| 50000 | 3.260 | 11/15/2029 | 42642 |
| 50000 | 3.300 | 11/15/2030 | 42082 |
| Indiana Municipal Power Agency RB Refunding Series 2016 A (A1/A+) | Indiana Municipal Power Agency RB Refunding Series 2016 A (A1/A+) | Indiana Municipal Power Agency RB Refunding Series 2016 A (A1/A+) | Indiana Municipal Power Agency RB Refunding Series 2016 A (A1/A+) |
| 160000 | 5.000 | 01/01/2042 | 167699 |
| Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) | Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) | Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) | Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) |
| 85000 | 4.000 | 09/01/2033 | 83959 |
|  |  |  | 746256 |
| **Iowa – 0.7%** | **Iowa – 0.7%** | **Iowa – 0.7%** | **Iowa – 0.7%** |
| City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR) | City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR) |
| 575000 | 5.000 | 05/01/2042 | 548844 |
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)<sup>(a)(b)</sup> | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)<sup>(a)(b)</sup> | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)<sup>(a)(b)</sup> | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)<sup>(a)(b)</sup> |
| 300000 | 4.000 | 12/01/2032 | 286947 |
| Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR) |
| 310000 | 5.000 | 10/01/2034 | 322307 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158098 |
| **Kansas – 0.0%** | **Kansas – 0.0%** | **Kansas – 0.0%** | **Kansas – 0.0%** |
| City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) |
| 50000 | 4.000 | 06/01/2036 | 41607 |
| **Kentucky – 1.1%** | **Kentucky – 1.1%** | **Kentucky – 1.1%** | **Kentucky – 1.1%** |
| City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)<sup>(d)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)<sup>(d)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)<sup>(d)</sup> | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)<sup>(d)</sup> |
| 200000 | 4.450 | 01/01/2042 | 181809 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A) |
| 150000 | 2.125 | 10/01/2034 | 114615 |
| County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A) |
| 150000 | 2.000 | 02/01/2032 | 120945 |
| Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) |
| 100000 | 4.000 | 03/01/2046 | 87294 |
| 90000 | 4.000 | 03/01/2049 | 77268 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Kentucky – (continued)** | **Kentucky – (continued)** | **Kentucky – (continued)** | **Kentucky – (continued)** |
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA) |
| 75000 | 4.000% | 06/01/2045 | $65946 |
| Kentucky State University COPS Series 2021 (BAM) (NR/AA) | Kentucky State University COPS Series 2021 (BAM) (NR/AA) | Kentucky State University COPS Series 2021 (BAM) (NR/AA) | Kentucky State University COPS Series 2021 (BAM) (NR/AA) |
| 40000 | 4.000 | 11/01/2046 | 37711 |
| Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) | Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) | Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) | Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) |
| 500000 | 2.000 | 10/01/2033 | 386514 |
| Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (NR/NR)<sup>(a)(b)</sup> |
| 955000 | 4.000 | 08/01/2030 | 924951 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997053 |
| **Louisiana – 1.3%** | **Louisiana – 1.3%** | **Louisiana – 1.3%** | **Louisiana – 1.3%** |
| Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) |
| 275000 | 4.450 | 06/01/2027 | 272496 |
| 250000 | 5.000 | 06/01/2032 | 247954 |
| Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) |
| 695000 | 2.875 | 06/01/2031 | 587321 |
| Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)<sup>(d)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)<sup>(d)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)<sup>(d)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)<sup>(d)</sup> |
| 250000 | 5.000 | 04/01/2035 | 254180 |
| Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB) | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB) | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB) | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB) |
| 125000 | 3.500 | 11/01/2032 | 116573 |
| Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)<sup>(d)</sup> |
| 100000 | 6.000 | 06/01/2037 | 95003 |
| Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)<sup>(d)</sup> |
| 100000 | 6.125 | 06/01/2037 | 95709 |
| Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) | Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) | Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) | Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) |
| 100000 | 4.000 | 10/01/2039 | 90795 |
| 100000 | 4.000 | 10/01/2041 | 88572 |
| Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB Series 2021A (NR/NR)<sup>(d)</sup> |
| 100000 | 4.000 | 06/01/2041 | 80868 |
| Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(d)</sup> | Louisiana Public Facilities Authority RB Series 2021C (NR/NR)<sup>(d)</sup> |
| 100000 | 4.000 | 06/01/2041 | 80868 |
| New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-) |
| 200000 | 5.000 | 01/01/2048 | 197406 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207745 |
| **Maine – 0.5%** | **Maine – 0.5%** | **Maine – 0.5%** | **Maine – 0.5%** |
| Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) | Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) |
| 200000 | 4.000 | 07/01/2050 | 177121 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Maine – (continued)** | **Maine – (continued)** | **Maine – (continued)** | **Maine – (continued)** |
| Maine Health and Higher Education Facilities Authority RB Series 2021A (AA/A1) | Maine Health and Higher Education Facilities Authority RB Series 2021A (AA/A1) | Maine Health and Higher Education Facilities Authority RB Series 2021A (AA/A1) | Maine Health and Higher Education Facilities Authority RB Series 2021A (AA/A1) |
| 375000 | 4.000% | 07/01/2037 | $376035 |
| 325000 | 4.000 | 07/01/2041 | 319092 |
|  |  |  | 872248 |
| **Maryland – 1.2%** | **Maryland – 1.2%** | **Maryland – 1.2%** | **Maryland – 1.2%** |
| City of Gaithersburg Economic Development Project RB Series 2022 (NR/NR) | City of Gaithersburg Economic Development Project RB Series 2022 (NR/NR) | City of Gaithersburg Economic Development Project RB Series 2022 (NR/NR) | City of Gaithersburg Economic Development Project RB Series 2022 (NR/NR) |
| 75000 | 5.000 | 01/01/2037 | 74330 |
| 100000 | 5.125 | 01/01/2042 | 98037 |
| County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) |
| 50000 | 4.000 | 01/01/2040 | 45630 |
| Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) | Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) | Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) | Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) |
| 90000 | 4.000 | 07/01/2040 | 78727 |
| Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR) |
| 195000 | 3.997 | 04/01/2034 | 153833 |
| Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/BBB-) | Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/BBB-) | Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/BBB-) | Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/BBB-) |
| 250000 | 5.625 | 07/01/2043 | 265771 |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR) |
| 865000 | 4.000 | 01/01/2038 | 743059 |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-) |
| 100000 | 4.000 | 06/01/2046 | 86792 |
| Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(d)</sup> | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(d)</sup> | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(d)</sup> | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)<sup>(d)</sup> |
| 100000 | 5.500 | 05/01/2042 | 93990 |
| Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)<sup>(f)</sup> | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)<sup>(f)</sup> | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)<sup>(f)</sup> | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)<sup>(f)</sup> |
| 700000 | 0.000 | 05/01/2051 | 186346 |
| 700000 | 0.000 | 05/01/2052 | 176987 |
| Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) | Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) | Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) | Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) |
| 100000 | 4.875 | 06/01/2042 | 93501 |
|  |  |  | 2097003 |
| **Massachusetts – 0.1%** | **Massachusetts – 0.1%** | **Massachusetts – 0.1%** | **Massachusetts – 0.1%** |
| Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(d)</sup> | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(d)</sup> | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(d)</sup> | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)<sup>(d)</sup> |
| 120000 | 5.000 | 07/15/2023 | 120674 |
| Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(e)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 0.57%) |
| 30000 | 3.545% | 05/01/2037 | 29389 |
|  |  |  | 150063 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Michigan – 2.0%** | **Michigan – 2.0%** | **Michigan – 2.0%** | **Michigan – 2.0%** |
| City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)<sup>(a)</sup> | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)<sup>(a)</sup> | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)<sup>(a)</sup> | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)<sup>(a)</sup> |
| 1665000 | 4.000 | 04/01/2044 | $1194188 |
| City of Detroit GO Bonds Series 2020 (Ba3/BB-) | City of Detroit GO Bonds Series 2020 (Ba3/BB-) | City of Detroit GO Bonds Series 2020 (Ba3/BB-) | City of Detroit GO Bonds Series 2020 (Ba3/BB-) |
| 205000 | 5.500 | 04/01/2045 | 207552 |
| 205000 | 5.500 | 04/01/2050 | 206308 |
| City of Detroit GO Bonds Series 2021 A (Ba3/BB-) | City of Detroit GO Bonds Series 2021 A (Ba3/BB-) | City of Detroit GO Bonds Series 2021 A (Ba3/BB-) | City of Detroit GO Bonds Series 2021 A (Ba3/BB-) |
| 45000 | 5.000 | 04/01/2030 | 46669 |
| 40000 | 5.000 | 04/01/2032 | 41227 |
| 150000 | 5.000 | 04/01/2034 | 152932 |
| 60000 | 5.000 | 04/01/2036 | 60290 |
| 50000 | 5.000 | 04/01/2038 | 49320 |
| City of Detroit GO Bonds Series 2021 B (Ba3/BB-) | City of Detroit GO Bonds Series 2021 B (Ba3/BB-) | City of Detroit GO Bonds Series 2021 B (Ba3/BB-) | City of Detroit GO Bonds Series 2021 B (Ba3/BB-) |
| 50000 | 2.711 | 04/01/2026 | 45310 |
| Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)<sup>(a)</sup> |
| 400000 | 4.000 | 04/01/2044 | 286892 |
| Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) |
| 100000 | 5.000 | 05/15/2037 | 95647 |
| Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) |
| 25000 | 4.000 | 11/15/2031 | 23091 |
| Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) |
| 100000 | 4.000 | 02/01/2042 | 82610 |
| Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR) | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR) |
| 225000 | 5.000 | 06/01/2040 | 227627 |
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) |
| 325000 | 3.267 | 06/01/2039 | 269539 |
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-) |
| 60000 | 5.000 | 06/01/2049 | 59312 |
| Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(f)</sup> | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(f)</sup> | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(f)</sup> | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)<sup>(f)</sup> |
| 4505000 | 0.000 | 06/01/2065 | 390585 |
| Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(f)</sup> | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(f)</sup> | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(f)</sup> | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)<sup>(f)</sup> |
| 1150000 | 0.000 | 06/01/2058 | 44979 |
| Universal Academy RB Refunding Series 2021 (NR/BBB-) | Universal Academy RB Refunding Series 2021 (NR/BBB-) | Universal Academy RB Refunding Series 2021 (NR/BBB-) | Universal Academy RB Refunding Series 2021 (NR/BBB-) |
| 50000 | 4.000 | 12/01/2031 | 47335 |
|  |  |  | 3531413 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Minnesota – 0.8%** | **Minnesota – 0.8%** | **Minnesota – 0.8%** | **Minnesota – 0.8%** |
| City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) | City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) | City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) | City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) |
| 75000 | 4.000% | 07/01/2031 | $68018 |
| Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) |
| 380000 | 4.000 | 06/15/2037 | 345930 |
| 390000 | 4.000 | 06/15/2038 | 350349 |
| 250000 | 4.000 | 06/15/2039 | 222031 |
| Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR) | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Ba2/NR) |
| 25000 | 4.000 | 03/01/2032 | 23197 |
| Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (NR/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (NR/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (NR/NR) | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (NR/NR) |
| 330000 | 4.000 | 12/01/2026 | 333377 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342902 |
| **Mississippi – 0.5%** | **Mississippi – 0.5%** | **Mississippi – 0.5%** | **Mississippi – 0.5%** |
| Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(g)</sup> | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(g)</sup> | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(g)</sup> | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(g)</sup> |
| 375000 | 2.650 | 04/01/2027 | 350259 |
| Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A) | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A) |
| 200000 | 2.375 | 06/01/2044 | 132129 |
| Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(d)</sup> | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(d)</sup> | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(d)</sup> | Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)<sup>(d)</sup> |
| 100000 | 5.000 | 10/01/2033 | 103594 |
| 200000 | 4.000 | 10/01/2041 | 164924 |
| Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(g)</sup> | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(g)</sup> | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(g)</sup> | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(g)</sup> |
| 75000 | 1.600 | 06/16/2025 | 70305 |
|  |  |  | 821211 |
| **Missouri – 0.3%** | **Missouri – 0.3%** | **Missouri – 0.3%** | **Missouri – 0.3%** |
| Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) | Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-) |
| 50000 | 4.000 | 03/01/2041 | 43336 |
| Industrial Development Authority of The City of St Louis Missouri (The) | Industrial Development Authority of The City of St Louis Missouri (The) | Industrial Development Authority of The City of St Louis Missouri (The) | Industrial Development Authority of The City of St Louis Missouri (The) |
| 100000 | 5.000 | 05/15/2041 | 96956 |
| Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) | Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) | Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) | Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) |
| 25000 | 3.500 | 11/01/2040 | 20834 |
| 25000 | 4.250 | 11/01/2050 | 19823 |
| Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR) |
| 25000 | 4.000 | 08/01/2036 | 21771 |
| 25000 | 4.000 | 08/01/2041 | 20417 |
| St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (NR/A) | St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (NR/A) | St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (NR/A) | St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (NR/A) |
| 100000 | 5.000 | 04/01/2048 | 101317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(g)</sup> | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(g)</sup> | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(g)</sup> | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(g)</sup> |
| 250000 | 3.500% | 07/01/2025 | $247960 |
|  |  |  | 572414 |
| **Nevada – 0.1%** | **Nevada – 0.1%** | **Nevada – 0.1%** | **Nevada – 0.1%** |
| City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) |
| 50000 | 3.125 | 06/01/2051 | 31790 |
| Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) |
| 100000 | 5.000 | 07/01/2040 | 99589 |
|  |  |  | 131379 |
| **New Hampshire – 0.6%** | **New Hampshire – 0.6%** | **New Hampshire – 0.6%** | **New Hampshire – 0.6%** |
| National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR) | National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR) | National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR) | National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR) |
| 500000 | 3.000 | 08/15/2046 | 373065 |
| National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-) | National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-) |
| 400000 | 4.000 | 12/01/2028 | 406612 |
| New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) |
| 225000 | 4.000 | 01/01/2041 | 188344 |
| New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)<sup>(a)(b)(g)</sup> | New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)<sup>(a)(b)(g)</sup> | New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)<sup>(a)(b)(g)</sup> | New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)<sup>(a)(b)(g)</sup> |
| 40000 | 2.800 | 10/02/2023 | 39811 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007832 |
| **New Jersey – 3.5%** | **New Jersey – 3.5%** | **New Jersey – 3.5%** | **New Jersey – 3.5%** |
| Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA) | Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA) | Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA) | Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA) |
| 125000 | 4.000 | 07/01/2047 | 115474 |
| New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB) | New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB) | New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB) | New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB) |
| 450000 | 4.000 | 06/15/2046 | 390011 |
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)<sup>(b)</sup> | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)<sup>(b)</sup> | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)<sup>(b)</sup> | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)<sup>(b)</sup> |
| 300000 | 5.500 | 12/15/2026 | 333677 |
| New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+) |
| 100000 | 5.250 | 09/15/2029 | 99350 |
| New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+) | New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+) |
| 100000 | 5.625 | 11/15/2030 | 100449 |
| New Jersey Educational Facilities Authority RB for Stevens Institute of Technology 2020 Series A (NR/BBB+) | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology 2020 Series A (NR/BBB+) | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology 2020 Series A (NR/BBB+) | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology 2020 Series A (NR/BBB+) |
| 25000 | 5.000 | 07/01/2035 | 26318 |
| New Jersey Health Care Facilities Financing Authority RB for St.. Joseph's Healthcare System Obligated Group Issue Series 2016 (BBB-/Baa3) | New Jersey Health Care Facilities Financing Authority RB for St.. Joseph's Healthcare System Obligated Group Issue Series 2016 (BBB-/Baa3) | New Jersey Health Care Facilities Financing Authority RB for St.. Joseph's Healthcare System Obligated Group Issue Series 2016 (BBB-/Baa3) | New Jersey Health Care Facilities Financing Authority RB for St.. Joseph's Healthcare System Obligated Group Issue Series 2016 (BBB-/Baa3) |
| 325000 | 5.000 | 07/01/2041 | 326427 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** |
| New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/AA)<sup>(f)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/AA)<sup>(f)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/AA)<sup>(f)</sup> | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (A3/AA)<sup>(f)</sup> |
| 975000 | 0.000% | 12/15/2034 | $595979 |
| New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) | New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1) |
| 215000 | 5.000 | 12/15/2033 | 229577 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> |
| 120000 | 0.000 | 12/15/2032 | 78935 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)<sup>(f)</sup> |
| 155000 | 0.000 | 12/15/2033 | 96683 |
| 2475000 | 0.000 | 12/15/2038 | 1138518 |
| New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB) |
| 90000 | 4.000 | 12/15/2031 | 91490 |
| 140000 | 5.000 | 12/15/2032 | 150364 |
| New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB) |
| 75000 | 3.000 | 06/15/2050 | 52687 |
| New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB) | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB) |
| 400000 | 3.500 | 06/15/2046 | 323206 |
| New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)<sup>(f)</sup> |
| 110000 | 0.000 | 12/15/2032 | 72357 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A3/BBB+) |
| 1000000 | 5.000 | 12/15/2028 | 1086840 |
| New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) |
| 100000 | 4.500 | 01/01/2048 | 101296 |
| 250000 | 5.250 | 01/01/2052 | 270726 |
| South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR) | South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR) | South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR) | South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR) |
| 20000 | 5.000 | 01/01/2037 | 20325 |
| South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1) |
| 100000 | 5.000 | 01/01/2048 | 96646 |
| Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+) |
| 150000 | 5.000 | 06/01/2046 | 143224 |
| Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(d)</sup> | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(d)</sup> | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(d)</sup> | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)<sup>(d)</sup> |
| 200000 | 6.750 | 12/01/2041 | 165872 |
|  |  |  | 6106431 |
| **New Mexico – 0.3%** | **New Mexico – 0.3%** | **New Mexico – 0.3%** | **New Mexico – 0.3%** |
| City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+) | City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+) | City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+) | City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+) |
| 200000 | 1.800 | 04/01/2029 | 167404 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Mexico – (continued)** | **New Mexico – (continued)** | **New Mexico – (continued)** | **New Mexico – (continued)** |
| Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(d)</sup> | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(d)</sup> | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(d)</sup> | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR\NR)<sup>(d)</sup> |
| 500000 | 4.250% | 05/01/2040 | $407421 |
|  |  |  | 574825 |
| **New York – 8.9%** | **New York – 8.9%** | **New York – 8.9%** | **New York – 8.9%** |
| Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) | Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) | Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) | Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) |
| 50000 | 1.625 | 11/01/2025 | 46263 |
| Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) |
| 110000 | 4.000 | 06/15/2029 | 108647 |
| Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) |
| 100000 | 5.000 | 06/15/2042 | 94071 |
| Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) |
| 15000 | 5.000 | 07/01/2042 | 15139 |
| Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)<sup>(d)</sup> |
| 100000 | 5.000 | 12/01/2041 | 86941 |
| Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) |
| 150000 | 5.000 | 07/01/2042 | 152158 |
| Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) |
| 100000 | 4.000 | 06/15/2041 | 80946 |
| Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR)<sup>(d)</sup> |
| 100000 | 4.000 | 06/15/2027 | 91195 |
| Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)<sup>(d)</sup> |
| 100000 | 6.500 | 07/01/2032 | 102235 |
| 150000 | 6.500 | 07/01/2042 | 147883 |
| 100000 | 6.500 | 07/01/2052 | 96880 |
| Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(d)</sup> | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)<sup>(d)</sup> |
| 100000 | 9.750 | 07/01/2032 | 96620 |
| Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(d)</sup> | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(d)</sup> | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(d)</sup> | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)<sup>(d)</sup> |
| 100000 | 5.000 | 07/01/2040 | 96165 |
| 100000 | 5.000 | 07/01/2051 | 90586 |
| Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR) | Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR) | Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR) | Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR) |
| 500000 | 4.000 | 03/15/2039 | 487387 |
| Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(d)(f)</sup> | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(d)(f)</sup> | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(d)(f)</sup> | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)<sup>(d)(f)</sup> |
| 800000 | 0.000 | 06/01/2060 | 41774 |
| Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR) |
| 250000 | 5.000 | 12/01/2041 | 253469 |
| Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3\BBB+) | Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3\BBB+) | Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3\BBB+) | Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3\BBB+) |
| 250000 | 4.000 | 11/15/2047 | 207573 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |  |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |  |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |  |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+) |
| 75000 | 4.750% | 11/15/2045 | $70131 |  |
| 75000 | 5.000 | 11/15/2050 | 72055 |  |
| 75000 | 5.250 | 11/15/2055 | 74995 |  |
| Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+) | Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+) |  |
| 100000 | 4.000 | 11/15/2050 | 81325 |  |
| Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) |  |
| 100000 | 5.000 | 11/15/2029 | 104280 |  |
| 100000 | 5.000 | 11/15/2030 | 104726 |  |
| Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+) |  |
| 175000 | 5.250 | 11/15/2031 | 182874 |  |
| Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/BBB+) | Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/BBB+) |  |
| 250000 | 5.000 | 11/15/2032 | 257604 |  |
| Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3) | Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3) | Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3) | Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3) |  |
| 340000 | 5.250 | 11/15/2055 | 340018 |  |
| Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+) |  |
| 100000 | 5.000 | 11/15/2045 | 96430 |  |
| 500000 | 4.000 | 11/15/2047 | 415145 |  |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/BBB+) |  |
| 200000 | 5.250 | 11/15/2028 | 205895 |  |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) |  |
| 100000 | 5.000 | 11/15/2028 | 104395 |  |
| Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(f)</sup> | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(f)</sup> | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(f)</sup> | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)<sup>(f)</sup> |  |
| 2255000 | 0.000 | 06/01/2060 | 116645 |  |
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA) |  |
| 150000 | 3.000 | 01/01/2046 | 111725 |  |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA) |  |
| 75000 | 3.000 | 03/01/2036 | 65882 |  |
| 50000 | 4.000 | 03/01/2045 | 46531 |  |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR) |  |
| 50000 | 4.000 | 03/01/2045 | 44861 |  |
| New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(f)</sup> | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(f)</sup> | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(f)</sup> | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)<sup>(f)</sup> |  |
| 3500000 | 0.000 | 06/01/2060 | 173166 |  |
| New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) | New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) | New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) | New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) |  |
| 100000 | 3.500 | 02/15/2048 | 97289 |  |
| New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(d)</sup> | New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(d)</sup> | New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(d)</sup> | New York Liberty Development Corp. RB for 3 World Trade Center Project Series 2014 (NR/NR)<sup>(d)</sup> |  |
| 125000 | 5.150 | 11/15/2034 | 120793 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(d)</sup> | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(d)</sup> | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(d)</sup> | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)<sup>(d)</sup> |
| 150000 | 7.250% | 11/15/2044 | $150678 |
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(d)</sup> | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(d)</sup> | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(d)</sup> | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)<sup>(d)</sup> |
| 940000 | 5.000 | 11/15/2044 | 852805 |
| New York Port Authority Consolidated Bonds 273rd Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 273rd Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 273rd Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 273rd Series (Aa3/AA-) |
| 250000 | 4.000 | 07/15/2051 | 220374 |
| New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+) | New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+) | New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+) | New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+) |
| 1000000 | 4.000 | 03/15/2038 | 981064 |
| New York State Dormitory Authority RB for Brooklyn St. Joseph's College Series 2021 (NR/NR) | New York State Dormitory Authority RB for Brooklyn St. Joseph's College Series 2021 (NR/NR) | New York State Dormitory Authority RB for Brooklyn St. Joseph's College Series 2021 (NR/NR) | New York State Dormitory Authority RB for Brooklyn St. Joseph's College Series 2021 (NR/NR) |
| 200000 | 4.000 | 07/01/2035 | 192131 |
| 225000 | 4.000 | 07/01/2040 | 204961 |
| New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+) |
| 200000 | 5.000 | 07/01/2035 | 165749 |
| New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) |
| 250000 | 4.000 | 09/01/2037 | 220667 |
| New York State Dormitory Authority RB Refunding for St. John's University Series 2021 A (A3/A-) | New York State Dormitory Authority RB Refunding for St. John's University Series 2021 A (A3/A-) | New York State Dormitory Authority RB Refunding for St. John's University Series 2021 A (A3/A-) | New York State Dormitory Authority RB Refunding for St. John's University Series 2021 A (A3/A-) |
| 100000 | 4.000 | 07/01/2048 | 91171 |
| New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR) |
| 100000 | 3.000 | 03/15/2038 | 86170 |
| New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> | New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)<sup>(a)(b)</sup> |
| 250000 | 2.750 | 09/02/2025 | 235424 |
| New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> |
| 150000 | 1.100 | 05/01/2027 | 133662 |
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR) |
| 75000 | 4.000 | 12/01/2040 | 72612 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) |
| 25000 | 5.000 | 01/01/2023 | 25000 |
| 400000 | 5.000 | 01/01/2027 | 406647 |
| 210000 | 5.000 | 01/01/2029 | 214080 |
| 200000 | 5.000 | 01/01/2030 | 203798 |
| 545000 | 5.000 | 01/01/2031 | 554465 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR) |
| 130000 | 4.000 | 10/01/2030 | 125536 |
| 20000 | 5.000 | 10/01/2035 | 19891 |
| 150000 | 5.000 | 10/01/2040 | 144350 |
| 645000 | 4.375 | 10/01/2045 | 576593 |
| New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) |
| 25000 | 2.500 | 10/31/2031 | 20360 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| 25000 | 4.000% | 10/31/2034 | $23910 |
| 135000 | 4.000 | 10/31/2041 | 118474 |
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) |
| 25000 | 5.000 | 12/01/2034 | 26544 |
| 25000 | 5.000 | 12/01/2035 | 26352 |
| 50000 | 5.000 | 12/01/2037 | 52148 |
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) |
| 400000 | 5.250 | 01/01/2050 | 388707 |
| New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) |
| 200000 | 5.000 | 01/01/2028 | 203973 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-) |
| 15000 | 5.375 | 08/01/2036 | 14793 |
| New York Transportation Development Corp. Special Facility RB Series 2021 (NR\NR) | New York Transportation Development Corp. Special Facility RB Series 2021 (NR\NR) | New York Transportation Development Corp. Special Facility RB Series 2021 (NR\NR) | New York Transportation Development Corp. Special Facility RB Series 2021 (NR\NR) |
| 300000 | 3.000 | 08/01/2031 | 260824 |
| New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) | New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR) |
| 410000 | 5.000 | 08/01/2026 | 409970 |
| Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) |
| 135000 | 3.000 | 07/01/2044 | 88558 |
| Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) |
| 250000 | 4.000 | 07/01/2035 | 226913 |
| Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+) | Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+) |
| 130000 | 5.000 | 09/01/2034 | 138868 |
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)<sup>(a)(b)</sup> | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)<sup>(a)(b)</sup> | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)<sup>(a)(b)</sup> | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)<sup>(a)(b)</sup> |
| 500000 | 5.000 | 05/01/2026 | 523798 |
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3) |
| 325000 | 4.250 | 05/01/2052 | 296330 |
| 385000 | 5.000 | 05/01/2052 | 392616 |
| State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR) |
| 1000000 | 4.000 | 03/15/2047 | 934509 |
| Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-) | Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-) | Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-) | Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-) |
| 200000 | 4.000 | 06/01/2050 | 192572 |
|  |  |  | 15400744 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **North Carolina – 0.5%** | **North Carolina – 0.5%** | **North Carolina – 0.5%** | **North Carolina – 0.5%** |
| Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)<sup>(a)(b)(g)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)<sup>(a)(b)(g)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)<sup>(a)(b)(g)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)<sup>(a)(b)(g)</sup> |
| $75000 | 1.375% | 06/16/2025 | $69916 |
| Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2) |
| 275000 | 5.500 | 07/01/2047 | 292249 |
| North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) |
| 50000 | 4.000 | 09/01/2041 | 42144 |
| North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) |
| 75000 | 4.000 | 03/01/2036 | 62262 |
| 100000 | 4.000 | 03/01/2051 | 70154 |
| North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) | North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) |
| 50000 | 4.000 | 09/01/2041 | 39480 |
| North Carolina Turnpike Authority RB Refunding Series 2018 (AGM) (NR/AA) | North Carolina Turnpike Authority RB Refunding Series 2018 (AGM) (NR/AA) | North Carolina Turnpike Authority RB Refunding Series 2018 (AGM) (NR/AA) | North Carolina Turnpike Authority RB Refunding Series 2018 (AGM) (NR/AA) |
| 225000 | 5.000 | 01/01/2035 | 241117 |
|  |  |  | 817322 |
| **North Dakota – 0.2%** | **North Dakota – 0.2%** | **North Dakota – 0.2%** | **North Dakota – 0.2%** |
| City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) |
| 325000 | 3.250 | 08/01/2024 | 322717 |
| **Ohio – 2.7%** | **Ohio – 2.7%** | **Ohio – 2.7%** | **Ohio – 2.7%** |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-) |
| 50000 | 4.000 | 06/01/2039 | 46566 |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) |
| 875000 | 5.000 | 06/01/2055 | 759500 |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(f)</sup> | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(f)</sup> | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(f)</sup> | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)<sup>(f)</sup> |
| 1800000 | 0.000 | 06/01/2057 | 206007 |
| County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) |
| 310000 | 5.375 | 05/15/2037 | 297837 |
| County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR) | County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR) | County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR) | County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR) |
| 200000 | 4.000 | 07/01/2040 | 169348 |
| County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) |
| 100000 | 5.250 | 11/15/2040 | 91943 |
| County of Franklin RB Series OH 2019A (Aa3\AA-) | County of Franklin RB Series OH 2019A (Aa3\AA-) | County of Franklin RB Series OH 2019A (Aa3\AA-) | County of Franklin RB Series OH 2019A (Aa3\AA-) |
| 225000 | 4.000 | 12/01/2044 | 208317 |
| County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) |
| 200000 | 5.250 | 11/15/2048 | 174215 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** |
| County of Summit Green Local School District Improvement Bonds Series 2022A (NR/AA) | County of Summit Green Local School District Improvement Bonds Series 2022A (NR/AA) | County of Summit Green Local School District Improvement Bonds Series 2022A (NR/AA) | County of Summit Green Local School District Improvement Bonds Series 2022A (NR/AA) |
| 500000 | 5.000% | 11/01/2052 | $526269 |
| Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+) | Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+) | Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+) | Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+) |
| 150000 | 2.000 | 12/01/2031 | 131682 |
| Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) | Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) | Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) | Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) |
| 170000 | 3.750 | 12/01/2038 | 134423 |
| Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) |
| 175000 | 5.000 | 12/01/2035 | 180148 |
| 125000 | 5.000 | 12/01/2051 | 120238 |
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(g)</sup> | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(g)</sup> | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(g)</sup> | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(g)</sup> |
| 250000 | 4.250 | 06/01/2027 | 249308 |
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(g)</sup> | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(g)</sup> | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(g)</sup> | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(g)</sup> |
| 750000 | 4.250 | 06/01/2027 | 747925 |
| Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) |
| 100000 | 5.000 | 12/01/2042 | 93646 |
| 100000 | 5.000 | 12/01/2045 | 92062 |
| Ohio State Higher Education Facilities RB Series 2020 (NR/NR) | Ohio State Higher Education Facilities RB Series 2020 (NR/NR) | Ohio State Higher Education Facilities RB Series 2020 (NR/NR) | Ohio State Higher Education Facilities RB Series 2020 (NR/NR) |
| 100000 | 5.000 | 01/15/2050 | 98108 |
| Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)<sup>(a)(b)</sup> |
| 100000 | 4.375 | 06/15/2026 | 91978 |
| Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)<sup>(d)</sup> | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)<sup>(d)</sup> | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)<sup>(d)</sup> | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 4.250 | 12/01/2050 | 75445 |
| Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(d)</sup> | Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(d)</sup> | Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(d)</sup> | Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)<sup>(d)</sup> |
| 100000 | 6.500 | 12/01/2030 | 75164 |
| Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) | Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR) |
| 175000 | 4.000 | 01/01/2038 | 149877 |
|  |  |  | 4720006 |
| **Oklahoma – 0.3%** | **Oklahoma – 0.3%** | **Oklahoma – 0.3%** | **Oklahoma – 0.3%** |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+) |
| 35000 | 5.000 | 08/15/2038 | 31411 |
| 50000 | 5.500 | 08/15/2057 | 45126 |
| Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-) |
| 375000 | 5.500 | 08/15/2052 | 342703 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Oklahoma – (continued)** | **Oklahoma – (continued)** | **Oklahoma – (continued)** | **Oklahoma – (continued)** |
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)<sup>(a)(b)</sup> |
| 100000 | 5.000% | 06/01/2025 | $100236 |
|  |  |  | 519476 |
| **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** |
| Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR) | Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR) | Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR) | Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR) |
| 15000 | 1.750 | 11/15/2026 | 13742 |
| Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) |
| 125000 | 5.000 | 11/15/2051 | 95934 |
|  |  |  | 109676 |
| **Pennsylvania – 2.2%** | **Pennsylvania – 2.2%** | **Pennsylvania – 2.2%** | **Pennsylvania – 2.2%** |
| Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR) | Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR) | Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR) | Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR) |
| 125000 | 4.000 | 01/01/2039 | 116761 |
| 100000 | 4.000 | 01/01/2040 | 92471 |
| Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR) | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR) |
| 90000 | 5.250 | 09/01/2035 | 90357 |
| Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) |
| 100000 | 1.830 | 05/01/2023 | 98390 |
| 100000 | 2.100 | 05/01/2024 | 93679 |
| 75000 | 5.000 | 05/01/2029 | 78516 |
| 50000 | 5.000 | 05/01/2030 | 52286 |
| 50000 | 5.000 | 05/01/2031 | 52309 |
| Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-) | Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-) | Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-) | Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-) |
| 100000 | 4.000 | 11/01/2047 | 56034 |
| Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR) | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR) |
| 275000 | 4.000 | 07/01/2051 | 199826 |
| City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) |
| 100000 | 5.000 | 05/01/2047 | 94043 |
| City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR) | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR) |
| 100000 | 4.000 | 03/01/2042 | 82981 |
| Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(d)</sup> | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(d)</sup> | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(d)</sup> | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)<sup>(d)</sup> |
| 100000 | 5.875 | 10/15/2040 | 98849 |
| 200000 | 6.250 | 10/15/2053 | 200072 |
| Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) | Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) | Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) | Lancaster County Hospital Authority RB Refunding for St. Anne's Retirement Community Obligated Group Series 2020 (NR/NR) |
| 100000 | 5.000 | 03/01/2040 | 87810 |
| Lancaster County Hospital Authority RB Series 2020 (NR\NR) | Lancaster County Hospital Authority RB Series 2020 (NR\NR) | Lancaster County Hospital Authority RB Series 2020 (NR\NR) | Lancaster County Hospital Authority RB Series 2020 (NR\NR) |
| 250000 | 5.000 | 03/01/2050 | 205450 |
| Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) |
| 250000 | 4.000 | 03/01/2038 | 217620 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR) |
| 100000 | 5.000% | 11/15/2045 | $96173 |
| Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) |
| 100000 | 4.000 | 07/01/2033 | 92840 |
| 55000 | 4.000 | 07/01/2041 | 46869 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> |
| 260000 | 1.100 | 11/02/2026 | 227303 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/AA) |
| 250000 | 5.000 | 12/31/2057 | 247956 |
| Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (NR/NR) |
| 350000 | 5.750 | 06/30/2048 | 364420 |
| 100000 | 5.250 | 06/30/2053 | 97915 |
| Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) | Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) | Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) | Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) |
| 80000 | 5.250 | 12/01/2044 | 85181 |
| Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) | Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) | Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) | Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+) |
| 100000 | 5.125 | 06/15/2042 | 91209 |
| Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)<sup>(d)</sup> | Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)<sup>(d)</sup> | Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)<sup>(d)</sup> | Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)<sup>(d)</sup> |
| 140000 | 5.000 | 06/15/2030 | 141257 |
| The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) |
| 100000 | 5.000 | 10/01/2049 | 87353 |
| The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) | The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) | The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) | The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-) |
| 290000 | 5.000 | 11/01/2040 | 204122 |
| Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR)<sup>(d)</sup> | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR)<sup>(d)</sup> | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR)<sup>(d)</sup> | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR)<sup>(d)</sup> |
| 30000 | 6.000 | 07/01/2029 | 28648 |
| Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR) |
| 50000 | 5.000 | 07/01/2030 | 53454 |
|  |  |  | 3782154 |
| **Puerto Rico – 8.3%** | **Puerto Rico – 8.3%** | **Puerto Rico – 8.3%** | **Puerto Rico – 8.3%** |
| HTA Trust Certificates Class L-2028 Units (NR/NR) | HTA Trust Certificates Class L-2028 Units (NR/NR) | HTA Trust Certificates Class L-2028 Units (NR/NR) | HTA Trust Certificates Class L-2028 Units (NR/NR) |
| 522273 | 5.250 | 07/01/2038 | 514364 |
| Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(d)</sup> | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(d)</sup> | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(d)</sup> | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR\NR)<sup>(d)</sup> |
| 250000 | 5.000 | 07/01/2035 | 238277 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(d)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(d)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(d)</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)<sup>(d)</sup> |
| 600000 | 5.000 | 07/01/2047 | 540504 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(d)</sup> | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(d)</sup> | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(d)</sup> | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)<sup>(d)</sup> |
| 350000 | 4.000% | 07/01/2042 | $280516 |
| Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a)(c)(i)</sup> |
| 696619 | 0.000 | 11/01/2043 | 304771 |
| Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)<sup>(a)(c)(i)</sup> |
| 142349 | 0.000 | 11/01/2051 | 47865 |
| Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(c)(i)</sup> | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)<sup>(a)(c)(i)</sup> |
| 98677 | 0.000 | 11/01/2051 | 43171 |
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR)<sup>(f)</sup> | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR)<sup>(f)</sup> | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR)<sup>(f)</sup> | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR)<sup>(f)</sup> |
| 169722 | 5.250 | 07/01/2023 | 169722 |
| 48994 | 0.000 | 07/01/2024 | 45409 |
| 163993 | 5.375 | 07/01/2025 | 165229 |
| 322380 | 5.625 | 07/01/2029 | 329863 |
| 155281 | 5.750 | 07/01/2031 | 160556 |
| 514493 | 0.000 | 07/01/2033 | 278115 |
| 322248 | 4.000 | 07/01/2033 | 279408 |
| 132356 | 4.000 | 07/01/2035 | 111389 |
| 223596 | 4.000 | 07/01/2037 | 182916 |
| 729448 | 4.000 | 07/01/2041 | 571157 |
| 435624 | 4.000 | 07/01/2046 | 326581 |
| Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022A (NR/NR) |
| 15532 | 5.000 | 07/01/2062 | 14309 |
| Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(f)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022B (NR/NR)<sup>(f)</sup> |
| 10093 | 0.000 | 07/01/2032 | 5993 |
| Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(c)</sup> | Puerto Rico Commonwealth Highway & Transportation Authority Restructured Toll RB Series 2022C (NR/NR)<sup>(c)</sup> |
| 17266 | 0.000 | 07/01/2053 | 9539 |
| Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)<sup>\*</sup> |
| 250000 | 5.050 | 07/01/2042 | 181875 |
| Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)<sup>\*</sup> |
| 150000 | 7.000 | 07/01/2040 | 112500 |
| Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)<sup>\*</sup> |
| 100000 | 5.250 | 07/01/2031 | 73250 |
| Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)<sup>\*</sup> |
| 340000 | 5.250 | 07/01/2027 | 249050 |
| 415000 | 5.000 | 07/01/2028 | 302950 |
| Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)<sup>\*</sup> |
| 100000 | 5.000 | 07/01/2032 | 73000 |
| Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)<sup>\*</sup> |
| 300000 | 5.250 | 07/01/2040 | 219750 |
| Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> | Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)<sup>\*</sup> |
| 145000 | 4.250 | 07/01/2020 | 102769 |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR) |
| 325000 | 4.550 | 07/01/2040 | 298161 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) |
| 70000 | 4.329% | 07/01/2040 | $63059 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> |
| 13000 | 0.000 | 07/01/2024 | 12127 |
| 27000 | 0.000 | 07/01/2027 | 21843 |
| 91000 | 0.000 | 07/01/2029 | 66316 |
| 608000 | 0.000 | 07/01/2033 | 353675 |
| 1776000 | 0.000 | 07/01/2046 | 437592 |
| 190000 | 0.000 | 07/01/2051 | 34203 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 2906000 | 4.329 | 07/01/2040 | 2617836 |
| 15000 | 4.536 | 07/01/2053 | 12788 |
| 15000 | 4.784 | 07/01/2058 | 13014 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 245000 | 4.500 | 07/01/2034 | 231124 |
| 37000 | 4.550 | 07/01/2040 | 33944 |
| 1465000 | 4.750 | 07/01/2053 | 1294983 |
| 3320000 | 5.000 | 07/01/2058 | 3014328 |
|  |  |  | 14439791 |
| **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** |
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) |
| 250000 | 5.000 | 10/01/2042 | 260100 |
| **South Carolina – 0.9%** | **South Carolina – 0.9%** | **South Carolina – 0.9%** | **South Carolina – 0.9%** |
| Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)<sup>(d)</sup> | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)<sup>(d)</sup> | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)<sup>(d)</sup> | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.625 | 11/01/2031 | 82753 |
| 100000 | 3.750 | 11/01/2036 | 76920 |
| South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(d)</sup> | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(d)</sup> | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(d)</sup> | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)<sup>(d)</sup> |
| 100000 | 5.125 | 06/15/2042 | 91101 |
| South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) |
| 480000 | 5.750 | 12/01/2047 | 521750 |
| Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA) |
| 75000 | 5.000 | 04/15/2035 | 81169 |
| 175000 | 4.000 | 04/15/2036 | 176534 |
| 795000 | 3.000 | 04/15/2049 | 563113 |
|  |  |  | 1593340 |
| **South Dakota – 0.0%** | **South Dakota – 0.0%** | **South Dakota – 0.0%** | **South Dakota – 0.0%** |
| County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) | County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) | County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) | County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-) |
| 50000 | 4.000 | 08/01/2051 | 39150 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – 8.2%** | **Texas – 8.2%** | **Texas – 8.2%** | **Texas – 8.2%** |
| Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) |
| 100000 | 5.625% | 08/15/2052 | $89153 |
| Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) |
| 25000 | 5.000 | 08/15/2025 | 25224 |
| Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B) | Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B) | Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B) | Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B) |
| 35000 | 5.000 | 01/01/2023 | 35000 |
| Central Texas Regional Mobility Authority RB Series 2021 C (Baa1/BBB+) | Central Texas Regional Mobility Authority RB Series 2021 C (Baa1/BBB+) | Central Texas Regional Mobility Authority RB Series 2021 C (Baa1/BBB+) | Central Texas Regional Mobility Authority RB Series 2021 C (Baa1/BBB+) |
| 100000 | 5.000 | 01/01/2027 | 104991 |
| City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(d)</sup> | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(d)</sup> | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(d)</sup> | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)<sup>(d)</sup> |
| 301000 | 3.750 | 09/15/2031 | 251503 |
| 157000 | 4.500 | 09/15/2031 | 141853 |
| City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 100000 | 5.750 | 09/01/2042 | 98145 |
| City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> |
| 50000 | 3.375 | 09/01/2041 | 38581 |
| City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 50000 | 4.250 | 09/01/2041 | 42306 |
| 55000 | 4.500 | 09/01/2050 | 45751 |
| City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 100000 | 4.875 | 09/01/2042 | 91929 |
| City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(d)</sup> | City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(d)</sup> | City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(d)</sup> | City of Celina Special Assessment RB Series 2022 (NR\NR)<sup>(d)</sup> |
| 100000 | 3.625 | 09/01/2032 | 85142 |
| City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 530000 | 5.500 | 09/15/2032 | 536997 |
| City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+) |
| 500000 | 4.000 | 11/01/2041 | 478779 |
| City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(d)</sup> | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(d)</sup> | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(d)</sup> | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)<sup>(d)</sup> |
| 428000 | 4.625 | 09/01/2027 | 418165 |
| City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.375 | 08/15/2030 | 86607 |
| City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.375 | 08/15/2031 | 84677 |
| City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 317000 | 5.875 | 08/15/2042 | 310732 |
| City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> |
| 75000 | 4.250 | 08/15/2042 | 65546 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.625% | 09/15/2027 | $94556 |
| City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 2.625 | 09/01/2026 | 89989 |
| City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR\NR) | City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR\NR) | City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR\NR) | City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR\NR) |
| 300000 | 4.000 | 07/15/2041 | 254198 |
| City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)<sup>(d)</sup> |
| 519000 | 3.625 | 09/01/2041 | 400555 |
| City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(d)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(d)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(d)</sup> | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.500 | 09/01/2041 | 76575 |
| City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.875 | 09/01/2041 | 79089 |
| City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.375 | 09/01/2031 | 83381 |
| City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 200000 | 4.125 | 09/01/2041 | 174399 |
| City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) |
| 500000 | 2.500 | 09/15/2039 | 361048 |
| City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 430000 | 5.000 | 09/15/2027 | 425404 |
| City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA) | City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA) | City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA) | City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA) |
| 50000 | 2.500 | 09/15/2035 | 39194 |
| City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.875 | 09/15/2041 | 79898 |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(d)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(d)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(d)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)<sup>(d)</sup> |
| 100000 | 5.250 | 09/15/2042 | 93472 |
| City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 150000 | 6.000 | 09/15/2042 | 146432 |
| City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 265000 | 2.750 | 09/01/2031 | 217089 |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 100000 | 5.750 | 09/15/2032 | 98677 |
| 100000 | 5.500 | 09/15/2042 | 96495 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 100000 | 5.500% | 09/15/2042 | $96495 |
| City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(d)</sup> | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(d)</sup> | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(d)</sup> | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)<sup>(d)</sup> |
| 350000 | 5.375 | 09/15/2027 | 349396 |
| 410000 | 5.625 | 09/15/2032 | 410476 |
| City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> |
| 125000 | 4.375 | 09/15/2051 | 99279 |
| City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)<sup>(d)</sup> |
| 125000 | 4.000 | 09/15/2051 | 96597 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 52000 | 4.250 | 09/01/2042 | 45588 |
| City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)<sup>(d)</sup> |
| 98000 | 2.875 | 09/01/2025 | 93014 |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) |
| 100000 | 4.875 | 09/01/2039 | 95735 |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> |
| 25000 | 3.375 | 09/01/2041 | 18846 |
| City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 75000 | 5.125 | 09/01/2042 | 71525 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)<sup>(d)</sup> |
| 150000 | 2.750 | 09/01/2025 | 141834 |
| 100000 | 3.750 | 09/01/2040 | 80659 |
| City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)<sup>(d)</sup> |
| 50000 | 3.250 | 09/01/2041 | 36834 |
| City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 409000 | 3.375 | 09/15/2041 | 303313 |
| City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(d)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(d)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(d)</sup> | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)<sup>(d)</sup> |
| 75000 | 2.625 | 09/15/2025 | 71159 |
| 50000 | 3.375 | 09/15/2030 | 44548 |
| City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(d)</sup> | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(d)</sup> | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(d)</sup> | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)<sup>(d)</sup> |
| 100000 | 3.250 | 09/15/2030 | 86248 |
| City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> |
| 291000 | 4.625 | 09/01/2032 | 275754 |
| City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR)<sup>(d)</sup> |
| 250000 | 6.625 | 09/01/2052 | 258249 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 136000 | 2.625% | 09/15/2026 | $122259 |
| City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 302000 | 5.125 | 08/15/2032 | 299498 |
| Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)<sup>(d)</sup> | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)<sup>(d)</sup> | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)<sup>(d)</sup> | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)<sup>(d)</sup> |
| 50000 | 3.250 | 09/01/2041 | 36834 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-) |
| 25000 | 2.500 | 10/01/2031 | 20760 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(d)</sup> | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(d)</sup> | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(d)</sup> | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)<sup>(d)</sup> |
| 100000 | 3.500 | 10/01/2031 | 83973 |
| Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR) |
| 50000 | 4.000 | 10/01/2041 | 49000 |
| 50000 | 4.000 | 10/01/2046 | 46391 |
| County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(d)</sup> | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(d)</sup> | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(d)</sup> | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 100000 | 4.500 | 09/01/2041 | 83844 |
| Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(d)</sup> | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(d)</sup> | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(d)</sup> | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)<sup>(d)</sup> |
| 100000 | 5.000 | 08/15/2044 | 91200 |
| Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) | Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) |
| 75000 | 3.125 | 08/15/2036 | 58636 |
| 70000 | 3.250 | 08/15/2041 | 51858 |
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-) |
| 175000 | 5.000 | 05/15/2030 | 191147 |
| Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 283000 | 4.875 | 09/15/2032 | 279112 |
| Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) | Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) | Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) | Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B) |
| 200000 | 5.000 | 07/15/2028 | 202598 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR) |
| 100000 | 5.000 | 07/15/2027 | 101454 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR) |
| 150000 | 5.000 | 07/15/2027 | 152242 |
| Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) |
| 320000 | 2.250 | 09/01/2030 | 270238 |
| Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) | Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) | Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) | Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) |
| 35000 | 5.000 | 05/15/2030 | 38993 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(d)</sup> | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(d)</sup> | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(d)</sup> | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)<sup>(d)</sup> |
| 100000 | 4.625% | 10/01/2031 | $96198 |
| Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) |
| 100000 | 5.250 | 02/15/2030 | 99733 |
| New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(d)</sup> | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(d)</sup> | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(d)</sup> | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)<sup>(d)</sup> |
| 75000 | 4.000 | 08/15/2036 | 64835 |
| New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR\NR) |
| 100000 | 4.000 | 11/01/2055 | 72792 |
| New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) | New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) |
| 225000 | 5.500 | 01/01/2057 | 162155 |
| North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 200000 | 3.000 | 09/15/2026 | 185150 |
| 300000 | 3.625 | 09/15/2031 | 263838 |
| North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) | North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A) |
| 50000 | 4.000 | 01/01/2040 | 48216 |
| Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(d)</sup> | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(d)</sup> | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(d)</sup> | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)<sup>(d)</sup> |
| 100000 | 1.875 | 01/01/2026 | 90587 |
| 150000 | 2.500 | 01/01/2030 | 121500 |
| 175000 | 3.000 | 01/01/2050 | 102840 |
| Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)<sup>(d)</sup> | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)<sup>(d)</sup> | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)<sup>(d)</sup> | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)<sup>(d)</sup> |
| 500000 | 4.100 | 01/01/2028 | 406619 |
| Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR) |
| 450000 | 5.000 | 06/30/2058 | 429195 |
| Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)<sup>(d)</sup> | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)<sup>(d)</sup> | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)<sup>(d)</sup> | Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)<sup>(d)</sup> |
| 645000 | 2.625 | 09/01/2026 | 584508 |
| Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)<sup>(d)</sup> |
| 200000 | 5.250 | 09/15/2042 | 187166 |
| Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)<sup>(d)</sup> |
| 281000 | 2.875 | 09/01/2031 | 228288 |
| Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) | Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) | Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) | Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR) |
| 100000 | 3.000 | 09/01/2034 | 85448 |
| Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) |
| 50000 | 2.875 | 12/01/2030 | 41731 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) |
| 285000 | 2.000% | 08/15/2028 | $253048 |
|  |  |  | 14220965 |
| **Utah – 1.1%** | **Utah – 1.1%** | **Utah – 1.1%** | **Utah – 1.1%** |
| Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(d)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(d)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(d)</sup> | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)<sup>(d)</sup> |
| 500000 | 3.500 | 03/01/2036 | 409793 |
| Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2) | Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2) | Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2) | Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2) |
| 500000 | 5.250 | 07/01/2048 | 511660 |
| Salt Lake City International Airport RB Series 2021A (A2/A) | Salt Lake City International Airport RB Series 2021A (A2/A) | Salt Lake City International Airport RB Series 2021A (A2/A) | Salt Lake City International Airport RB Series 2021A (A2/A) |
| 500000 | 4.000 | 07/01/2051 | 429399 |
| Salt Lake City Public Utilities RB Series 2022 (Aa1/AAA) | Salt Lake City Public Utilities RB Series 2022 (Aa1/AAA) | Salt Lake City Public Utilities RB Series 2022 (Aa1/AAA) | Salt Lake City Public Utilities RB Series 2022 (Aa1/AAA) |
| 210000 | 5.000 | 02/01/2052 | 225939 |
| Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(d)</sup> | Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(d)</sup> | Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(d)</sup> | Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)<sup>(d)</sup> |
| 250000 | 5.750 | 06/15/2052 | 239076 |
| Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(d)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(d)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(d)</sup> | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR\BB)<sup>(d)</sup> |
| 100000 | 4.000 | 07/15/2037 | 81037 |
|  |  |  | 1896904 |
| **Vermont – 0.1%** | **Vermont – 0.1%** | **Vermont – 0.1%** | **Vermont – 0.1%** |
| Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(d)</sup> | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(d)</sup> | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(d)</sup> | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)<sup>(a)(b)(d)</sup> |
| 150000 | 5.000 | 06/01/2027 | 149057 |
| **Virginia – 0.5%** | **Virginia – 0.5%** | **Virginia – 0.5%** | **Virginia – 0.5%** |
| Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(f)</sup> | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)<sup>(f)</sup> |
| 300000 | 0.000 | 06/01/2047 | 71688 |
| Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-) |
| 25000 | 4.000 | 06/01/2036 | 22694 |
| Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) |
| 250000 | 3.100 | 12/01/2045 | 195157 |
| Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR) |
| 50000 | 5.000 | 12/31/2049 | 47536 |
| 100000 | 5.000 | 12/31/2056 | 93070 |
| Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1\NR) | Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1\NR) | Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1\NR) | Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1\NR) |
| 125000 | 5.000 | 12/31/2047 | 125741 |
| Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR\BBB-) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR\BBB-) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR\BBB-) | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR\BBB-) |
| 300000 | 4.000 | 01/01/2048 | 249875 |
|  |  |  | 805761 |
| **Washington – 1.0%** | **Washington – 1.0%** | **Washington – 1.0%** | **Washington – 1.0%** |
| City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1) | City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1) | City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1) | City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1) |
| 125000 | 4.000 | 09/01/2036 | 129169 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Washington – (continued)** | **Washington – (continued)** | **Washington – (continued)** | **Washington – (continued)** |
| 150000 | 4.000% | 09/01/2037 | $153359 |
| Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) |
| 215000 | 5.000 | 05/01/2042 | 219353 |
| Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) | Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) |
| 225000 | 5.000 | 04/01/2039 | 233576 |
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1\A+) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1\A+) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1\A+) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1\A+) |
| 700000 | 4.000 | 08/01/2041 | 636394 |
| State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa) | State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa) | State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa) | State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa) |
| 200000 | 5.000 | 07/01/2025 | 206633 |
| Washington State Convention Center Public Facilities District Lodging Tax RB Series 2018 (BAM-TCRS) (Baa3/AA) | Washington State Convention Center Public Facilities District Lodging Tax RB Series 2018 (BAM-TCRS) (Baa3/AA) | Washington State Convention Center Public Facilities District Lodging Tax RB Series 2018 (BAM-TCRS) (Baa3/AA) | Washington State Convention Center Public Facilities District Lodging Tax RB Series 2018 (BAM-TCRS) (Baa3/AA) |
| 120000 | 4.000 | 07/01/2058 | 106617 |
|  |  |  | 1685101 |
| **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** |
| Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)<sup>(d)</sup> | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)<sup>(d)</sup> | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)<sup>(d)</sup> | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)<sup>(d)</sup> |
| 100000 | 4.125 | 06/01/2043 | 86801 |
| West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)<sup>(a)(b)</sup> | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)<sup>(a)(b)</sup> |
| 100000 | 4.125 | 07/01/2025 | 97608 |
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(g)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(g)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(g)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(g)</sup> |
| 500000 | 3.000 | 06/18/2027 | 474336 |
|  |  |  | 658745 |
| **Wisconsin – 1.6%** | **Wisconsin – 1.6%** | **Wisconsin – 1.6%** | **Wisconsin – 1.6%** |
| Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(d)</sup> | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(d)</sup> | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(d)</sup> | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)<sup>(d)</sup> |
| 100000 | 5.875 | 06/01/2052 | 95882 |
| Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(d)</sup> | Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(d)</sup> | Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(d)</sup> | Public Finance Authority Charter School RB Series 2021A (NR/NR)<sup>(d)</sup> |
| 510000 | 5.000 | 06/15/2041 | 409724 |
| Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(d)</sup> | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(d)</sup> | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(d)</sup> | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)<sup>(d)</sup> |
| 360000 | 5.000 | 06/15/2032 | 352043 |
| Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(d)</sup> | Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(d)</sup> | Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(d)</sup> | Public Finance Authority Education RB Series 2022 (NR\NR)<sup>(d)</sup> |
| 100000 | 5.000 | 01/01/2042 | 90118 |
| Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB) |
| 190000 | 4.300 | 11/01/2030 | 182295 |
| Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB) | Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB) | Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB) | Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB) |
| 25000 | 5.000 | 07/01/2038 | 25850 |
| 25000 | 5.000 | 07/01/2041 | 25609 |
| Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(d)</sup> | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(d)</sup> | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(d)</sup> | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)<sup>(d)</sup> |
| 50000 | 5.000 | 12/01/2045 | 44756 |
| Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)<sup>(d)</sup> | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)<sup>(d)</sup> | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)<sup>(d)</sup> | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)<sup>(d)</sup> |
| 100000 | 5.000 | 06/01/2061 | 81143 |

---

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** |
| Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)<sup>(d)</sup> |
| 100000 | 4.000% | 03/01/2030 | $90609 |
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(d)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(d)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(d)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)<sup>(d)</sup> |
| 250000 | 5.625 | 06/01/2050 | 194729 |
| Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(d)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(d)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(d)</sup> | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)<sup>(d)</sup> |
| 290000 | 6.500 | 06/01/2045 | 220772 |
| Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(d)</sup> | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(d)</sup> | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(d)</sup> | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)<sup>(d)</sup> |
| 100000 | 6.000 | 07/01/2031 | 85693 |
| Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(d)</sup> | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(d)</sup> | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(d)</sup> | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)<sup>(d)</sup> |
| 150000 | 4.500 | 07/01/2048 | 117703 |
| Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(d)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(d)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(d)</sup> | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)<sup>(d)</sup> |
| 25000 | 6.125 | 10/01/2049 | 22238 |
| Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR) | Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR) | Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR) | Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR) |
| 205000 | 5.000 | 11/15/2041 | 201547 |
| Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(d)</sup> | Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(d)</sup> | Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(d)</sup> | Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)<sup>(d)</sup> |
| 50000 | 4.000 | 07/01/2041 | 40560 |
| 150000 | 4.000 | 07/01/2051 | 110580 |
| Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) |
| 45000 | 3.000 | 12/01/2031 | 38563 |
| 75000 | 4.000 | 12/01/2041 | 57187 |
| Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(e)</sup> | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(e)</sup> | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(e)</sup> | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(e)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.18%) | (SIFMA Municipal Swap Index Yield + 0.18%) | (SIFMA Municipal Swap Index Yield + 0.18%) | (SIFMA Municipal Swap Index Yield + 0.18%) |
| 175000 | 3.310 | 07/01/2026 | 169164 |
| Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-) | Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-) |
| 200000 | 5.000 | 02/01/2042 | 192592 |
|  |  |  | 2849357 |
| **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** |  |
| **(Cost $187,067,039)** | **(Cost $187,067,039)** | **(Cost $187,067,039)** | $167508718 |
| **Corporate Bonds – 0.9%** | **Corporate Bonds – 0.9%** | **Corporate Bonds – 0.9%** | **Corporate Bonds – 0.9%** |
| **Healthcare – Services – 0.1%** | **Healthcare – Services – 0.1%** | **Healthcare – Services – 0.1%** | **Healthcare – Services – 0.1%** |
| Toldeo Hospital RB Series 2022 B (Ba2/BB) | Toldeo Hospital RB Series 2022 B (Ba2/BB) | Toldeo Hospital RB Series 2022 B (Ba2/BB) | Toldeo Hospital RB Series 2022 B (Ba2/BB) |
| 75000 | 5.325 | 11/15/28 | 58864 |
| Tower Health Series (BB-/NR) | Tower Health Series (BB-/NR) | Tower Health Series (BB-/NR) | Tower Health Series (BB-/NR) |
| 50000 | 4.451 | 02/01/50 | 24028 |
|  |  |  | 82892 |
| **Real Estate – 0.8%** | **Real Estate – 0.8%** | **Real Estate – 0.8%** | **Real Estate – 0.8%** |
| Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)<sup>(j)</sup> |
| 51655 | 9.750 | 12/01/39 | 48224 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
|  **Real Estate – (continued)** | **Real Estate – (continued)** | **Real Estate – (continued)** | **Real Estate – (continued)** | **Real Estate – (continued)** |
|  Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(d)(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(d)(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(d)(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(d)(j)</sup> | Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)<sup>(d)(j)</sup> |
|  $ | 51655 | 9.750% | 12/01/39 | $48225 |
|  Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(d)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(d)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(d)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(d)(j)</sup> | Benloch Ranch Improvement Association No. 2 (NR/NR)<sup>(d)(j)</sup> |
|  | 700000 | 10.000 | 12/01/51 | 632282 |
|  Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(d)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(d)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(d)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(d)(j)</sup> | Brixton Park Improvement Association No. 1 Series (NR/NR)<sup>(d)(j)</sup> |
|  | 782571 | 6.875 | 12/01/51 | 660928 |
|  |  |  |  | 1389659 |
| **TOTAL CORPORATE BONDS<br>(Cost $1,643,092)** | **TOTAL CORPORATE BONDS<br>(Cost $1,643,092)** | **TOTAL CORPORATE BONDS<br>(Cost $1,643,092)** | **TOTAL CORPORATE BONDS<br>(Cost $1,643,092)** | $1472551 |
| **TOTAL INVESTMENTS – 97.7%<br>(Cost $188,710,131)** | **TOTAL INVESTMENTS – 97.7%<br>(Cost $188,710,131)** | **TOTAL INVESTMENTS – 97.7%<br>(Cost $188,710,131)** | **TOTAL INVESTMENTS – 97.7%<br>(Cost $188,710,131)** | $168981269 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.3%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.3%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.3%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.3%** | 4019565 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $173000834 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Security is currently in default and/or non-income producing.

(a) Variable Rate Demand Instruments – rate shown is that which is in effect on December 31, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(b) Pre-refunded security. Maturity date disclosed is pre-refunding date.

(c) Zero coupon bond until next reset date.

(d) Exempt from registration under Rule 144A of the Securities Act of 1933.

(e) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022.

(f) Issued with a zero coupon. Income is recognized through the accretion of discount.

(g) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on December 31, 2022.

(h) When-issued security.

(i) Contingent value instrument that only pays out if a portion of the territory's Sales and Use Tax outperforms the projections in the Oversight Board's Certified Fiscal Plan.

(j) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

*December 31, 2022 (Unaudited)* 

 <br> 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:** | **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 |
| GO | — General Obligation |
| HUD SECT 8 | — Hud Section 8 |
| IDA | — Industrial Development Agency |
| LIBOR | — London Interbank Offered Rates |
| LT | — Limited Tax |
| NR | — Not Rated |
| RB | — Revenue Bond |
| SD CRED PROG | — School District Credit Program |
| SIFMA | — Securities Industry and Financial Markets Association |
| SONYMA | — State of New York Mortgage Agency |
| TCRS | — Transferable Custody Receipts |
| UT | — Unlimited Tax |
| WR | — Withdrawn Rating |

---

**FUTURES CONTRACTS** — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury 10 Year Ultra Note | (38) | 03/22/23 | $(4544156) | $64312 |
|  U.S. Treasury Ultra Bond | (28) | 03/22/23 | (3816974) | 78099 |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $142411 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

## Schedule of Investments
*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | | |
| **Municipal Bonds – 98.1%** | **Municipal Bonds – 98.1%** | **Maturity<br>Date** | **Value** |
| **Alabama – 2.0%** | **Alabama – 2.0%** | **Alabama – 2.0%** | **Alabama – 2.0%** |
| Black Belt Energy Gas District Gas Supply RB Series 2022 (NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Supply RB Series 2022 (NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Supply RB Series 2022 (NR/NR)<sup>(a)(b)</sup> | Black Belt Energy Gas District Gas Supply RB Series 2022 (NR/NR)<sup>(a)(b)</sup> |
| 15000000 | 4.000% | 06/01/2027 | $14895285 |
| Chatom Industrial Development Board Gulf Opportunity Zone Refunding Bonds for PowerSouth Energy Cooperative Projects Series 2020 (NR/AA) | Chatom Industrial Development Board Gulf Opportunity Zone Refunding Bonds for PowerSouth Energy Cooperative Projects Series 2020 (NR/AA) | Chatom Industrial Development Board Gulf Opportunity Zone Refunding Bonds for PowerSouth Energy Cooperative Projects Series 2020 (NR/AA) | Chatom Industrial Development Board Gulf Opportunity Zone Refunding Bonds for PowerSouth Energy Cooperative Projects Series 2020 (NR/AA) |
| 425000 | 5.000 | 08/01/2025 | 443536 |
| 550000 | 5.000 | 08/01/2027 | 586984 |
| 485000 | 5.000 | 08/01/2028 | 522703 |
| 485000 | 5.000 | 08/01/2029 | 526776 |
| 425000 | 5.000 | 08/01/2030 | 466285 |
| Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (A2/AA) | Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (A2/AA) | Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (A2/AA) | Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (A2/AA) |
| 225000 | 5.000 | 08/01/2023 | 227142 |
| 485000 | 5.000 | 08/01/2024 | 499863 |
| Houston County Healthcare Authority Hospital RB for Southeast Alabama Medical Center Series 2016-A (NR/BBB+) | Houston County Healthcare Authority Hospital RB for Southeast Alabama Medical Center Series 2016-A (NR/BBB+) | Houston County Healthcare Authority Hospital RB for Southeast Alabama Medical Center Series 2016-A (NR/BBB+) | Houston County Healthcare Authority Hospital RB for Southeast Alabama Medical Center Series 2016-A (NR/BBB+) |
| 2000000 | 5.000 | 10/01/2030 | 2041934 |
| Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 225000 | 2.000 | 10/01/2024 | 216508 |
| Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 675000 | 2.000 | 10/01/2024 | 649525 |
| Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 6500000 | 1.375 | 06/16/2025 | 6059426 |
| Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 1875000 | 2.000 | 10/01/2024 | 1804235 |
| Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 3335000 | 1.000 | 06/26/2025 | 3162520 |
| Jacksonville State University RB Refunding Series 2020 (A2/A-) | Jacksonville State University RB Refunding Series 2020 (A2/A-) | Jacksonville State University RB Refunding Series 2020 (A2/A-) | Jacksonville State University RB Refunding Series 2020 (A2/A-) |
| 315000 | 3.000 | 12/01/2023 | 313352 |
| 275000 | 4.000 | 12/01/2024 | 278848 |
| 375000 | 4.000 | 12/01/2025 | 383196 |
| 550000 | 4.000 | 12/01/2026 | 565307 |
| Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) | Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB) |
| 10220000 | 6.500 | 10/01/2053 | 10914955 |
| Southeast Alabama Gas Supply District Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> | Southeast Alabama Gas Supply District Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> | Southeast Alabama Gas Supply District Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> | Southeast Alabama Gas Supply District Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> |
| 27465000 | 4.000 | 06/01/2024 | 27368746 |
| The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)<sup>(b)(d)</sup> | The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)<sup>(b)(d)</sup> | The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)<sup>(b)(d)</sup> | The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)<sup>(b)(d)</sup> |
| (1M USD LIBOR + 0.85%) | (1M USD LIBOR + 0.85%) | (1M USD LIBOR + 0.85%) |  |
| 25105000 | 3.777 | 06/01/2024 | 24699582 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Alabama – (continued)** | **Alabama – (continued)** | **Alabama – (continued)** | **Alabama – (continued)** |
| Water Works Board of the City of Birmingham Water Revenue Refunding Bonds Series 2015-A (Aa2/AA)<sup>(b)</sup> | Water Works Board of the City of Birmingham Water Revenue Refunding Bonds Series 2015-A (Aa2/AA)<sup>(b)</sup> | Water Works Board of the City of Birmingham Water Revenue Refunding Bonds Series 2015-A (Aa2/AA)<sup>(b)</sup> | Water Works Board of the City of Birmingham Water Revenue Refunding Bonds Series 2015-A (Aa2/AA)<sup>(b)</sup> |
| 30000000 | 5.000% | 01/01/2025 | $31351152 |
|  |  |  | 127977860 |
| **Alaska – 0.2%** | **Alaska – 0.2%** | **Alaska – 0.2%** | **Alaska – 0.2%** |
| Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/A+) | Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/A+) | Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/A+) | Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/A+) |
| 1755000 | 5.000 | 12/01/2030 | 1839500 |
| 1960000 | 5.000 | 12/01/2032 | 2042764 |
| North Slope Borough GO Bonds Series 2022A (NR/AA) | North Slope Borough GO Bonds Series 2022A (NR/AA) | North Slope Borough GO Bonds Series 2022A (NR/AA) | North Slope Borough GO Bonds Series 2022A (NR/AA) |
| 4700000 | 5.000 | 06/30/2027 | 5137604 |
|  |  |  | 9019868 |
| **Arizona – 2.9%** | **Arizona – 2.9%** | **Arizona – 2.9%** | **Arizona – 2.9%** |
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(d)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(d)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(d)</sup> | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)<sup>(d)</sup> |
| (3M USD LIBOR + 0.81%) | (3M USD LIBOR + 0.81%) | (3M USD LIBOR + 0.81%) |  |
| 83860000 | 3.995 | 01/01/2037 | 77893990 |
| Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) | Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A) |
| 755000 | 5.000 | 11/01/2023 | 765157 |
| 340000 | 5.000 | 11/01/2025 | 353941 |
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+) |
| 600000 | 5.000 | 01/01/2023 | 600000 |
| 575000 | 5.000 | 01/01/2024 | 533929 |
| Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+) |
| 505000 | 5.000 | 01/01/2023 | 454500 |
| 560000 | 5.000 | 01/01/2024 | 508626 |
| City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2022 (NR/A+)<sup>(a)(b)</sup> | City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2022 (NR/A+)<sup>(a)(b)</sup> | City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2022 (NR/A+)<sup>(a)(b)</sup> | City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2022 (NR/A+)<sup>(a)(b)</sup> |
| 25000000 | 5.000 | 09/01/2027 | 26086805 |
| City of Chandler IDA RB for Intel Corp. Project Series 2022-2<br>(NR/A+)<sup>(a)(b)</sup> | City of Chandler IDA RB for Intel Corp. Project Series 2022-2<br>(NR/A+)<sup>(a)(b)</sup> | City of Chandler IDA RB for Intel Corp. Project Series 2022-2<br>(NR/A+)<sup>(a)(b)</sup> | City of Chandler IDA RB for Intel Corp. Project Series 2022-2<br>(NR/A+)<sup>(a)(b)</sup> |
| 25715000 | 5.000 | 09/01/2027 | 26835511 |
| City of Phoenix Civic Improvement Corp. Junior Lien Airport RB Series 2019B (A1/A+) | City of Phoenix Civic Improvement Corp. Junior Lien Airport RB Series 2019B (A1/A+) | City of Phoenix Civic Improvement Corp. Junior Lien Airport RB Series 2019B (A1/A+) | City of Phoenix Civic Improvement Corp. Junior Lien Airport RB Series 2019B (A1/A+) |
| 1215000 | 5.000 | 07/01/2025 | 1260874 |
| City of Phoenix Civic Improvement Corp. Junior Lien Water System Revenue Refunding Bonds Series 2014B (Aa2/AAA) | City of Phoenix Civic Improvement Corp. Junior Lien Water System Revenue Refunding Bonds Series 2014B (Aa2/AAA) | City of Phoenix Civic Improvement Corp. Junior Lien Water System Revenue Refunding Bonds Series 2014B (Aa2/AAA) | City of Phoenix Civic Improvement Corp. Junior Lien Water System Revenue Refunding Bonds Series 2014B (Aa2/AAA) |
| 11000000 | 5.000 | 07/01/2026 | 11376280 |
| City of Phoenix Civic Improvement Corporation Junior Lien Airport Revenue Refunding Bonds Series 2015B (NON-AMT) (A1\A) | City of Phoenix Civic Improvement Corporation Junior Lien Airport Revenue Refunding Bonds Series 2015B (NON-AMT) (A1\A) | City of Phoenix Civic Improvement Corporation Junior Lien Airport Revenue Refunding Bonds Series 2015B (NON-AMT) (A1\A) | City of Phoenix Civic Improvement Corporation Junior Lien Airport Revenue Refunding Bonds Series 2015B (NON-AMT) (A1\A) |
| 1740000 | 5.000 | 07/01/2034 | 1817863 |
| County of Maricopa IDA RB for Banner Health (NR/AA-)<sup>(a)(b)</sup> | County of Maricopa IDA RB for Banner Health (NR/AA-)<sup>(a)(b)</sup> | County of Maricopa IDA RB for Banner Health (NR/AA-)<sup>(a)(b)</sup> | County of Maricopa IDA RB for Banner Health (NR/AA-)<sup>(a)(b)</sup> |
| 7730000 | 5.000 | 10/18/2024 | 7945725 |
| County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (BBB/NR) | County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (BBB/NR) | County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (BBB/NR) | County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (BBB/NR) |
| 3900000 | 2.000 | 10/01/2024 | 3773471 |
| 1540000 | 2.000 | 10/01/2025 | 1463490 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

## Schedule of Investments (continued)
*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** | **Arizona – (continued)** |
| Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) | Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) | Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) | Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-) |
| 125000 | 4.000% | 07/01/2023 | $125318 |
| 135000 | 4.000 | 07/01/2024 | 136352 |
| Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB)<br>(PUTABLE)<sup>(a)(b)(c)</sup> |
| 3750000 | 0.875 | 10/01/2026 | 3325414 |
| Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB)<br>(PUTABLE)<sup>(a)(b)(c)</sup> |
| 1790000 | 0.875 | 10/01/2026 | 1587331 |
| Maricopa County Pollution Control Revenue Refunding Bonds 2003 Series A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Maricopa County Pollution Control Revenue Refunding Bonds 2003 Series A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Maricopa County Pollution Control Revenue Refunding Bonds 2003 Series A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Maricopa County Pollution Control Revenue Refunding Bonds 2003 Series A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 10000000 | 3.000 | 06/01/2024 | 9935780 |
| Pima County Sewer System Revenue Refunding Obligations Series 2022 (NR/AA) | Pima County Sewer System Revenue Refunding Obligations Series 2022 (NR/AA) | Pima County Sewer System Revenue Refunding Obligations Series 2022 (NR/AA) | Pima County Sewer System Revenue Refunding Obligations Series 2022 (NR/AA) |
| 1500000 | 5.000 | 07/01/2025 | 1584209 |
| 1905000 | 5.000 | 07/01/2026 | 2053154 |
| 2000000 | 5.000 | 07/01/2027 | 2196964 |
|  |  |  | 182614684 |
| **Arkansas – 0.0%** | **Arkansas – 0.0%** | **Arkansas – 0.0%** | **Arkansas – 0.0%** |
| Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+) | Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+) | Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+) | Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+) |
| 400000 | 5.000 | 08/01/2024 | 409959 |
| Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ETM) (ST AID WITHHLDG) (Aa2/NR) | Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ETM) (ST AID WITHHLDG) (Aa2/NR) | Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ETM) (ST AID WITHHLDG) (Aa2/NR) | Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ETM) (ST AID WITHHLDG) (Aa2/NR) |
| 1510000 | 3.000 | 02/01/2023 | 1509934 |
|  |  |  | 1919893 |
| **California – 6.3%** | **California – 6.3%** | **California – 6.3%** | **California – 6.3%** |
| Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA) |
| 265000 | 5.000 | 05/01/2024 | 271532 |
| Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.45%) | (SIFMA Municipal Swap<br>Index Yield + 0.45%) | (SIFMA Municipal Swap<br>Index Yield + 0.45%) |  |
| 7000000 | 3.580 | 04/01/2026 | 6893066 |
| Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (Aa3/WR/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (Aa3/WR/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (Aa3/WR/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (Aa3/WR/AA)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.90%) | (SIFMA Municipal Swap<br>Index Yield + 0.90%) | (SIFMA Municipal Swap<br>Index Yield + 0.90%) |  |
| 10000000 | 4.030 | 05/01/2023 | 10002006 |
| Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (Aa3/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (Aa3/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (Aa3/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (Aa3/AA)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.90%) | (SIFMA Municipal Swap<br>Index Yield + 0.90%) | (SIFMA Municipal Swap<br>Index Yield + 0.90%) |  |
| 7000000 | 4.030 | 05/01/2023 | 7001404 |
| Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA)<sup>(b)(d)</sup> | Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 1.25%) | (SIFMA Municipal Swap<br>Index Yield + 1.25%) | (SIFMA Municipal Swap<br>Index Yield + 1.25%) |  |
| 15000000 | 4.380 | 04/01/2027 | 15123986 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)<sup>(a)(b)</sup> |
| 19150000 | 4.000% | 08/01/2028 | $19050922 |
| California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB) | California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB) | California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB) | California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB) |
| 1000000 | 5.000 | 05/01/2023 | 1003323 |
| 535000 | 5.000 | 05/01/2024 | 541256 |
| California Infrastructure & Economic Development Bank RB Refunding for California Academy of Sciences Series 2018 B (A2/NR)<sup>(b)(d)</sup> | California Infrastructure & Economic Development Bank RB Refunding for California Academy of Sciences Series 2018 B (A2/NR)<sup>(b)(d)</sup> | California Infrastructure & Economic Development Bank RB Refunding for California Academy of Sciences Series 2018 B (A2/NR)<sup>(b)(d)</sup> | California Infrastructure & Economic Development Bank RB Refunding for California Academy of Sciences Series 2018 B (A2/NR)<sup>(b)(d)</sup> |
| (SIFMA Municipal<br>Swap Index Yield + 0.35%) | (SIFMA Municipal<br>Swap Index Yield + 0.35%) | (SIFMA Municipal<br>Swap Index Yield + 0.35%) |  |
| 32000000 | 3.480 | 08/01/2024 | 31555920 |
| California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)<sup>(a)(b)</sup> | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)<sup>(a)(b)</sup> | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)<sup>(a)(b)</sup> | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)<sup>(a)(b)</sup> |
| 20000000 | 1.200 | 06/01/2028 | 17457660 |
| California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR)<sup>(b)(d)</sup> | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR)<sup>(b)(d)</sup> | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR)<sup>(b)(d)</sup> | California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.70%) | (SIFMA Municipal Swap<br>Index Yield + 0.70%) | (SIFMA Municipal Swap<br>Index Yield + 0.70%) |  |
| 5000000 | 3.830 | 06/01/2026 | 4822702 |
| California Municipal Finance Authority RB for Waste Management, Inc. Series 2009 A (NR/A-/A-2) (PUTABLE)<sup>(a)(b)(c)(e)</sup> | California Municipal Finance Authority RB for Waste Management, Inc. Series 2009 A (NR/A-/A-2) (PUTABLE)<sup>(a)(b)(c)(e)</sup> | California Municipal Finance Authority RB for Waste Management, Inc. Series 2009 A (NR/A-/A-2) (PUTABLE)<sup>(a)(b)(c)(e)</sup> | California Municipal Finance Authority RB for Waste Management, Inc. Series 2009 A (NR/A-/A-2) (PUTABLE)<sup>(a)(b)(c)(e)</sup> |
| 1800000 | 1.300 | 02/03/2025 | 1695993 |
| California Municipal Finance Authority RB for Waste Management, Inc. Series 2017 A (AMT) (NR/A-/A-2) (PUTABLE)<sup>(a)(b)(c)</sup> | California Municipal Finance Authority RB for Waste Management, Inc. Series 2017 A (AMT) (NR/A-/A-2) (PUTABLE)<sup>(a)(b)(c)</sup> | California Municipal Finance Authority RB for Waste Management, Inc. Series 2017 A (AMT) (NR/A-/A-2) (PUTABLE)<sup>(a)(b)(c)</sup> | California Municipal Finance Authority RB for Waste Management, Inc. Series 2017 A (AMT) (NR/A-/A-2) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 17860000 | 0.700 | 12/01/2023 | 17311535 |
| California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) |
| 225000 | 5.000 | 10/01/2023 | 227297 |
| 275000 | 5.000 | 10/01/2024 | 281876 |
| 275000 | 5.000 | 10/01/2025 | 283079 |
| California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR) | California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR) | California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR) | California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR) |
| 685000 | 5.000 | 06/30/2024 | 696231 |
| 1790000 | 5.000 | 12/31/2025 | 1855316 |
| 2385000 | 5.000 | 06/30/2026 | 2475069 |
| California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) |
| 4265000 | 5.000 | 06/30/2028 | 4480976 |
| 3235000 | 5.000 | 12/31/2028 | 3398549 |
| California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)<sup>(a)(b)(c)</sup> | California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)<sup>(a)(b)(c)</sup> | California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)<sup>(a)(b)(c)</sup> | California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 2490000 | 0.600 | 09/01/2023 | 2441260 |
| California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-1 (NR/A-) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-1 (NR/A-) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-1 (NR/A-) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-1 (NR/A-) |
| 10000000 | 3.375 | 07/01/2025 | 9765163 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)<sup>(e)</sup> | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)<sup>(e)</sup> | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)<sup>(e)</sup> | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)<sup>(e)</sup> |
| 3500000 | 5.000 | 11/21/2045 | 3393111 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| California Public Finance Authority RB Refunding for Henry Mayo Newhall Hospital Obligated Group Series 2021 A (NR/BBB-) | California Public Finance Authority RB Refunding for Henry Mayo Newhall Hospital Obligated Group Series 2021 A (NR/BBB-) | California Public Finance Authority RB Refunding for Henry Mayo Newhall Hospital Obligated Group Series 2021 A (NR/BBB-) | California Public Finance Authority RB Refunding for Henry Mayo Newhall Hospital Obligated Group Series 2021 A (NR/BBB-) |
| 290000 | 4.000% | 10/15/2023 | $291225 |
| 380000 | 4.000 | 10/15/2024 | 382663 |
| 390000 | 4.000 | 10/15/2025 | 394330 |
| 415000 | 4.000 | 10/15/2026 | 420144 |
| California State University RB Refunding Series 2016 B-2 (Aa2/AA-)<sup>(a)(b)</sup> | California State University RB Refunding Series 2016 B-2 (Aa2/AA-)<sup>(a)(b)</sup> | California State University RB Refunding Series 2016 B-2 (Aa2/AA-)<sup>(a)(b)</sup> | California State University RB Refunding Series 2016 B-2 (Aa2/AA-)<sup>(a)(b)</sup> |
| 12100000 | 0.550 | 11/01/2026 | 10595412 |
| California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (NR/BBB+) | California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (NR/BBB+) | California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (NR/BBB+) | California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (NR/BBB+) |
| 500000 | 5.000 | 01/01/2023 | 500000 |
| California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A-/BBB+) | California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A-/BBB+) | California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A-/BBB+) | California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A-/BBB+) |
| 8500000 | 1.450 | 04/01/2028 | 7267623 |
| Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) |
| 210000 | 3.000 | 09/01/2023 | 208196 |
| 215000 | 3.000 | 09/01/2024 | 211220 |
| 225000 | 4.000 | 09/01/2025 | 227229 |
| Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (NR/AA-)<sup>(f)</sup> | Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (NR/AA-)<sup>(f)</sup> | Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (NR/AA-)<sup>(f)</sup> | Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (NR/AA-)<sup>(f)</sup> |
| 2515000 | 0.000 | 08/01/2023 | 2470201 |
| City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) |
| 1080000 | 4.000 | 09/01/2025 | 1089922 |
| 1285000 | 5.000 | 09/01/2030 | 1378839 |
| City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) |
| 1610000 | 5.000 | 05/15/2025 | 1672218 |
| City of Los Angeles Department of Airports International Airport Subordinate RB 2016 Series B (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2016 Series B (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2016 Series B (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2016 Series B (Aa3/AA-) |
| 1000000 | 5.000 | 05/15/2029 | 1043653 |
| City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series C (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series C (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series C (Aa3/AA-) | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series C (Aa3/AA-) |
| 5000000 | 5.000 | 05/15/2030 | 5296766 |
| City of Los Angeles Department of Airports International Airports Senior Refunding RB 2018 Series B (AMT) (AA/Aa2) | City of Los Angeles Department of Airports International Airports Senior Refunding RB 2018 Series B (AMT) (AA/Aa2) | City of Los Angeles Department of Airports International Airports Senior Refunding RB 2018 Series B (AMT) (AA/Aa2) | City of Los Angeles Department of Airports International Airports Senior Refunding RB 2018 Series B (AMT) (AA/Aa2) |
| 4340000 | 5.000 | 05/15/2026 | 4581085 |
| City of Los Angeles Department of Airports Senior RB Series 2015 (NON-AMT) (AA-/Aa3) | City of Los Angeles Department of Airports Senior RB Series 2015 (NON-AMT) (AA-/Aa3) | City of Los Angeles Department of Airports Senior RB Series 2015 (NON-AMT) (AA-/Aa3) | City of Los Angeles Department of Airports Senior RB Series 2015 (NON-AMT) (AA-/Aa3) |
| 1000000 | 5.000 | 05/15/2028 | 1054324 |
| City of Los Angeles Department of Airports Subordinate RB 2022 Series A (AMT) (AA-/Aa3) | City of Los Angeles Department of Airports Subordinate RB 2022 Series A (AMT) (AA-/Aa3) | City of Los Angeles Department of Airports Subordinate RB 2022 Series A (AMT) (AA-/Aa3) | City of Los Angeles Department of Airports Subordinate RB 2022 Series A (AMT) (AA-/Aa3) |
| 7415000 | 5.000 | 05/15/2026 | 7788244 |
| City of Los Angeles Department of Water and Power Water System RB 2014 Series A (Aa2/AA+) | City of Los Angeles Department of Water and Power Water System RB 2014 Series A (Aa2/AA+) | City of Los Angeles Department of Water and Power Water System RB 2014 Series A (Aa2/AA+) | City of Los Angeles Department of Water and Power Water System RB 2014 Series A (Aa2/AA+) |
| 10000000 | 5.000 | 07/01/2039 | 10260736 |
| City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) |
| 170000 | 4.000 | 09/01/2024 | 170594 |
| 250000 | 4.000 | 09/01/2026 | 252158 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR)<sup>(e)</sup> | City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR)<sup>(e)</sup> | City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR)<sup>(e)</sup> | City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR)<sup>(e)</sup> |
| 355000 | 5.000% | 09/01/2027 | $368551 |
| Coachella Valley Water District Drinking Water System Revenue Notes Series 2022A (NR\AA+) | Coachella Valley Water District Drinking Water System Revenue Notes Series 2022A (NR\AA+) | Coachella Valley Water District Drinking Water System Revenue Notes Series 2022A (NR\AA+) | Coachella Valley Water District Drinking Water System Revenue Notes Series 2022A (NR\AA+) |
| 12015000 | 1.375 | 06/01/2025 | 11450991 |
| Eastern Foothill Transportation Corridor Agency Toll Road RB Series 1995A (NR/AA+)<sup>(f)</sup> | Eastern Foothill Transportation Corridor Agency Toll Road RB Series 1995A (NR/AA+)<sup>(f)</sup> | Eastern Foothill Transportation Corridor Agency Toll Road RB Series 1995A (NR/AA+)<sup>(f)</sup> | Eastern Foothill Transportation Corridor Agency Toll Road RB Series 1995A (NR/AA+)<sup>(f)</sup> |
| 20915000 | 0.000 | 01/01/2024 | 20332432 |
| Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)<sup>(b)</sup> | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)<sup>(b)</sup> | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)<sup>(b)</sup> | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)<sup>(b)</sup> |
| 25000000 | 5.000 | 06/01/2025 | 26455895 |
| Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB+/NR) | Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB+/NR) | Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB+/NR) | Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB+/NR) |
| 3530000 | 1.850 | 06/01/2031 | 3480434 |
| Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)<sup>(e)</sup> | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)<sup>(e)</sup> | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)<sup>(e)</sup> | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)<sup>(e)</sup> |
| 555000 | 4.000 | 06/01/2027 | 572115 |
| Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-) | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-) | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-) | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-) |
| 2800000 | 3.678 | 06/01/2038 | 2611339 |
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR) |
| 1135000 | 5.000 | 09/01/2023 | 1145007 |
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR) |
| 600000 | 4.000 | 09/01/2023 | 600264 |
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR) |
| 520000 | 4.000 | 09/01/2023 | 520229 |
| Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) |
| 415000 | 4.000 | 09/01/2023 | 415183 |
| Kern Community College District Facilities Improvement District No. 1 GO Bonds Series 2020 (MIG1/SP-1+)<sup>(f)</sup> | Kern Community College District Facilities Improvement District No. 1 GO Bonds Series 2020 (MIG1/SP-1+)<sup>(f)</sup> | Kern Community College District Facilities Improvement District No. 1 GO Bonds Series 2020 (MIG1/SP-1+)<sup>(f)</sup> | Kern Community College District Facilities Improvement District No. 1 GO Bonds Series 2020 (MIG1/SP-1+)<sup>(f)</sup> |
| 5190000 | 0.000 | 08/01/2023 | 5099861 |
| Long Beach California Natural Gas Finance Authority RB Series 2007A (A-/NR) | Long Beach California Natural Gas Finance Authority RB Series 2007A (A-/NR) | Long Beach California Natural Gas Finance Authority RB Series 2007A (A-/NR) | Long Beach California Natural Gas Finance Authority RB Series 2007A (A-/NR) |
| 7000000 | 5.000 | 11/15/2024 | 7141417 |
| Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)<sup>(d)</sup> | Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)<sup>(d)</sup> | Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)<sup>(d)</sup> | Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)<sup>(d)</sup> |
| (3M USD LIBOR + 0.63%) | (3M USD LIBOR + 0.63%) | (3M USD LIBOR + 0.63%) |  |
| 7000000 | 3.820 | 09/01/2037 | 6445883 |
| Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)<sup>(d)</sup> | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)<sup>(d)</sup> | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)<sup>(d)</sup> | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)<sup>(d)</sup> |
| (3M USD LIBOR + 0.72%) | (3M USD LIBOR + 0.72%) | (3M USD LIBOR + 0.72%) |  |
| 7975000 | 3.905 | 07/01/2027 | 7854983 |
| Peralta Community College District GO Bonds 2022 Series B (NR/AA-) | Peralta Community College District GO Bonds 2022 Series B (NR/AA-) | Peralta Community College District GO Bonds 2022 Series B (NR/AA-) | Peralta Community College District GO Bonds 2022 Series B (NR/AA-) |
| 2720000 | 5.000 | 08/01/2024 | 2813557 |
| Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) |
| 195000 | 4.000 | 09/01/2024 | 195494 |
| 205000 | 4.000 | 09/01/2025 | 206255 |
| 210000 | 4.000 | 09/01/2026 | 211742 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) | Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) | Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) | Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR) |
| 1835000 | 5.000% | 09/01/2023 | $1851657 |
| Sacramento City Financing Authority RB Series 2007B (NATL) (AA-/WD)<sup>(d)</sup> | Sacramento City Financing Authority RB Series 2007B (NATL) (AA-/WD)<sup>(d)</sup> | Sacramento City Financing Authority RB Series 2007B (NATL) (AA-/WD)<sup>(d)</sup> | Sacramento City Financing Authority RB Series 2007B (NATL) (AA-/WD)<sup>(d)</sup> |
| (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) |  |
| 10000000 | 3.760 | 06/01/2039 | 8719670 |
| Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(d)</sup> | Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(d)</sup> | Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(d)</sup> | Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)<sup>(d)</sup> |
| (3M USD LIBOR + 0.55%) | (3M USD LIBOR + 0.55%) | (3M USD LIBOR + 0.55%) |  |
| 14610000 | 3.740 | 06/01/2034 | 13824343 |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) |
| 2000000 | 5.000 | 07/01/2027 | 2122894 |
| San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (NR/NR) | San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (NR/NR) | San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (NR/NR) | San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (NR/NR) |
| 385000 | 4.000 | 08/01/2023 | 382552 |
| 855000 | 4.000 | 08/01/2024 | 839495 |
| 930000 | 4.000 | 08/01/2025 | 905565 |
| 1020000 | 3.000 | 08/01/2026 | 951611 |
| Santa Clara Valley Water District Safe Clean Water Program Revenue Certificates of Participation Series 2022B (Aa1/NR) | Santa Clara Valley Water District Safe Clean Water Program Revenue Certificates of Participation Series 2022B (Aa1/NR) | Santa Clara Valley Water District Safe Clean Water Program Revenue Certificates of Participation Series 2022B (Aa1/NR) | Santa Clara Valley Water District Safe Clean Water Program Revenue Certificates of Participation Series 2022B (Aa1/NR) |
| 6000000 | 5.000 | 12/01/2026 | 6535592 |
| Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) | Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) | Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) | Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) |
| 260000 | 4.000 | 07/01/2023 | 260636 |
| 240000 | 4.000 | 07/01/2024 | 241986 |
| 300000 | 4.000 | 07/01/2025 | 304075 |
| 320000 | 4.000 | 07/01/2026 | 326238 |
| State of California GO Bonds (Aa2/AA-) | State of California GO Bonds (Aa2/AA-) | State of California GO Bonds (Aa2/AA-) | State of California GO Bonds (Aa2/AA-) |
| 11655000 | 4.000 | 10/01/2024 | 11895141 |
| State of California Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Various Purpose GO Refunding Bonds (Aa2/AA-) |
| 5000000 | 5.000 | 04/01/2025 | 5266774 |
| 20000000 | 5.000 | 12/01/2028 | 22641316 |
| Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A (NR/NR) | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A (NR/NR) |
| 1265000 | 5.000 | 10/01/2028 | 1368669 |
| Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (NR/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (NR/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (NR/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (NR/NR) |
| 175000 | 5.000 | 07/01/2023 | 176376 |
| 200000 | 5.000 | 07/01/2024 | 204335 |
| 225000 | 5.000 | 07/01/2025 | 233113 |
| 250000 | 5.000 | 07/01/2026 | 262450 |
|  |  |  | 396822134 |
| **Colorado – 4.3%** | **Colorado – 4.3%** | **Colorado – 4.3%** | **Colorado – 4.3%** |
| City of Denver Airport System Subordinate RB Series 2018A (A1/A+) | City of Denver Airport System Subordinate RB Series 2018A (A1/A+) | City of Denver Airport System Subordinate RB Series 2018A (A1/A+) | City of Denver Airport System Subordinate RB Series 2018A (A1/A+) |
| 5000000 | 5.000 | 12/01/2024 | 5157065 |
| 2000000 | 5.000 | 12/01/2027 | 2133038 |
| City of Denver Aviation Airport System RB Series 2022C (Aa3/AA-) | City of Denver Aviation Airport System RB Series 2022C (Aa3/AA-) | City of Denver Aviation Airport System RB Series 2022C (Aa3/AA-) | City of Denver Aviation Airport System RB Series 2022C (Aa3/AA-) |
| 1260000 | 5.000 | 11/15/2026 | 1367772 |
| 1215000 | 5.000 | 11/15/2027 | 1342017 |
| 1380000 | 5.000 | 11/15/2028 | 1551387 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) | City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) | City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) | City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) |
| 1000000 | 5.000% | 11/15/2025 | $1045801 |
| 3750000 | 5.250 | 11/15/2026 | 3998315 |
| 4500000 | 5.250 | 11/15/2027 | 4846747 |
| 6500000 | 5.500 | 11/15/2028 | 7210583 |
| City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/A+) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/A+) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/A+) | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/A+) |
| 500000 | 5.000 | 11/15/2024 | 515283 |
| 3585000 | 5.000 | 11/15/2025 | 3749196 |
| 13530000 | 5.000 | 11/15/2026 | 14304450 |
| Colorado Bridge Enterprise Senior RB Series 2017 (AMT) (NR/A-) | Colorado Bridge Enterprise Senior RB Series 2017 (AMT) (NR/A-) | Colorado Bridge Enterprise Senior RB Series 2017 (AMT) (NR/A-) | Colorado Bridge Enterprise Senior RB Series 2017 (AMT) (NR/A-) |
| 1580000 | 4.000 | 06/30/2025 | 1597101 |
| Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2019B (NR/NR)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2019B (NR/NR)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2019B (NR/NR)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2019B (NR/NR)<sup>(a)(b)</sup> |
| 1585000 | 5.000 | 11/19/2026 | 1708809 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) |
| 2545000 | 5.000 | 08/01/2025 | 2646407 |
| 2990000 | 5.000 | 08/01/2026 | 3151380 |
| 5900000 | 5.000 | 08/01/2027 | 6291583 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (Baa1/A-) |
| 2575000 | 5.000 | 08/01/2026 | 2713981 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (Baa1/A-)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (Baa1/A-)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (Baa1/A-)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (Baa1/A-)<sup>(a)(b)</sup> |
| 3700000 | 5.000 | 08/01/2026 | 3863592 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (Baa1/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (Baa1/A-) |
| 50000 | 5.000 | 11/01/2024 | 51535 |
| 125000 | 5.000 | 11/01/2025 | 130502 |
| 100000 | 5.000 | 11/01/2026 | 105744 |
| 125000 | 5.000 | 11/01/2027 | 133702 |
| Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+)<sup>(a)(b)</sup> |
| 26500000 | 5.000 | 08/15/2028 | 29313057 |
| Colorado Health Facilities Authority RB Refunding for Boulder Community Health Obligated Group Series 2020 (A3/A-) | Colorado Health Facilities Authority RB Refunding for Boulder Community Health Obligated Group Series 2020 (A3/A-) | Colorado Health Facilities Authority RB Refunding for Boulder Community Health Obligated Group Series 2020 (A3/A-) | Colorado Health Facilities Authority RB Refunding for Boulder Community Health Obligated Group Series 2020 (A3/A-) |
| 475000 | 5.000 | 10/01/2027 | 507764 |
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-) |
| 325000 | 5.000 | 08/01/2025 | 337950 |
| Colorado Health Facilities Authority RB Series 2013A (AA+/Aa3)<sup>(b)</sup> | Colorado Health Facilities Authority RB Series 2013A (AA+/Aa3)<sup>(b)</sup> | Colorado Health Facilities Authority RB Series 2013A (AA+/Aa3)<sup>(b)</sup> | Colorado Health Facilities Authority RB Series 2013A (AA+/Aa3)<sup>(b)</sup> |
| 5200000 | 5.000 | 01/01/2024 | 5304488 |
| Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> | Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> |
| 31450000 | 4.891 | 08/01/2025 | 32381033 |
| Colorado Health Facilities Authority Revenue Hospital Bonds for AdventHealth Obligated Group Series 2019B (NR/AA)<sup>(a)(b)</sup> | Colorado Health Facilities Authority Revenue Hospital Bonds for AdventHealth Obligated Group Series 2019B (NR/AA)<sup>(a)(b)</sup> | Colorado Health Facilities Authority Revenue Hospital Bonds for AdventHealth Obligated Group Series 2019B (NR/AA)<sup>(a)(b)</sup> | Colorado Health Facilities Authority Revenue Hospital Bonds for AdventHealth Obligated Group Series 2019B (NR/AA)<sup>(a)(b)</sup> |
| 15575000 | 5.000 | 11/19/2026 | 16497936 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR) | Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR) |
| 17500000 | 5.000% | 12/31/2056 | $17045485 |
| Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(e)</sup> | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(e)</sup> | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(e)</sup> | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)<sup>(e)</sup> |
| 4530000 | 5.000 | 12/01/2023 | 4594906 |
| Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) |
| 2970000 | 5.000 | 12/01/2024 | 3013209 |
| Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(e)</sup> | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(e)</sup> | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(e)</sup> | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB)<sup>(e)</sup> |
| 4995000 | 5.000 | 12/01/2025 | 5192454 |
| E-470 Public Highway Authority Colorado Revenue Refunding Bonds Series 2004 A (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority Colorado Revenue Refunding Bonds Series 2004 A (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority Colorado Revenue Refunding Bonds Series 2004 A (A2/A)<sup>(f)</sup> | E-470 Public Highway Authority Colorado Revenue Refunding Bonds Series 2004 A (A2/A)<sup>(f)</sup> |
| 20115000 | 0.000 | 09/01/2027 | 17365366 |
| E-470 Public Highway Authority RB Refunding Series 2021 B<br>(A2/A)<sup>(b)(d)</sup> | E-470 Public Highway Authority RB Refunding Series 2021 B<br>(A2/A)<sup>(b)(d)</sup> | E-470 Public Highway Authority RB Refunding Series 2021 B<br>(A2/A)<sup>(b)(d)</sup> | E-470 Public Highway Authority RB Refunding Series 2021 B<br>(A2/A)<sup>(b)(d)</sup> |
| (SOFR + 0.35%) | (SOFR + 0.35%) | (SOFR + 0.35%) |  |
| 7250000 | 3.238 | 09/01/2024 | 7195377 |
| E-470 Public Highway Authority Senior RB Series 2000 B (A/A2)<sup>(f)</sup> | E-470 Public Highway Authority Senior RB Series 2000 B (A/A2)<sup>(f)</sup> | E-470 Public Highway Authority Senior RB Series 2000 B (A/A2)<sup>(f)</sup> | E-470 Public Highway Authority Senior RB Series 2000 B (A/A2)<sup>(f)</sup> |
| 9000000 | 0.000 | 09/01/2025 | 8294539 |
| Regional Transportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (NR/A-) | Regional Transportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (NR/A-) | Regional Transportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (NR/A-) | Regional Transportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (NR/A-) |
| 50000 | 3.000 | 07/15/2023 | 49917 |
| 385000 | 5.000 | 01/15/2024 | 391251 |
| 325000 | 5.000 | 01/15/2025 | 331655 |
| 350000 | 3.000 | 01/15/2026 | 340486 |
| Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (NR/NR) | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (NR/NR) | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (NR/NR) | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (NR/NR) |
| 250000 | 5.000 | 07/15/2026 | 258374 |
| 500000 | 5.000 | 01/15/2027 | 518506 |
| 500000 | 5.000 | 07/15/2027 | 520534 |
| Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AA+) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AA+) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AA+) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AA+) |
| 19445000 | 5.000 | 11/01/2046 | 20221705 |
| South Sloan Lake Metropolitan District LT GO Refunding & Improvement Bonds Series 2019 (AGM) (AA/NR) | South Sloan Lake Metropolitan District LT GO Refunding & Improvement Bonds Series 2019 (AGM) (AA/NR) | South Sloan Lake Metropolitan District LT GO Refunding & Improvement Bonds Series 2019 (AGM) (AA/NR) | South Sloan Lake Metropolitan District LT GO Refunding & Improvement Bonds Series 2019 (AGM) (AA/NR) |
| 150000 | 5.000 | 12/01/2024 | 154852 |
| University of Colorado Hospital Authority Refunding RB Series 2019C (Aa2/AA)<sup>(a)(b)</sup> | University of Colorado Hospital Authority Refunding RB Series 2019C (Aa2/AA)<sup>(a)(b)</sup> | University of Colorado Hospital Authority Refunding RB Series 2019C (Aa2/AA)<sup>(a)(b)</sup> | University of Colorado Hospital Authority Refunding RB Series 2019C (Aa2/AA)<sup>(a)(b)</sup> |
| 5000000 | 5.000 | 11/15/2024 | 5124584 |
| University of Colorado Regents Enterprise Refunding RB Series 2021C3A (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | University of Colorado Regents Enterprise Refunding RB Series 2021C3A (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | University of Colorado Regents Enterprise Refunding RB Series 2021C3A (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | University of Colorado Regents Enterprise Refunding RB Series 2021C3A (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 4225000 | 2.000 | 10/15/2025 | 4100339 |
| University of Colorado Regents Enterprise Refunding RB Series 2021C3B (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | University of Colorado Regents Enterprise Refunding RB Series 2021C3B (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | University of Colorado Regents Enterprise Refunding RB Series 2021C3B (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | University of Colorado Regents Enterprise Refunding RB Series 2021C3B (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 5000000 | 2.000 | 10/15/2026 | 4792191 |
| University of Colorado Regents Enterprise Revenue & Refunding RB Series 2019C (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | University of Colorado Regents Enterprise Revenue & Refunding RB Series 2019C (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | University of Colorado Regents Enterprise Revenue & Refunding RB Series 2019C (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | University of Colorado Regents Enterprise Revenue & Refunding RB Series 2019C (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 15705000 | 2.000 | 10/15/2024 | 15349750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Vauxmont Metropolitan District Senior LT GO & Special Revenue Refunding Bonds Series 2020 (AGM) (AA/NR) | Vauxmont Metropolitan District Senior LT GO & Special Revenue Refunding Bonds Series 2020 (AGM) (AA/NR) | Vauxmont Metropolitan District Senior LT GO & Special Revenue Refunding Bonds Series 2020 (AGM) (AA/NR) | Vauxmont Metropolitan District Senior LT GO & Special Revenue Refunding Bonds Series 2020 (AGM) (AA/NR) |
| 195000 | 5.000% | 12/01/2023 | $198092 |
| 200000 | 5.000 | 12/01/2024 | 207222 |
| 180000 | 5.000 | 12/01/2025 | 190176 |
|  |  |  | 269409188 |
| **Connecticut – 2.3%** | **Connecticut – 2.3%** | **Connecticut – 2.3%** | **Connecticut – 2.3%** |
| City of Bridgeport GO Bonds 2014 Series A (AGM) (A3/AA) | City of Bridgeport GO Bonds 2014 Series A (AGM) (A3/AA) | City of Bridgeport GO Bonds 2014 Series A (AGM) (A3/AA) | City of Bridgeport GO Bonds 2014 Series A (AGM) (A3/AA) |
| 2485000 | 5.000 | 07/01/2025 | 2563345 |
| City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) | City of New Haven GO Bonds Series 2018 A (NR/BBB+) |
| 1000000 | 5.000 | 08/01/2023 | 1010090 |
| 945000 | 5.000 | 08/01/2024 | 971018 |
| 600000 | 5.000 | 08/01/2025 | 626774 |
| City of New Haven GO Refunding Bonds Series B (Baa1/AA) | City of New Haven GO Refunding Bonds Series B (Baa1/AA) | City of New Haven GO Refunding Bonds Series B (Baa1/AA) | City of New Haven GO Refunding Bonds Series B (Baa1/AA) |
| 1350000 | 5.000 | 02/01/2024 | 1376519 |
| 1400000 | 5.000 | 02/01/2026 | 1481603 |
| City of West Haven GO Bonds 2017 Series A (BBB/NR) | City of West Haven GO Bonds 2017 Series A (BBB/NR) | City of West Haven GO Bonds 2017 Series A (BBB/NR) | City of West Haven GO Bonds 2017 Series A (BBB/NR) |
| 400000 | 5.000 | 11/01/2023 | 406101 |
| Connecticut State GO Bonds Series 2013 A (Aa3/A+) | Connecticut State GO Bonds Series 2013 A (Aa3/A+) | Connecticut State GO Bonds Series 2013 A (Aa3/A+) | Connecticut State GO Bonds Series 2013 A (Aa3/A+) |
| 5355000 | 5.000 | 10/15/2023 | 5441717 |
| Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-) |
| 415000 | 5.000 | 07/01/2023 | 415748 |
| 375000 | 5.000 | 07/01/2024 | 377643 |
| Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2015 A (Aaa/AAA) (PUTABLE)<sup>(a)(b)(c)</sup> | Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2015 A (Aaa/AAA) (PUTABLE)<sup>(a)(b)(c)</sup> | Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2015 A (Aaa/AAA) (PUTABLE)<sup>(a)(b)(c)</sup> | Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2015 A (Aaa/AAA) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 47125000 | 0.367 | 07/12/2024 | 44732478 |
| State of Connecticut GO Bonds 2014 Series A (Aa3/AA-) | State of Connecticut GO Bonds 2014 Series A (Aa3/AA-) | State of Connecticut GO Bonds 2014 Series A (Aa3/AA-) | State of Connecticut GO Bonds 2014 Series A (Aa3/AA-) |
| 5380000 | 5.000 | 03/01/2030 | 5518450 |
| State of Connecticut GO Bonds 2016 Series A (Aa3/AA-) | State of Connecticut GO Bonds 2016 Series A (Aa3/AA-) | State of Connecticut GO Bonds 2016 Series A (Aa3/AA-) | State of Connecticut GO Bonds 2016 Series A (Aa3/AA-) |
| 7500000 | 4.000 | 03/15/2034 | 7642512 |
| State of Connecticut Health & Educational Facilities Authority RB for Hartford Healthcare Series 2020B (WR/A)<sup>(a)(b)</sup> | State of Connecticut Health & Educational Facilities Authority RB for Hartford Healthcare Series 2020B (WR/A)<sup>(a)(b)</sup> | State of Connecticut Health & Educational Facilities Authority RB for Hartford Healthcare Series 2020B (WR/A)<sup>(a)(b)</sup> | State of Connecticut Health & Educational Facilities Authority RB for Hartford Healthcare Series 2020B (WR/A)<sup>(a)(b)</sup> |
| 7035000 | 5.000 | 01/01/2027 | 7469095 |
| State of Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)<sup>(a)(b)</sup> | State of Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)<sup>(a)(b)</sup> | State of Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)<sup>(a)(b)</sup> | State of Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)<sup>(a)(b)</sup> |
| 15245000 | 1.800 | 07/01/2024 | 14754155 |
| State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR\AAA) (PUTABLE)<sup>(a)(b)(c)</sup> | State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR\AAA) (PUTABLE)<sup>(a)(b)(c)</sup> | State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR\AAA) (PUTABLE)<sup>(a)(b)(c)</sup> | State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR\AAA) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 21750000 | 1.100 | 02/11/2025 | 20567596 |
| State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure 2013 Series A (AA-/Aa3) | State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure 2013 Series A (AA-/Aa3) | State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure 2013 Series A (AA-/Aa3) | State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure 2013 Series A (AA-/Aa3) |
| 1035000 | 5.000 | 10/01/2029 | 1051463 |
| State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure Purposes 2022 Series A (Aa3/AA) | State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure Purposes 2022 Series A (Aa3/AA) | State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure Purposes 2022 Series A (Aa3/AA) | State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure Purposes 2022 Series A (Aa3/AA) |
| 2965000 | 5.000 | 07/01/2024 | 3062901 |
| 1950000 | 5.000 | 07/01/2025 | 2060922 |
| 2415000 | 5.000 | 07/01/2026 | 2607005 |
| 1500000 | 5.000 | 07/01/2027 | 1647723 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Connecticut – (continued)** | **Connecticut – (continued)** | **Connecticut – (continued)** | **Connecticut – (continued)** |
| State of Connecticut Special Tax Obligation Refunding Bonds for Transportation Infrastructure Purposes 2022 Series B (Aa3/AA) | State of Connecticut Special Tax Obligation Refunding Bonds for Transportation Infrastructure Purposes 2022 Series B (Aa3/AA) | State of Connecticut Special Tax Obligation Refunding Bonds for Transportation Infrastructure Purposes 2022 Series B (Aa3/AA) | State of Connecticut Special Tax Obligation Refunding Bonds for Transportation Infrastructure Purposes 2022 Series B (Aa3/AA) |
| 11345000 | 5.000% | 01/01/2024 | $11586389 |
| 2535000 | 5.000 | 07/01/2024 | 2618703 |
| 2910000 | 5.000 | 07/01/2025 | 3075530 |
| 1750000 | 5.000 | 07/01/2026 | 1889134 |
| 2150000 | 5.000 | 07/01/2027 | 2361736 |
| Town of Hamden GO Refunding Bonds Series 2013 (AGM) (Baa3/AA) | Town of Hamden GO Refunding Bonds Series 2013 (AGM) (Baa3/AA) | Town of Hamden GO Refunding Bonds Series 2013 (AGM) (Baa3/AA) | Town of Hamden GO Refunding Bonds Series 2013 (AGM) (Baa3/AA) |
| 500000 | 5.000 | 08/15/2023 | 505554 |
|  |  |  | 147821904 |
| **Delaware – 0.6%** | **Delaware – 0.6%** | **Delaware – 0.6%** | **Delaware – 0.6%** |
| Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A2/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A2/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A2/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A2/A) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 5425000 | 1.050 | 07/01/2025 | 5135750 |
| Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) | Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) | Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) | Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) |
| 475000 | 5.000 | 06/01/2023 | 477766 |
| 305000 | 5.000 | 06/01/2024 | 311563 |
| Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (NR/BBB-)<sup>(a)(b)</sup> | Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (NR/BBB-)<sup>(a)(b)</sup> | Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (NR/BBB-)<sup>(a)(b)</sup> | Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (NR/BBB-)<sup>(a)(b)</sup> |
| 14650000 | 1.250 | 10/01/2025 | 13578036 |
| State of Delaware GO Bonds Series 2021 (Aaa/AAA) | State of Delaware GO Bonds Series 2021 (Aaa/AAA) | State of Delaware GO Bonds Series 2021 (Aaa/AAA) | State of Delaware GO Bonds Series 2021 (Aaa/AAA) |
| 14880000 | 5.000 | 02/01/2025 | 15603666 |
| State of Delaware GO Custodial Receipts Series 2017A (NR/NR)<sup>(g)</sup> | State of Delaware GO Custodial Receipts Series 2017A (NR/NR)<sup>(g)</sup> | State of Delaware GO Custodial Receipts Series 2017A (NR/NR)<sup>(g)</sup> | State of Delaware GO Custodial Receipts Series 2017A (NR/NR)<sup>(g)</sup> |
| 1030000 | 0.000 | 03/15/2049 | 57082 |
|  |  |  | 35163863 |
| **District of Columbia – 1.4%** | **District of Columbia – 1.4%** | **District of Columbia – 1.4%** | **District of Columbia – 1.4%** |
| District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB for Paxton Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB for Paxton Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB for Paxton Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB for Paxton Project Series 2022 (NR/NR)<sup>(a)(b)</sup> |
| 3750000 | 4.000 | 09/01/2025 | 3794410 |
| District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) | District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) | District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) | District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) |
| 200000 | 5.000 | 07/01/2023 | 201086 |
| District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+) | District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+) | District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+) | District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+) |
| 735000 | 1.817 | 04/01/2025 | 685252 |
| 800000 | 2.136 | 04/01/2026 | 732310 |
| District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (Aa2/AA+)<sup>(a)(b)</sup> | District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (Aa2/AA+)<sup>(a)(b)</sup> | District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (Aa2/AA+)<sup>(a)(b)</sup> | District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (Aa2/AA+)<sup>(a)(b)</sup> |
| 6840000 | 1.750 | 10/01/2024 | 6610799 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (Aa3/AA-) |
| 5505000 | 5.000 | 10/01/2028 | 5836659 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (AA-/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (AA-/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (AA-/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (AA-/Aa3) |
| 9155000 | 5.000 | 10/01/2024 | 9397970 |
| 19185000 | 5.000 | 10/01/2029 | 20300679 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **District of Columbia – (continued)** | **District of Columbia – (continued)** | **District of Columbia – (continued)** | **District of Columbia – (continued)** |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) |
| 5000000 | 5.000% | 10/01/2026 | $5277776 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (NR/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (NR/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (NR/Aa3) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (NR/Aa3) |
| 875000 | 5.000 | 10/01/2023 | 883935 |
| 1050000 | 5.000 | 10/01/2024 | 1077866 |
| 760000 | 5.000 | 10/01/2025 | 793194 |
| 1100000 | 5.000 | 10/01/2026 | 1161111 |
| 2395000 | 5.000 | 10/01/2027 | 2549402 |
| Metropolitan Washington Airports Authority Dulles Toll Road RB 3rd Senior Lien Series 2009C (AA-/Baa1)<sup>(b)</sup> | Metropolitan Washington Airports Authority Dulles Toll Road RB 3rd Senior Lien Series 2009C (AA-/Baa1)<sup>(b)</sup> | Metropolitan Washington Airports Authority Dulles Toll Road RB 3rd Senior Lien Series 2009C (AA-/Baa1)<sup>(b)</sup> | Metropolitan Washington Airports Authority Dulles Toll Road RB 3rd Senior Lien Series 2009C (AA-/Baa1)<sup>(b)</sup> |
| 19985000 | 6.500 | 10/01/2026 | 22643105 |
| Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2014A (AMT) (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2014A (AMT) (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2014A (AMT) (Aa3/AA-) | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2014A (AMT) (Aa3/AA-) |
| 4500000 | 5.000 | 10/01/2028 | 4604037 |
|  |  |  | 86549591 |
| **Florida – 3.0%** | **Florida – 3.0%** | **Florida – 3.0%** | **Florida – 3.0%** |
| Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) |
| 900000 | 5.000 | 05/01/2023 | 904452 |
| 945000 | 5.000 | 05/01/2024 | 965943 |
| 990000 | 5.000 | 05/01/2025 | 1026230 |
| 1045000 | 5.000 | 05/01/2026 | 1100054 |
| 1095000 | 5.000 | 05/01/2027 | 1164038 |
| 1155000 | 5.000 | 05/01/2028 | 1240558 |
| 1195000 | 2.375 | 05/01/2029 | 1087647 |
| 1225000 | 2.625 | 05/01/2030 | 1105374 |
| Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) |
| 350000 | 2.500 | 05/01/2023 | 348609 |
| Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA) | Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA) | Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA) | Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA) |
| 1150000 | 2.500 | 05/01/2023 | 1145581 |
| Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) | Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) |
| 165000 | 4.500 | 11/01/2025 | 164794 |
| Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-) |
| 455000 | 3.250 | 05/01/2023 | 454824 |
| Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR) | Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR) | Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR) | Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR) |
| 2500000 | 4.700 | 11/01/2029 | 2494176 |
| Bexley Community Development District Special Assessment RB for Pasco County Series 2016 (NR/NR) | Bexley Community Development District Special Assessment RB for Pasco County Series 2016 (NR/NR) | Bexley Community Development District Special Assessment RB for Pasco County Series 2016 (NR/NR) | Bexley Community Development District Special Assessment RB for Pasco County Series 2016 (NR/NR) |
| 400000 | 4.100 | 05/01/2026 | 394135 |
| Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (NR/A-) | Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (NR/A-) | Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (NR/A-) | Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (NR/A-) |
| 190000 | 2.500 | 05/01/2023 | 189435 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Brookstone Community Development District Special Assessment RB for Manatee County Series 2018 (NR/NR)<sup>(e)</sup> | Brookstone Community Development District Special Assessment RB for Manatee County Series 2018 (NR/NR)<sup>(e)</sup> | Brookstone Community Development District Special Assessment RB for Manatee County Series 2018 (NR/NR)<sup>(e)</sup> | Brookstone Community Development District Special Assessment RB for Manatee County Series 2018 (NR/NR)<sup>(e)</sup> |
| 105000 | 3.875% | 11/01/2023 | $104308 |
| Broward County School Board Certificates of Participation Series 2015A (Aa3/A+) | Broward County School Board Certificates of Participation Series 2015A (Aa3/A+) | Broward County School Board Certificates of Participation Series 2015A (Aa3/A+) | Broward County School Board Certificates of Participation Series 2015A (Aa3/A+) |
| 12915000 | 5.000 | 07/01/2025 | 13598517 |
| Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (A2/AA) | Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (A2/AA) | Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (A2/AA) | Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (A2/AA) |
| 975000 | 2.250 | 09/01/2023 | 969317 |
| Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) | Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) | Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) | Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) |
| 87000 | 3.500 | 05/01/2023 | 87084 |
| 40000 | 4.000 | 05/01/2024 | 40450 |
| Carlton Lakes Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR) | Carlton Lakes Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR) | Carlton Lakes Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR) | Carlton Lakes Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR) |
| 150000 | 4.000 | 05/01/2024 | 149143 |
| Centre Lake Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Centre Lake Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Centre Lake Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) | Centre Lake Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR) |
| 210000 | 2.750 | 05/01/2023 | 208739 |
| Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) | Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) |
| 105000 | 3.000 | 11/01/2023 | 104517 |
| 105000 | 3.500 | 11/01/2024 | 103564 |
| Century Parc Community Development District Special Assessment Refunding Bonds for Miami Dade County Series 2012 (NR/A) | Century Parc Community Development District Special Assessment Refunding Bonds for Miami Dade County Series 2012 (NR/A) | Century Parc Community Development District Special Assessment Refunding Bonds for Miami Dade County Series 2012 (NR/A) | Century Parc Community Development District Special Assessment Refunding Bonds for Miami Dade County Series 2012 (NR/A) |
| 25000 | 4.000 | 11/01/2023 | 25018 |
| City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR\NR)<sup>(e)</sup> | City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR\NR)<sup>(e)</sup> | City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR\NR)<sup>(e)</sup> | City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR\NR)<sup>(e)</sup> |
| 165000 | 5.000 | 07/01/2023 | 165866 |
| 175000 | 5.000 | 07/01/2024 | 177054 |
| 180000 | 5.000 | 07/01/2025 | 182904 |
| 190000 | 5.000 | 07/01/2026 | 193037 |
| 200000 | 5.000 | 07/01/2027 | 203293 |
| 210000 | 5.000 | 07/01/2028 | 213424 |
| City of Orlando Community Redevelopment Agency Tax Increment Revenue Refunding Bonds Series 2012 (NR/NR) | City of Orlando Community Redevelopment Agency Tax Increment Revenue Refunding Bonds Series 2012 (NR/NR) | City of Orlando Community Redevelopment Agency Tax Increment Revenue Refunding Bonds Series 2012 (NR/NR) | City of Orlando Community Redevelopment Agency Tax Increment Revenue Refunding Bonds Series 2012 (NR/NR) |
| 1765000 | 5.000 | 04/01/2025 | 1766173 |
| City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) | City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) | City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) | City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR) |
| 670000 | 3.250 | 09/01/2023 | 664216 |
| 1380000 | 3.250 | 09/01/2024 | 1349664 |
| Cityplace Community Development District Special Assessment Revenue Refunding Bonds Series 2012 (NR/NR) | Cityplace Community Development District Special Assessment Revenue Refunding Bonds Series 2012 (NR/NR) | Cityplace Community Development District Special Assessment Revenue Refunding Bonds Series 2012 (NR/NR) | Cityplace Community Development District Special Assessment Revenue Refunding Bonds Series 2012 (NR/NR) |
| 2350000 | 5.000 | 05/01/2026 | 2423274 |
| Copper Creek Community Development District Special Assessment Bonds for City of Port St. Lucie Series 2019 (NR/NR)<sup>(e)</sup> | Copper Creek Community Development District Special Assessment Bonds for City of Port St. Lucie Series 2019 (NR/NR)<sup>(e)</sup> | Copper Creek Community Development District Special Assessment Bonds for City of Port St. Lucie Series 2019 (NR/NR)<sup>(e)</sup> | Copper Creek Community Development District Special Assessment Bonds for City of Port St. Lucie Series 2019 (NR/NR)<sup>(e)</sup> |
| 90000 | 3.875 | 11/01/2024 | 88574 |
| Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR) | Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR) |
| 172000 | 3.000 | 05/01/2023 | 171103 |
| 100000 | 3.000 | 05/01/2024 | 97756 |
| 183000 | 3.000 | 05/01/2025 | 175840 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 150000 | 3.000% | 05/01/2023 | $149218 |
| 325000 | 3.000 | 05/01/2024 | 317706 |
| 150000 | 3.000 | 05/01/2025 | 144131 |
| 315000 | 3.000 | 05/01/2026 | 297647 |
| Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (NR/A+) | Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (NR/A+) | Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (NR/A+) | Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (NR/A+) |
| 160000 | 3.000 | 05/01/2024 | 159248 |
| County of Broward RB for Airport System Series 2019 A (AMT) (A1/A) | County of Broward RB for Airport System Series 2019 A (AMT) (A1/A) | County of Broward RB for Airport System Series 2019 A (AMT) (A1/A) | County of Broward RB for Airport System Series 2019 A (AMT) (A1/A) |
| 625000 | 5.000 | 10/01/2023 | 631612 |
| 945000 | 5.000 | 10/01/2024 | 970887 |
| County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A1/A) | County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A1/A) | County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A1/A) | County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A1/A) |
| 215000 | 5.000 | 10/01/2023 | 217274 |
| 355000 | 5.000 | 10/01/2024 | 364725 |
| Cypress Shadows Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | Cypress Shadows Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | Cypress Shadows Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | Cypress Shadows Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) |
| 34000 | 4.000 | 11/01/2024 | 33786 |
| 37000 | 4.000 | 11/01/2026 | 36343 |
| Duval County School Board Certificates of Participation Series 2022A (NR/AA) | Duval County School Board Certificates of Participation Series 2022A (NR/AA) | Duval County School Board Certificates of Participation Series 2022A (NR/AA) | Duval County School Board Certificates of Participation Series 2022A (NR/AA) |
| 2750000 | 5.000 | 07/01/2025 | 2892150 |
| 3185000 | 5.000 | 07/01/2026 | 3415096 |
| 5105000 | 5.000 | 07/01/2027 | 5567072 |
| Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (NR/BBB) | Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (NR/BBB) | Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (NR/BBB) | Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (NR/BBB) |
| 130000 | 3.000 | 05/01/2023 | 129804 |
| Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 425000 | 2.000 | 10/01/2024 | 408960 |
| Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) |
| 2620000 | 4.250 | 05/01/2029 | 2574588 |
| Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) |
| 265000 | 2.000 | 11/01/2023 | 261116 |
| 270000 | 2.000 | 11/01/2024 | 259725 |
| 275000 | 2.000 | 11/01/2025 | 259790 |
| 280000 | 2.000 | 11/01/2026 | 259102 |
| 290000 | 2.000 | 11/01/2027 | 262413 |
| 295000 | 2.000 | 11/01/2028 | 260882 |
| 300000 | 2.000 | 11/01/2029 | 260587 |
| 305000 | 2.125 | 11/01/2030 | 256497 |
| Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)<sup>(e)</sup> | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)<sup>(e)</sup> | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)<sup>(e)</sup> | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)<sup>(e)</sup> |
| 185000 | 2.625 | 12/15/2024 | 179604 |
| Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-) |
| 200000 | 5.000 | 04/01/2025 | 206907 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+) | Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+) | Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+) | Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+) |
| 245000 | 2.500% | 05/01/2023 | $244310 |
| 245000 | 2.500 | 05/01/2024 | 241838 |
| 255000 | 2.750 | 05/01/2025 | 247285 |
| 260000 | 3.000 | 05/01/2026 | 250987 |
| Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(e)</sup> | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(e)</sup> | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(e)</sup> | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)<sup>(e)</sup> |
| 250000 | 3.500 | 05/01/2023 | 250192 |
| Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA) | Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA) | Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA) | Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA) |
| 205000 | 4.000 | 05/01/2023 | 205512 |
| Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) |
| 230000 | 2.500 | 05/01/2023 | 228790 |
| 200000 | 2.500 | 05/01/2024 | 196936 |
| 175000 | 2.500 | 05/01/2025 | 170763 |
| 200000 | 2.500 | 05/01/2026 | 193700 |
| Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) |
| 305000 | 2.500 | 05/01/2023 | 304053 |
| 315000 | 2.750 | 05/01/2024 | 311904 |
| 320000 | 3.000 | 05/01/2025 | 309970 |
| Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (AA-/Aa3)<sup>(b)</sup> | Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (AA-/Aa3)<sup>(b)</sup> | Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (AA-/Aa3)<sup>(b)</sup> | Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (AA-/Aa3)<sup>(b)</sup> |
| 12165000 | 5.000 | 10/01/2024 | 12489932 |
| Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 123000 | 3.000 | 05/01/2023 | 122359 |
| 130000 | 3.000 | 05/01/2024 | 127083 |
| 132000 | 3.000 | 05/01/2025 | 126835 |
| 139000 | 3.000 | 05/01/2026 | 131342 |
| Lake Frances Community Development District Special Assessment Refunding Series 2018 (NR/BBB-) | Lake Frances Community Development District Special Assessment Refunding Series 2018 (NR/BBB-) | Lake Frances Community Development District Special Assessment Refunding Series 2018 (NR/BBB-) | Lake Frances Community Development District Special Assessment Refunding Series 2018 (NR/BBB-) |
| 82000 | 3.000 | 05/01/2023 | 81916 |
| 81000 | 3.000 | 05/01/2024 | 80453 |
| 84000 | 3.000 | 05/01/2025 | 81633 |
| Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (NR/A) | Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (NR/A) | Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (NR/A) | Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (NR/A) |
| 270000 | 3.000 | 05/01/2023 | 269462 |
| 355000 | 3.000 | 05/01/2024 | 352604 |
| Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) |
| 460000 | 5.000 | 05/01/2023 | 462530 |
| 485000 | 5.000 | 05/01/2024 | 495432 |
| 335000 | 5.000 | 05/01/2025 | 347107 |
| 355000 | 4.500 | 05/01/2026 | 365113 |
| Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) |
| 305000 | 3.500 | 05/01/2023 | 305185 |
| 320000 | 3.500 | 05/01/2024 | 321046 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Miami Dade County Avaiation Revenue Refunding Bonds Series 2016A (NON-AMT) (NR/A) | Miami Dade County Avaiation Revenue Refunding Bonds Series 2016A (NON-AMT) (NR/A) | Miami Dade County Avaiation Revenue Refunding Bonds Series 2016A (NON-AMT) (NR/A) | Miami Dade County Avaiation Revenue Refunding Bonds Series 2016A (NON-AMT) (NR/A) |
| 1285000 | 5.000% | 10/01/2026 | $1384492 |
| Miami Dade County Avaiation Revenue Refunding Bonds Series 2017B (AMT) (NR/A) | Miami Dade County Avaiation Revenue Refunding Bonds Series 2017B (AMT) (NR/A) | Miami Dade County Avaiation Revenue Refunding Bonds Series 2017B (AMT) (NR/A) | Miami Dade County Avaiation Revenue Refunding Bonds Series 2017B (AMT) (NR/A) |
| 11760000 | 5.000 | 10/01/2040 | 11949710 |
| Miami Dade County Educational Facility Authority RB for University of Miami (A2/A-) | Miami Dade County Educational Facility Authority RB for University of Miami (A2/A-) | Miami Dade County Educational Facility Authority RB for University of Miami (A2/A-) | Miami Dade County Educational Facility Authority RB for University of Miami (A2/A-) |
| 10995000 | 5.250 | 04/01/2027 | 11878359 |
| Miami Dade County Expressway Authority Toll System Revenue and Refunding RB Series 2014B (A3\A) | Miami Dade County Expressway Authority Toll System Revenue and Refunding RB Series 2014B (A3\A) | Miami Dade County Expressway Authority Toll System Revenue and Refunding RB Series 2014B (A3\A) | Miami Dade County Expressway Authority Toll System Revenue and Refunding RB Series 2014B (A3\A) |
| 1835000 | 5.000 | 07/01/2030 | 1876382 |
| Miami-Dade County Aviation Revenue Refunding Bonds Series 2014A (AMT) (A-/A2) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2014A (AMT) (A-/A2) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2014A (AMT) (A-/A2) | Miami-Dade County Aviation Revenue Refunding Bonds Series 2014A (AMT) (A-/A2) |
| 20000000 | 5.000 | 10/01/2035 | 20127458 |
| New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(e)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(e)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(e)</sup> | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)<sup>(e)</sup> |
| 115000 | 3.500 | 05/01/2023 | 114836 |
| 120000 | 3.500 | 05/01/2024 | 119330 |
| 125000 | 3.500 | 05/01/2025 | 122265 |
| Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+) | Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+) | Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+) | Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+) |
| 185000 | 3.750 | 05/01/2024 | 185435 |
| Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (BBB+/BBB-) | Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (BBB+/BBB-) | Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (BBB+/BBB-) | Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (BBB+/BBB-) |
| 640000 | 5.000 | 10/01/2023 | 644769 |
| 780000 | 5.000 | 10/01/2024 | 791586 |
| 275000 | 5.000 | 10/01/2025 | 280637 |
| Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR) | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR) |
| 1105000 | 4.000 | 05/15/2026 | 1060882 |
| Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (A/NR) | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (A/NR) | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (A/NR) | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (A/NR) |
| 205000 | 3.000 | 11/01/2023 | 204551 |
| 210000 | 3.000 | 11/01/2024 | 207202 |
| Parkway Center Community Development District Special Assessment Bonds Series 2018-2 (A-/NR) | Parkway Center Community Development District Special Assessment Bonds Series 2018-2 (A-/NR) | Parkway Center Community Development District Special Assessment Bonds Series 2018-2 (A-/NR) | Parkway Center Community Development District Special Assessment Bonds Series 2018-2 (A-/NR) |
| 90000 | 3.500 | 05/01/2023 | 89927 |
| 90000 | 3.500 | 05/01/2024 | 89854 |
| Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (BBB/NR) | Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (BBB/NR) | Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (BBB/NR) | Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (BBB/NR) |
| 235000 | 3.500 | 05/01/2023 | 234596 |
| 245000 | 3.500 | 05/01/2024 | 243663 |
| 255000 | 3.500 | 05/01/2025 | 250861 |
| Paseo Community Development District Capital Improvement Revenue Refunding Bonds Series 2018 (A-/NR) | Paseo Community Development District Capital Improvement Revenue Refunding Bonds Series 2018 (A-/NR) | Paseo Community Development District Capital Improvement Revenue Refunding Bonds Series 2018 (A-/NR) | Paseo Community Development District Capital Improvement Revenue Refunding Bonds Series 2018 (A-/NR) |
| 425000 | 4.000 | 05/01/2023 | 425318 |
| Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (AA/NR) | Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (AA/NR) | Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (AA/NR) | Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (AA/NR) |
| 500000 | 3.000 | 05/01/2024 | 496501 |
| 515000 | 2.000 | 05/01/2025 | 491068 |
| 520000 | 2.000 | 05/01/2026 | 486685 |
| 535000 | 2.000 | 05/01/2027 | 489030 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Polk County School Board Refunding Certificates of Participation Series 2019B (NR/NR) | Polk County School Board Refunding Certificates of Participation Series 2019B (NR/NR) | Polk County School Board Refunding Certificates of Participation Series 2019B (NR/NR) | Polk County School Board Refunding Certificates of Participation Series 2019B (NR/NR) |
| 200000 | 5.000% | 01/01/2025 | $207901 |
| Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) | Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) | Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) | Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) |
| 1935000 | 5.000 | 05/01/2025 | 1968742 |
| Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR\NR) |
| 195000 | 3.000 | 05/01/2023 | 193986 |
| 225000 | 3.000 | 05/01/2024 | 220045 |
| 225000 | 3.000 | 05/01/2025 | 216196 |
| 285000 | 3.000 | 05/01/2026 | 269300 |
| 390000 | 3.000 | 05/01/2027 | 362482 |
| River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (A-/NR) | River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (A-/NR) | River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (A-/NR) | River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (A-/NR) |
| 395000 | 2.500 | 05/01/2023 | 394053 |
| 405000 | 2.500 | 05/01/2024 | 400909 |
| 415000 | 2.750 | 05/01/2025 | 403237 |
| 425000 | 3.000 | 05/01/2026 | 411943 |
| River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (BBB+/NR) | River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (BBB+/NR) | River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (BBB+/NR) | River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (BBB+/NR) |
| 132000 | 2.500 | 05/01/2023 | 131163 |
| 136000 | 2.500 | 05/01/2024 | 133195 |
| 139000 | 2.500 | 05/01/2025 | 133885 |
| 143000 | 2.500 | 05/01/2026 | 134964 |
| 146000 | 2.500 | 05/01/2027 | 135482 |
| 148000 | 2.500 | 05/01/2028 | 134972 |
| 157000 | 2.500 | 05/01/2030 | 136699 |
| River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-1 (NR/NR) | River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-1 (NR/NR) | River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-1 (NR/NR) | River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-1 (NR/NR) |
| 175000 | 3.000 | 05/01/2023 | 174088 |
| 235000 | 3.000 | 05/01/2024 | 229726 |
| 180000 | 3.000 | 05/01/2025 | 172957 |
| 225000 | 3.000 | 05/01/2026 | 212605 |
| Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR)<sup>(e)</sup> | Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR)<sup>(e)</sup> | Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR)<sup>(e)</sup> | Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR)<sup>(e)</sup> |
| 230000 | 2.625 | 05/01/2025 | 218301 |
| Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR) | Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR) | Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR) | Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR) |
| 395000 | 3.000 | 05/01/2023 | 392941 |
| 380000 | 3.000 | 05/01/2024 | 371473 |
| 240000 | 3.000 | 05/01/2025 | 230609 |
| South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (A/NR) | South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (A/NR) | South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (A/NR) | South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (A/NR) |
| 95000 | 2.375 | 05/01/2023 | 94591 |
| 95000 | 2.500 | 05/01/2024 | 93725 |
| 100000 | 2.750 | 05/01/2025 | 98186 |
| 95000 | 3.000 | 05/01/2026 | 93016 |
| South Village Community Development District Capital Improvement Revenue Refunding Bonds Series 2016A-2 (NR/NR) | South Village Community Development District Capital Improvement Revenue Refunding Bonds Series 2016A-2 (NR/NR) | South Village Community Development District Capital Improvement Revenue Refunding Bonds Series 2016A-2 (NR/NR) | South Village Community Development District Capital Improvement Revenue Refunding Bonds Series 2016A-2 (NR/NR) |
| 190000 | 4.350 | 05/01/2026 | 188665 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Spencer Creek Community Development District Special Assessment RB for Hillsborough County Series 2019 (NR/NR) | Spencer Creek Community Development District Special Assessment RB for Hillsborough County Series 2019 (NR/NR) | Spencer Creek Community Development District Special Assessment RB for Hillsborough County Series 2019 (NR/NR) | Spencer Creek Community Development District Special Assessment RB for Hillsborough County Series 2019 (NR/NR) |
| 145000 | 3.750% | 05/01/2024 | $143125 |
| State of Florida Department of Transportation Right of Way Acquisition & Bridge Construction Refunding Bonds Series 2021B (Aaa/AAA) | State of Florida Department of Transportation Right of Way Acquisition & Bridge Construction Refunding Bonds Series 2021B (Aaa/AAA) | State of Florida Department of Transportation Right of Way Acquisition & Bridge Construction Refunding Bonds Series 2021B (Aaa/AAA) | State of Florida Department of Transportation Right of Way Acquisition & Bridge Construction Refunding Bonds Series 2021B (Aaa/AAA) |
| 10665000 | 5.000 | 07/01/2025 | 11276950 |
| Summerville Community Development District Special Assessment Refunding Series 2020 (NR/NR) | Summerville Community Development District Special Assessment Refunding Series 2020 (NR/NR) | Summerville Community Development District Special Assessment Refunding Series 2020 (NR/NR) | Summerville Community Development District Special Assessment Refunding Series 2020 (NR/NR) |
| 118000 | 3.000 | 05/01/2024 | 115352 |
| 121000 | 3.000 | 05/01/2025 | 116265 |
| 725000 | 3.500 | 05/01/2031 | 643053 |
| Tampa Bay Water Utility System Refunding RB Series 2015A (AA+/Aa1) | Tampa Bay Water Utility System Refunding RB Series 2015A (AA+/Aa1) | Tampa Bay Water Utility System Refunding RB Series 2015A (AA+/Aa1) | Tampa Bay Water Utility System Refunding RB Series 2015A (AA+/Aa1) |
| 12050000 | 4.000 | 10/01/2028 | 12410934 |
| 4225000 | 4.000 | 10/01/2029 | 4350782 |
| Tapestry Community Development District Special Assessment RB for City of Kissimmee Series 2016 (NR/NR) | Tapestry Community Development District Special Assessment RB for City of Kissimmee Series 2016 (NR/NR) | Tapestry Community Development District Special Assessment RB for City of Kissimmee Series 2016 (NR/NR) | Tapestry Community Development District Special Assessment RB for City of Kissimmee Series 2016 (NR/NR) |
| 360000 | 4.250 | 05/01/2026 | 356371 |
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2018A-1 (AGM) (AA/NR) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2018A-1 (AGM) (AA/NR) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2018A-1 (AGM) (AA/NR) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2018A-1 (AGM) (AA/NR) |
| 1030000 | 2.500 | 05/01/2023 | 1025839 |
| Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (NR\AA) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (NR\AA) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (NR\AA) | Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (NR\AA) |
| 765000 | 3.000 | 05/01/2025 | 763856 |
| 1605000 | 3.000 | 05/01/2027 | 1597864 |
| Touchstone Community Development District Senior Special Assessment Bonds Series 2022A-1 (NR/BBB+) | Touchstone Community Development District Senior Special Assessment Bonds Series 2022A-1 (NR/BBB+) | Touchstone Community Development District Senior Special Assessment Bonds Series 2022A-1 (NR/BBB+) | Touchstone Community Development District Senior Special Assessment Bonds Series 2022A-1 (NR/BBB+) |
| 105000 | 4.500 | 05/01/2026 | 107726 |
| 115000 | 4.500 | 05/01/2028 | 118878 |
| 120000 | 4.500 | 05/01/2029 | 124482 |
| Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (A-/NR) | Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (A-/NR) | Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (A-/NR) | Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (A-/NR) |
| 125000 | 4.000 | 05/01/2023 | 125055 |
| 135000 | 4.125 | 05/01/2024 | 135117 |
| 140000 | 4.150 | 05/01/2025 | 140111 |
| 145000 | 4.250 | 05/01/2026 | 145125 |
| Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)<sup>(e)</sup> | Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)<sup>(e)</sup> | Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)<sup>(e)</sup> | Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)<sup>(e)</sup> |
| 140000 | 4.000 | 05/01/2024 | 139201 |
| Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) | Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) |
| 1995000 | 3.750 | 05/01/2026 | 1930549 |
| Verano Community Development District Senior Special Assessment Refunding Bonds Series 2017A-1 (BBB/NR)<sup>(e)</sup> | Verano Community Development District Senior Special Assessment Refunding Bonds Series 2017A-1 (BBB/NR)<sup>(e)</sup> | Verano Community Development District Senior Special Assessment Refunding Bonds Series 2017A-1 (BBB/NR)<sup>(e)</sup> | Verano Community Development District Senior Special Assessment Refunding Bonds Series 2017A-1 (BBB/NR)<sup>(e)</sup> |
| 335000 | 3.100 | 05/01/2023 | 334526 |
| Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (AA/NR) | Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (AA/NR) | Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (AA/NR) | Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (AA/NR) |
| 475000 | 2.000 | 05/01/2023 | 470925 |
| 490000 | 2.000 | 05/01/2024 | 479602 |
| 500000 | 2.000 | 05/01/2025 | 472839 |
| 795000 | 2.000 | 05/01/2026 | 735883 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Villa Portofino West Community District Special Assessment Refunding Series 2020 (NR/NR) | Villa Portofino West Community District Special Assessment Refunding Series 2020 (NR/NR) | Villa Portofino West Community District Special Assessment Refunding Series 2020 (NR/NR) | Villa Portofino West Community District Special Assessment Refunding Series 2020 (NR/NR) |
| 165000 | 3.000% | 05/01/2023 | $164140 |
| 171000 | 3.000 | 05/01/2024 | 167163 |
| 177000 | 3.000 | 05/01/2025 | 170074 |
| 973000 | 3.500 | 05/01/2030 | 877243 |
| Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) |
| 350000 | 4.000 | 05/01/2023 | 350647 |
| 365000 | 4.000 | 05/01/2024 | 367688 |
| 295000 | 4.000 | 05/01/2025 | 299762 |
| Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (AA/NR) | Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (AA/NR) | Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (AA/NR) | Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (AA/NR) |
| 1230000 | 5.000 | 05/01/2023 | 1236204 |
| 1290000 | 5.000 | 05/01/2024 | 1319506 |
| 1355000 | 5.000 | 05/01/2025 | 1414151 |
| 1430000 | 5.000 | 05/01/2026 | 1517378 |
| Vizcaya Community Development District Special Assessment Bonds Series 2016 (BBB-/NR) | Vizcaya Community Development District Special Assessment Bonds Series 2016 (BBB-/NR) | Vizcaya Community Development District Special Assessment Bonds Series 2016 (BBB-/NR) | Vizcaya Community Development District Special Assessment Bonds Series 2016 (BBB-/NR) |
| 215000 | 2.500 | 11/01/2023 | 213093 |
| Volusia County School Board Certificates of Participation Series 2019 (NR/NR) | Volusia County School Board Certificates of Participation Series 2019 (NR/NR) | Volusia County School Board Certificates of Participation Series 2019 (NR/NR) | Volusia County School Board Certificates of Participation Series 2019 (NR/NR) |
| 100000 | 5.000 | 08/01/2023 | 101055 |
| Watergrass Community Development District Special Assessment Revenue Refunding Bonds Series 2021 (NR/NR) (NR/NR) | Watergrass Community Development District Special Assessment Revenue Refunding Bonds Series 2021 (NR/NR) (NR/NR) | Watergrass Community Development District Special Assessment Revenue Refunding Bonds Series 2021 (NR/NR) (NR/NR) | Watergrass Community Development District Special Assessment Revenue Refunding Bonds Series 2021 (NR/NR) (NR/NR) |
| 470000 | 2.000 | 05/01/2026 | 428478 |
| Waterset Central Community Development District Special Assessment Bonds for Hillsborough County Series 2018 (NR/NR)<sup>(e)</sup> | Waterset Central Community Development District Special Assessment Bonds for Hillsborough County Series 2018 (NR/NR)<sup>(e)</sup> | Waterset Central Community Development District Special Assessment Bonds for Hillsborough County Series 2018 (NR/NR)<sup>(e)</sup> | Waterset Central Community Development District Special Assessment Bonds for Hillsborough County Series 2018 (NR/NR)<sup>(e)</sup> |
| 185000 | 4.000 | 11/01/2024 | 183413 |
| Winding Cypress Community Development District Special Assessment Bonds for Collier County Series 2015 (NR/NR) | Winding Cypress Community Development District Special Assessment Bonds for Collier County Series 2015 (NR/NR) | Winding Cypress Community Development District Special Assessment Bonds for Collier County Series 2015 (NR/NR) | Winding Cypress Community Development District Special Assessment Bonds for Collier County Series 2015 (NR/NR) |
| 250000 | 4.375 | 11/01/2025 | 248731 |
|  |  |  | 187266397 |
| **Georgia – 3.2%** | **Georgia – 3.2%** | **Georgia – 3.2%** | **Georgia – 3.2%** |
| Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 2115000 | 2.250 | 05/25/2023 | 2103170 |
| Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 4910000 | 2.150 | 06/13/2024 | 4792378 |
| Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Series 2013 A (Baa1/BBB+)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Series 2013 A (Baa1/BBB+)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Series 2013 A (Baa1/BBB+)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Series 2013 A (Baa1/BBB+)<br>(PUTABLE)<sup>(a)(b)(c)</sup> |
| 2000000 | 1.500 | 02/03/2025 | 1889799 |
| Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 4700000 | 2.925 | 03/12/2024 | 4646787 |
| Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)<sup>(a)(b)</sup> | Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)<sup>(a)(b)</sup> | Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)<sup>(a)(b)</sup> | Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)<sup>(a)(b)</sup> |
| 9150000 | 3.000 | 02/01/2023 | 9146759 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Georgia – (continued)** | **Georgia – (continued)** | **Georgia – (continued)** | **Georgia – (continued)** |
| City of Atlanta GO Public Improvement Bonds Series 2022A-1 (Aa1/NR) | City of Atlanta GO Public Improvement Bonds Series 2022A-1 (Aa1/NR) | City of Atlanta GO Public Improvement Bonds Series 2022A-1 (Aa1/NR) | City of Atlanta GO Public Improvement Bonds Series 2022A-1 (Aa1/NR) |
| 835000 | 5.000% | 12/01/2024 | $871315 |
| 545000 | 5.000 | 12/01/2025 | 581934 |
| 1000000 | 5.000 | 12/01/2026 | 1088795 |
| 525000 | 5.000 | 12/01/2027 | 582645 |
| City of Atlanta GO Public Improvement Bonds Series 2022A-2 (Aa1/NR) | City of Atlanta GO Public Improvement Bonds Series 2022A-2 (Aa1/NR) | City of Atlanta GO Public Improvement Bonds Series 2022A-2 (Aa1/NR) | City of Atlanta GO Public Improvement Bonds Series 2022A-2 (Aa1/NR) |
| 2245000 | 5.000 | 12/01/2024 | 2342637 |
| 1105000 | 5.000 | 12/01/2025 | 1179884 |
| 1100000 | 5.000 | 12/01/2026 | 1196820 |
| 2375000 | 5.000 | 12/01/2027 | 2634621 |
| City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (A3/BBB) | City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (A3/BBB) | City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (A3/BBB) | City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (A3/BBB) |
| 500000 | 5.000 | 12/01/2023 | 508063 |
| Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2021 (A2/A+) | Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2021 (A2/A+) | Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2021 (A2/A+) | Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2021 (A2/A+) |
| 950000 | 5.000 | 04/01/2025 | 986561 |
| Development Authority of Bartow County Pollution Control RB 1st Series 2009 (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Development Authority of Bartow County Pollution Control RB 1st Series 2009 (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Development Authority of Bartow County Pollution Control RB 1st Series 2009 (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Development Authority of Bartow County Pollution Control RB 1st Series 2009 (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 2100000 | 2.750 | 03/15/2023 | 2095874 |
| Development Authority of Bartow County Pollution Control RB for Georgia Power Company Plant Bowen Project First Series 2013 (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Development Authority of Bartow County Pollution Control RB for Georgia Power Company Plant Bowen Project First Series 2013 (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Development Authority of Bartow County Pollution Control RB for Georgia Power Company Plant Bowen Project First Series 2013 (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Development Authority of Bartow County Pollution Control RB for Georgia Power Company Plant Bowen Project First Series 2013 (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 6000000 | 2.875 | 08/19/2025 | 5865848 |
| Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 4850000 | 2.875 | 08/19/2025 | 4785661 |
| Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)<sup>(a)(b)</sup> |
| 19350000 | 4.000 | 12/02/2024 | 19350592 |
| Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)<sup>(a)(b)</sup> |
| 6495000 | 4.000 | 09/01/2027 | 6441823 |
| Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)<sup>(a)(b)</sup> | Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)<sup>(a)(b)</sup> |
| 43000000 | 4.000 | 09/01/2023 | 42986438 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2019A (NR/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (NR/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (NR/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (NR/NR) |
| 2500000 | 5.000 | 05/15/2025 | 2550885 |
| 3000000 | 5.000 | 05/15/2026 | 3085565 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR) |
| 1500000 | 5.000 | 05/15/2023 | 1504395 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3\NR) |
| 1000000 | 4.000 | 12/01/2023 | 1000223 |
| 1500000 | 4.000 | 12/01/2025 | 1503386 |
| 2185000 | 4.000 | 12/01/2026 | 2183719 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR\BBB-)<sup>(e)</sup> | Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR\BBB-)<sup>(e)</sup> | Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR\BBB-)<sup>(e)</sup> | Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR\BBB-)<sup>(e)</sup> |
| 2800000 | 4.000 | 11/01/2024 | 2761608 |
| 1705000 | 4.000 | 11/01/2025 | 1661281 |
| 3665000 | 4.000 | 11/01/2026 | 3519518 |
| 3810000 | 4.000 | 11/01/2027 | 3597981 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Georgia – (continued)** | **Georgia – (continued)** | **Georgia – (continued)** | **Georgia – (continued)** |
| Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-)<sup>(a)(b)</sup> | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-)<sup>(a)(b)</sup> | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-)<sup>(a)(b)</sup> | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-)<sup>(a)(b)</sup> |
| 14775000 | 5.000% | 07/01/2026 | $15527884 |
| Mercer University RB Project Series 2021 (NR/NR) | Mercer University RB Project Series 2021 (NR/NR) | Mercer University RB Project Series 2021 (NR/NR) | Mercer University RB Project Series 2021 (NR/NR) |
| 625000 | 5.000 | 10/01/2026 | 666971 |
| Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 2275000 | 1.000 | 08/21/2026 | 2032622 |
| Municipal Electric Authority of Georgia RB Refunding for Combined Cycle Project Series 2020 A (A1/A-) | Municipal Electric Authority of Georgia RB Refunding for Combined Cycle Project Series 2020 A (A1/A-) | Municipal Electric Authority of Georgia RB Refunding for Combined Cycle Project Series 2020 A (A1/A-) | Municipal Electric Authority of Georgia RB Refunding for Combined Cycle Project Series 2020 A (A1/A-) |
| 800000 | 5.000 | 11/01/2026 | 853648 |
| Municipal Electric Authority RB Refunding Series 2019 A (A2/A-) | Municipal Electric Authority RB Refunding Series 2019 A (A2/A-) | Municipal Electric Authority RB Refunding Series 2019 A (A2/A-) | Municipal Electric Authority RB Refunding Series 2019 A (A2/A-) |
| 900000 | 5.000 | 01/01/2023 | 900000 |
| Savanah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Savanah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Savanah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Savanah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 425000 | 2.000 | 10/01/2024 | 408960 |
| Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB) | Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB) | Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB) | Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB) |
| 6090000 | 1.900 | 08/01/2024 | 5879305 |
| State of Georgia GO Bonds Series 2021A (Aaa/AAA) | State of Georgia GO Bonds Series 2021A (Aaa/AAA) | State of Georgia GO Bonds Series 2021A (Aaa/AAA) | State of Georgia GO Bonds Series 2021A (Aaa/AAA) |
| 20000000 | 5.000 | 07/01/2024 | 20669286 |
| 17500000 | 5.000 | 07/01/2025 | 18521519 |
|  |  |  | 204907160 |
| **Guam – 0.1%** | **Guam – 0.1%** | **Guam – 0.1%** | **Guam – 0.1%** |
| A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (ETM) (Baa2/BB) | A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (ETM) (Baa2/BB) | A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (ETM) (Baa2/BB) | A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (ETM) (Baa2/BB) |
| 2000000 | 3.319 | 10/01/2025 | 1910353 |
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (Baa2/NR) |
| 1100000 | 3.133 | 10/01/2024 | 1055975 |
| Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) |
| 1120000 | 2.499 | 10/01/2025 | 1036311 |
| 1650000 | 2.899 | 10/01/2027 | 1457896 |
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) |
| 500000 | 5.000 | 07/01/2023 | 501335 |
| 400000 | 5.000 | 07/01/2024 | 403969 |
| Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A) | Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A) | Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A) | Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A) |
| 500000 | 5.000 | 07/01/2023 | 502472 |
|  |  |  | 6868311 |
| **Hawaii – 0.4%** | **Hawaii – 0.4%** | **Hawaii – 0.4%** | **Hawaii – 0.4%** |
| City of Honolulu GO Bonds Series A (Aa1/NR) | City of Honolulu GO Bonds Series A (Aa1/NR) | City of Honolulu GO Bonds Series A (Aa1/NR) | City of Honolulu GO Bonds Series A (Aa1/NR) |
| 10575000 | 4.000 | 10/01/2034 | 10781421 |
| State of Hawaii Airports System Revenue COPS Series 2013 (AMT) (A2/A) | State of Hawaii Airports System Revenue COPS Series 2013 (AMT) (A2/A) | State of Hawaii Airports System Revenue COPS Series 2013 (AMT) (A2/A) | State of Hawaii Airports System Revenue COPS Series 2013 (AMT) (A2/A) |
| 3065000 | 5.000 | 08/01/2023 | 3094002 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Hawaii – (continued)** | **Hawaii – (continued)** | **Hawaii – (continued)** | **Hawaii – (continued)** |
| State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (NR/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (NR/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (NR/NR) | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (NR/NR) |
| 10735000 | 3.100% | 05/01/2026 | $10481629 |
|  |  |  | 24357052 |
| **Illinois – 9.3%** | **Illinois – 9.3%** | **Illinois – 9.3%** | **Illinois – 9.3%** |
| Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA) |
| 325000 | 5.000 | 10/01/2025 | 340151 |
| 250000 | 5.000 | 10/01/2026 | 264159 |
| 325000 | 5.000 | 10/01/2027 | 346684 |
| 325000 | 5.000 | 10/01/2028 | 349878 |
| Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA)<sup>(b)</sup> | Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA)<sup>(b)</sup> | Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA)<sup>(b)</sup> | Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA)<sup>(b)</sup> |
| 6155000 | 5.000 | 01/01/2037 | 6500802 |
| Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA)<sup>(f)</sup> | Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA)<sup>(f)</sup> | Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA)<sup>(f)</sup> | Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA)<sup>(f)</sup> |
| 100000 | 0.000 | 01/01/2023 | 100000 |
| 385000 | 0.000 | 01/01/2024 | 371909 |
| 480000 | 0.000 | 01/01/2025 | 448538 |
| Champaign County Community Unit School District No. 4 Champaign GO Refunding Bonds Series 2020 B (NR/AA) | Champaign County Community Unit School District No. 4 Champaign GO Refunding Bonds Series 2020 B (NR/AA) | Champaign County Community Unit School District No. 4 Champaign GO Refunding Bonds Series 2020 B (NR/AA) | Champaign County Community Unit School District No. 4 Champaign GO Refunding Bonds Series 2020 B (NR/AA) |
| 550000 | 5.000 | 01/01/2023 | 550000 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)<sup>(f)</sup> |
| 540000 | 0.000 | 12/01/2026 | 462995 |
| 4865000 | 0.000 | 12/01/2027 | 3993571 |
| 460000 | 0.000 | 12/01/2029 | 344877 |
| Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB)<sup>(f)</sup> |
| 9285000 | 0.000 | 12/01/2024 | 8625778 |
| Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL)<br>(Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL)<br>(Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL)<br>(Baa2/BB)<sup>(f)</sup> | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL)<br>(Baa2/BB)<sup>(f)</sup> |
| 550000 | 0.000 | 12/01/2025 | 491616 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) |
| 5000000 | 5.000 | 12/01/2023 | 5074785 |
| 7675000 | 5.000 | 12/01/2024 | 7824776 |
| 3515000 | 5.000 | 12/01/2026 | 3656950 |
| Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (Ba1/BBB+)<sup>(f)</sup> | Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (Ba1/BBB+)<sup>(f)</sup> | Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (Ba1/BBB+)<sup>(f)</sup> | Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (Ba1/BBB+)<sup>(f)</sup> |
| 4645000 | 0.000 | 01/01/2023 | 4645000 |
| Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL) (Baa2/BBB+) | Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL) (Baa2/BBB+) | Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL) (Baa2/BBB+) | Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL) (Baa2/BBB+) |
| 3560000 | 5.500 | 01/01/2023 | 3560000 |
| Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (Ba1/WR/BBB+) | Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (Ba1/WR/BBB+) | Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (Ba1/WR/BBB+) | Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (Ba1/WR/BBB+) |
| 4995000 | 5.000 | 01/01/2023 | 4995000 |
| Chicago Illinois Midway Airport RB Refunding Second Lien Series 2014 B (A3/A-) | Chicago Illinois Midway Airport RB Refunding Second Lien Series 2014 B (A3/A-) | Chicago Illinois Midway Airport RB Refunding Second Lien Series 2014 B (A3/A-) | Chicago Illinois Midway Airport RB Refunding Second Lien Series 2014 B (A3/A-) |
| 5055000 | 5.000 | 01/01/2027 | 5135376 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Chicago O'Hare International Airport Customer Facility Charge RB Series 2013 (Baa1/BBB) | Chicago O'Hare International Airport Customer Facility Charge RB Series 2013 (Baa1/BBB) | Chicago O'Hare International Airport Customer Facility Charge RB Series 2013 (Baa1/BBB) | Chicago O'Hare International Airport Customer Facility Charge RB Series 2013 (Baa1/BBB) |
| 1025000 | 5.750% | 01/01/2038 | $1029608 |
| Chicago O'Hare International Airport Passenger Facility Charge RB Refunding Series 2012 A (A2/A) | Chicago O'Hare International Airport Passenger Facility Charge RB Refunding Series 2012 A (A2/A) | Chicago O'Hare International Airport Passenger Facility Charge RB Refunding Series 2012 A (A2/A) | Chicago O'Hare International Airport Passenger Facility Charge RB Refunding Series 2012 A (A2/A) |
| 1195000 | 5.000 | 01/01/2026 | 1201833 |
| Chicago O'Hare International Airport Passenger Facility Charge RB Refunding Series 2012 B (AMT) (A2/A) | Chicago O'Hare International Airport Passenger Facility Charge RB Refunding Series 2012 B (AMT) (A2/A) | Chicago O'Hare International Airport Passenger Facility Charge RB Refunding Series 2012 B (AMT) (A2/A) | Chicago O'Hare International Airport Passenger Facility Charge RB Refunding Series 2012 B (AMT) (A2/A) |
| 5000000 | 5.000 | 01/01/2026 | 5028588 |
| 2980000 | 4.000 | 01/01/2027 | 2980386 |
| 5790000 | 5.000 | 01/01/2030 | 5794990 |
| Chicago O'Hare International Airport RB Refunding Series 2015 A (AMT) (NR/A) | Chicago O'Hare International Airport RB Refunding Series 2015 A (AMT) (NR/A) | Chicago O'Hare International Airport RB Refunding Series 2015 A (AMT) (NR/A) | Chicago O'Hare International Airport RB Refunding Series 2015 A (AMT) (NR/A) |
| 11000000 | 5.000 | 01/01/2031 | 11236152 |
| Chicago Park District GO Refunding Bonds Series 2020 F-2 (NR/AA-) | Chicago Park District GO Refunding Bonds Series 2020 F-2 (NR/AA-) | Chicago Park District GO Refunding Bonds Series 2020 F-2 (NR/AA-) | Chicago Park District GO Refunding Bonds Series 2020 F-2 (NR/AA-) |
| 350000 | 5.000 | 01/01/2025 | 359858 |
| 475000 | 5.000 | 01/01/2026 | 496993 |
| City of Chicago Board of Education Capital Appreciation Bonds for School Reform Series 1998B-1 (Ba2/BB)<sup>(f)</sup> | City of Chicago Board of Education Capital Appreciation Bonds for School Reform Series 1998B-1 (Ba2/BB)<sup>(f)</sup> | City of Chicago Board of Education Capital Appreciation Bonds for School Reform Series 1998B-1 (Ba2/BB)<sup>(f)</sup> | City of Chicago Board of Education Capital Appreciation Bonds for School Reform Series 1998B-1 (Ba2/BB)<sup>(f)</sup> |
| 685000 | 0.000 | 12/01/2028 | 537531 |
| City of Chicago Board of Education GO Bonds Series 1999 A (Ba2/BB) | City of Chicago Board of Education GO Bonds Series 1999 A (Ba2/BB) | City of Chicago Board of Education GO Bonds Series 1999 A (Ba2/BB) | City of Chicago Board of Education GO Bonds Series 1999 A (Ba2/BB) |
| 5000000 | 5.500 | 12/01/2026 | 5160581 |
| 1755000 | 0.000 <sup>(f)</sup> | 12/01/2030 | 1253703 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (NR/AA) |
| 2500000 | 5.000 | 12/01/2029 | 2633911 |
| City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/AA) | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/AA) |
| 5000000 | 5.000 | 12/01/2027 | 5240623 |
| 6535000 | 5.000 | 12/01/2029 | 6885044 |
| 1000000 | 5.000 | 12/01/2030 | 1050572 |
| City of Chicago Capital Improvement GO Bonds Series 1999 (Baa3/BBB+)<sup>(f)</sup> | City of Chicago Capital Improvement GO Bonds Series 1999 (Baa3/BBB+)<sup>(f)</sup> | City of Chicago Capital Improvement GO Bonds Series 1999 (Baa3/BBB+)<sup>(f)</sup> | City of Chicago Capital Improvement GO Bonds Series 1999 (Baa3/BBB+)<sup>(f)</sup> |
| 5000000 | 0.000 | 01/01/2024 | 4811683 |
| City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) | City of Chicago GO Bonds Project & Refunding Series 2014A (Baa3/BBB+) |
| 10000000 | 5.000 | 01/01/2036 | 9908698 |
| City of Chicago GO Bonds Refunding Series 2019A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2019A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2019A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2019A (NR/BBB+) |
| 3760000 | 5.000 | 01/01/2028 | 3916068 |
| City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) | City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) |
| 3430000 | 5.000 | 01/01/2027 | 3549488 |
| 5245000 | 5.000 | 01/01/2028 | 5462706 |
| City of Chicago GO Bonds Series 2021A (BBB+/BBB-) | City of Chicago GO Bonds Series 2021A (BBB+/BBB-) | City of Chicago GO Bonds Series 2021A (BBB+/BBB-) | City of Chicago GO Bonds Series 2021A (BBB+/BBB-) |
| 600000 | 5.000 | 01/01/2024 | 606395 |
| City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(h)</sup> | City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(h)</sup> | City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(h)</sup> | City of Chicago GO Bonds Series 2023A (Baa3/BBB+)<sup>(h)</sup> |
| 1000000 | 5.000 | 01/01/2029 | 1047500 |
| City of Chicago GO Refunding Bonds Series 2016 C (NR/BBB+) | City of Chicago GO Refunding Bonds Series 2016 C (NR/BBB+) | City of Chicago GO Refunding Bonds Series 2016 C (NR/BBB+) | City of Chicago GO Refunding Bonds Series 2016 C (NR/BBB+) |
| 10040000 | 5.000 | 01/01/2023 | 10040000 |
| City of Chicago GO Refunding Bonds Series B (Ba1\BBB+) | City of Chicago GO Refunding Bonds Series B (Ba1\BBB+) | City of Chicago GO Refunding Bonds Series B (Ba1\BBB+) | City of Chicago GO Refunding Bonds Series B (Ba1\BBB+) |
| 23000000 | 5.765 | 01/01/2028 | 22609531 |
| City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (A3/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (A3/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (A3/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (A3/A-) |
| 15030000 | 5.000 | 01/01/2029 | 15172340 |
| 1000000 | 5.000 | 01/01/2031 | 1006437 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014B (A3/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014B (A3/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014B (A3/A-) | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014B (A3/A-) |
| 5000000 | 5.000% | 01/01/2035 | $5039509 |
| City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2013D (NON-AMT) (A2/A+)<sup>(b)</sup> | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2013D (NON-AMT) (A2/A+)<sup>(b)</sup> | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2013D (NON-AMT) (A2/A+)<sup>(b)</sup> | City of Chicago O'Hare International Airport General Airport Senior Lien RB Series 2013D (NON-AMT) (A2/A+)<sup>(b)</sup> |
| 4775000 | 5.000 | 01/01/2023 | 4775000 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (AMT) (NR/A+) |
| 7000000 | 5.000 | 01/01/2029 | 7164251 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (NR/A+) |
| 4760000 | 5.000 | 01/01/2024 | 4824843 |
| 5000000 | 5.000 | 01/01/2027 | 5133749 |
| 12045000 | 5.000 | 01/01/2032 | 12294466 |
| City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (AMT) (NR/A+) | City of Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (AMT) (NR/A+) |
| 2000000 | 5.000 | 01/01/2024 | 2027245 |
| 3500000 | 5.000 | 01/01/2026 | 3644833 |
| City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR\NR)<sup>(e)</sup> | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR\NR)<sup>(e)</sup> | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR\NR)<sup>(e)</sup> | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR\NR)<sup>(e)</sup> |
| 282000 | 1.990 | 12/01/2023 | 275404 |
| 319000 | 2.270 | 12/01/2024 | 304893 |
| 336000 | 2.530 | 12/01/2025 | 314831 |
| 305000 | 2.690 | 12/01/2026 | 280564 |
| 255000 | 2.870 | 12/01/2027 | 230916 |
| City of Joliet Waterworks and Sewerage Senior Lien RB Anticipation Notes Series 2022 (NR/NR) | City of Joliet Waterworks and Sewerage Senior Lien RB Anticipation Notes Series 2022 (NR/NR) | City of Joliet Waterworks and Sewerage Senior Lien RB Anticipation Notes Series 2022 (NR/NR) | City of Joliet Waterworks and Sewerage Senior Lien RB Anticipation Notes Series 2022 (NR/NR) |
| 16750000 | 5.000 | 01/01/2024 | 16950424 |
| 8245000 | 5.000 | 01/01/2025 | 8494862 |
| Cook County GO Refunding Bonds Series 2022A (A2/A+) | Cook County GO Refunding Bonds Series 2022A (A2/A+) | Cook County GO Refunding Bonds Series 2022A (A2/A+) | Cook County GO Refunding Bonds Series 2022A (A2/A+) |
| 5000000 | 5.000 | 11/15/2024 | 5161073 |
| Cook County Sales Tax RB Refunding Series 2022A (NR/AA-) | Cook County Sales Tax RB Refunding Series 2022A (NR/AA-) | Cook County Sales Tax RB Refunding Series 2022A (NR/AA-) | Cook County Sales Tax RB Refunding Series 2022A (NR/AA-) |
| 650000 | 5.000 | 11/15/2024 | 674408 |
| 590000 | 5.000 | 11/15/2026 | 634395 |
| Cook County Sales Tax RB Refunding Series 2022B (NR/AA-) | Cook County Sales Tax RB Refunding Series 2022B (NR/AA-) | Cook County Sales Tax RB Refunding Series 2022B (NR/AA-) | Cook County Sales Tax RB Refunding Series 2022B (NR/AA-) |
| 550000 | 5.000 | 11/15/2024 | 570653 |
| 360000 | 5.000 | 11/15/2026 | 387088 |
| Cook County Township High School GO School Bonds Series 2022 (Aa1/NR) | Cook County Township High School GO School Bonds Series 2022 (Aa1/NR) | Cook County Township High School GO School Bonds Series 2022 (Aa1/NR) | Cook County Township High School GO School Bonds Series 2022 (Aa1/NR) |
| 4290000 | 4.000 | 12/01/2026 | 4475112 |
| Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (NR/BBB) | Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (NR/BBB) | Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (NR/BBB) | Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (NR/BBB) |
| 450000 | 5.000 | 12/01/2023 | 454113 |
| Illinois Finance Authority RB for OSF Healthcare System Series 2020B-1 (A3/A)<sup>(a)(b)</sup> | Illinois Finance Authority RB for OSF Healthcare System Series 2020B-1 (A3/A)<sup>(a)(b)</sup> | Illinois Finance Authority RB for OSF Healthcare System Series 2020B-1 (A3/A)<sup>(a)(b)</sup> | Illinois Finance Authority RB for OSF Healthcare System Series 2020B-1 (A3/A)<sup>(a)(b)</sup> |
| 4560000 | 5.000 | 11/15/2024 | 4658274 |
| Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR)<sup>(b)(d)</sup> | Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR)<sup>(b)(d)</sup> | Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR)<sup>(b)(d)</sup> | Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.70%) | (SIFMA Municipal Swap<br>Index Yield + 0.70%) | (SIFMA Municipal Swap<br>Index Yield + 0.70%) |  |
| 2250000 | 3.830 | 05/01/2026 | 2185039 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Illinois Finance Authority RB for University of Chicago Medicine Series 2022B-1 (NR/AA-)<sup>(a)(b)</sup> | Illinois Finance Authority RB for University of Chicago Medicine Series 2022B-1 (NR/AA-)<sup>(a)(b)</sup> | Illinois Finance Authority RB for University of Chicago Medicine Series 2022B-1 (NR/AA-)<sup>(a)(b)</sup> | Illinois Finance Authority RB for University of Chicago Medicine Series 2022B-1 (NR/AA-)<sup>(a)(b)</sup> |
| 4000000 | 5.000% | 08/15/2025 | $4174986 |
| Illinois Finance Authority RB for University of Chicago Medicine Series 2022B-2 (NR/AA-)<sup>(a)(b)</sup> | Illinois Finance Authority RB for University of Chicago Medicine Series 2022B-2 (NR/AA-)<sup>(a)(b)</sup> | Illinois Finance Authority RB for University of Chicago Medicine Series 2022B-2 (NR/AA-)<sup>(a)(b)</sup> | Illinois Finance Authority RB for University of Chicago Medicine Series 2022B-2 (NR/AA-)<sup>(a)(b)</sup> |
| 4000000 | 5.000 | 08/15/2027 | 4309778 |
| Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) |
| 250000 | 5.000 | 10/01/2024 | 256422 |
| 250000 | 5.000 | 10/01/2025 | 259522 |
| 500000 | 5.000 | 10/01/2026 | 525801 |
| Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 1890000 | 0.700 | 09/01/2023 | 1853742 |
| Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) |
| 1000000 | 5.000 | 09/01/2024 | 1014583 |
| 600000 | 5.000 | 09/01/2025 | 612765 |
| Illinois Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2015 A (NR/NR) | Illinois Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2015 A (NR/NR) | Illinois Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2015 A (NR/NR) | Illinois Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2015 A (NR/NR) |
| 540000 | 5.000 | 05/15/2026 | 536508 |
| Illinois Municipal Electric Agency Power Supply System Revenue Refunding Bonds Series 2015A (A1/A) | Illinois Municipal Electric Agency Power Supply System Revenue Refunding Bonds Series 2015A (A1/A) | Illinois Municipal Electric Agency Power Supply System Revenue Refunding Bonds Series 2015A (A1/A) | Illinois Municipal Electric Agency Power Supply System Revenue Refunding Bonds Series 2015A (A1/A) |
| 2535000 | 5.000 | 02/01/2028 | 2657727 |
| Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (WR/BB+)<sup>(f)</sup> | Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (WR/BB+)<sup>(f)</sup> | Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (WR/BB+)<sup>(f)</sup> | Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (WR/BB+)<sup>(f)</sup> |
| 10665000 | 0.000 | 06/15/2023 | 10486780 |
| 3235000 | 0.000 | 06/15/2025 | 2954589 |
| Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (NR/AA) | Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (NR/AA) | Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (NR/AA) | Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (NR/AA) |
| 10150000 | 5.250 | 06/15/2032 | 10364770 |
| Illinois State GO Bonds Series 2013 (Baa2/BBB) | Illinois State GO Bonds Series 2013 (Baa2/BBB) | Illinois State GO Bonds Series 2013 (Baa2/BBB) | Illinois State GO Bonds Series 2013 (Baa2/BBB) |
| 4100000 | 5.500 | 07/01/2024 | 4135098 |
| 2210000 | 5.500 | 07/01/2026 | 2227549 |
| 6590000 | 5.500 | 07/01/2027 | 6641713 |
| Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) | Illinois State GO Bonds Series 2017 D (Baa2/BBB) |
| 33615000 | 5.000 | 11/01/2023 | 33963759 |
| 12705000 | 5.000 | 11/01/2024 | 12945957 |
| 15945000 | 5.000 | 11/01/2025 | 16344628 |
| 50760000 | 5.000 | 11/01/2026 | 52322976 |
| Illinois State GO Bonds Series 2019 A (Baa2/BBB) | Illinois State GO Bonds Series 2019 A (Baa2/BBB) | Illinois State GO Bonds Series 2019 A (Baa2/BBB) | Illinois State GO Bonds Series 2019 A (Baa2/BBB) |
| 6000000 | 5.000 | 11/01/2024 | 6113793 |
| Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) | Illinois State GO Bonds Series 2020 (Baa2/BBB) |
| 2000000 | 5.375 | 05/01/2023 | 2011089 |
| 2100000 | 5.500 | 05/01/2024 | 2145859 |
| Illinois State GO Refunding Bonds Series 2016 (Baa2/BBB) | Illinois State GO Refunding Bonds Series 2016 (Baa2/BBB) | Illinois State GO Refunding Bonds Series 2016 (Baa2/BBB) | Illinois State GO Refunding Bonds Series 2016 (Baa2/BBB) |
| 2360000 | 5.000 | 02/01/2023 | 2362390 |
| Illinois State RB Refunding Series 2016 C (NR/BBB+) | Illinois State RB Refunding Series 2016 C (NR/BBB+) | Illinois State RB Refunding Series 2016 C (NR/BBB+) | Illinois State RB Refunding Series 2016 C (NR/BBB+) |
| 460000 | 4.000 | 06/15/2024 | 462478 |
| Illinois State Sales Tax RB for Build Junior Obligation Series 2013 (NR/BBB+) | Illinois State Sales Tax RB for Build Junior Obligation Series 2013 (NR/BBB+) | Illinois State Sales Tax RB for Build Junior Obligation Series 2013 (NR/BBB+) | Illinois State Sales Tax RB for Build Junior Obligation Series 2013 (NR/BBB+) |
| 115000 | 5.000 | 06/15/2024 | 115648 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2020 (NR/AA) | McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2020 (NR/AA) | McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2020 (NR/AA) | McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2020 (NR/AA) |
| 400000 | 1.045% | 02/15/2025 | $368569 |
| Sales Tax Securitization Corp Bonds Series 2018C (AA-/AA-) | Sales Tax Securitization Corp Bonds Series 2018C (AA-/AA-) | Sales Tax Securitization Corp Bonds Series 2018C (AA-/AA-) | Sales Tax Securitization Corp Bonds Series 2018C (AA-/AA-) |
| 4180000 | 5.000 | 01/01/2025 | 4334454 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) |
| 2240000 | 5.000 | 01/01/2025 | 2322770 |
| 850000 | 5.000 | 01/01/2027 | 906050 |
| 9095000 | 5.000 | 01/01/2028 | 9761108 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) |
| 1275000 | 5.000 | 01/01/2026 | 1344817 |
| 4000000 | 5.000 | 01/01/2027 | 4263766 |
| State of Illinois Build Illinois Junior Obligation Bonds Series 2021A (NR/A-) | State of Illinois Build Illinois Junior Obligation Bonds Series 2021A (NR/A-) | State of Illinois Build Illinois Junior Obligation Bonds Series 2021A (NR/A-) | State of Illinois Build Illinois Junior Obligation Bonds Series 2021A (NR/A-) |
| 7000000 | 4.000 | 06/15/2025 | 7046316 |
| State of Illinois GO Bonds Refunding Series 2022B (Baa1/BBB+) | State of Illinois GO Bonds Refunding Series 2022B (Baa1/BBB+) | State of Illinois GO Bonds Refunding Series 2022B (Baa1/BBB+) | State of Illinois GO Bonds Refunding Series 2022B (Baa1/BBB+) |
| 4265000 | 5.000 | 03/01/2024 | 4324185 |
| State of Illinois GO Bonds Series 2014 (Baa2/BBB) | State of Illinois GO Bonds Series 2014 (Baa2/BBB) | State of Illinois GO Bonds Series 2014 (Baa2/BBB) | State of Illinois GO Bonds Series 2014 (Baa2/BBB) |
| 3300000 | 5.000 | 02/01/2023 | 3303343 |
| State of Illinois GO Bonds Series 2016 (Baa1/BBB+) | State of Illinois GO Bonds Series 2016 (Baa1/BBB+) | State of Illinois GO Bonds Series 2016 (Baa1/BBB+) | State of Illinois GO Bonds Series 2016 (Baa1/BBB+) |
| 1725000 | 5.000 | 01/01/2026 | 1769997 |
| 5700000 | 5.000 | 11/01/2028 | 5830935 |
| State of Illinois GO Bonds Series 2016 (Baa2/BBB) | State of Illinois GO Bonds Series 2016 (Baa2/BBB) | State of Illinois GO Bonds Series 2016 (Baa2/BBB) | State of Illinois GO Bonds Series 2016 (Baa2/BBB) |
| 15000000 | 5.000 | 06/01/2023 | 15081682 |
| State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) | State of Illinois GO Bonds Series 2017 A (Baa2/BBB) |
| 10490000 | 5.000 | 12/01/2023 | 10608481 |
| State of Illinois GO Bonds Series 2017A (Baa1/BBB+) | State of Illinois GO Bonds Series 2017A (Baa1/BBB+) | State of Illinois GO Bonds Series 2017A (Baa1/BBB+) | State of Illinois GO Bonds Series 2017A (Baa1/BBB+) |
| 3455000 | 5.000 | 12/01/2027 | 3571672 |
| State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) | State of Illinois GO Bonds Series 2017C (Baa1/BBB+) |
| 6435000 | 5.000 | 11/01/2029 | 6592381 |
| State of Illinois GO Bonds Series 2017D (Baa1/BBB+) | State of Illinois GO Bonds Series 2017D (Baa1/BBB+) | State of Illinois GO Bonds Series 2017D (Baa1/BBB+) | State of Illinois GO Bonds Series 2017D (Baa1/BBB+) |
| 5525000 | 5.000 | 11/01/2027 | 5711036 |
| State of Illinois GO Bonds Series 2020 (Baa1/BBB+) | State of Illinois GO Bonds Series 2020 (Baa1/BBB+) | State of Illinois GO Bonds Series 2020 (Baa1/BBB+) | State of Illinois GO Bonds Series 2020 (Baa1/BBB+) |
| 1000000 | 5.500 | 05/01/2030 | 1062388 |
| State of Illinois GO Bonds Series 2021A (Baa1/BBB+) | State of Illinois GO Bonds Series 2021A (Baa1/BBB+) | State of Illinois GO Bonds Series 2021A (Baa1/BBB+) | State of Illinois GO Bonds Series 2021A (Baa1/BBB+) |
| 2500000 | 5.000 | 03/01/2024 | 2534692 |
| 2750000 | 5.000 | 03/01/2026 | 2824524 |
| State of Illinois GO Bonds Series 2021B (Baa1/BBB+) | State of Illinois GO Bonds Series 2021B (Baa1/BBB+) | State of Illinois GO Bonds Series 2021B (Baa1/BBB+) | State of Illinois GO Bonds Series 2021B (Baa1/BBB+) |
| 4460000 | 5.000 | 03/01/2024 | 4521891 |
| State of Illinois GO Refunding Bonds Series 2016 (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2016 (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2016 (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2016 (Baa1/BBB+) |
| 4215000 | 5.000 | 02/01/2026 | 4327097 |
| 3800000 | 5.000 | 02/01/2028 | 3905485 |
| 2075000 | 5.000 | 02/01/2029 | 2123244 |
| State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018A (Baa1/BBB+) |
| 6490000 | 5.000 | 10/01/2028 | 6708535 |
| State of Illinois GO Refunding Bonds Series 2018B (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018B (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018B (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2018B (Baa1/BBB+) |
| 6000000 | 5.000 | 10/01/2028 | 6202036 |
| State of Illinois GO Refunding Bonds Series 2021C (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2021C (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2021C (Baa1/BBB+) | State of Illinois GO Refunding Bonds Series 2021C (Baa1/BBB+) |
| 6550000 | 4.000 | 03/01/2024 | 6567392 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB) | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB) |
| 2000000 | 5.000% | 10/01/2025 | $2049235 |
|  |  |  | 589829000 |
| **Indiana – 1.3%** | **Indiana – 1.3%** | **Indiana – 1.3%** | **Indiana – 1.3%** |
| City of Rockport Pollution Control Revenue Refunding Bonds for AEP Generating Company Project Series 1995 (NON-AMT) (NR/A-) | City of Rockport Pollution Control Revenue Refunding Bonds for AEP Generating Company Project Series 1995 (NON-AMT) (NR/A-) | City of Rockport Pollution Control Revenue Refunding Bonds for AEP Generating Company Project Series 1995 (NON-AMT) (NR/A-) | City of Rockport Pollution Control Revenue Refunding Bonds for AEP Generating Company Project Series 1995 (NON-AMT) (NR/A-) |
| 4150000 | 3.125 | 07/01/2025 | 4077560 |
| City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (NR/A-) | City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (NR/A-) | City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (NR/A-) | City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (NR/A-) |
| 3335000 | 3.125 | 07/01/2025 | 3276786 |
| City of Rockport Pollution Control Revenue Refunding Bonds<br>Series 2009 B (NON-AMT) (A-/NR) | City of Rockport Pollution Control Revenue Refunding Bonds<br>Series 2009 B (NON-AMT) (A-/NR) | City of Rockport Pollution Control Revenue Refunding Bonds<br>Series 2009 B (NON-AMT) (A-/NR) | City of Rockport Pollution Control Revenue Refunding Bonds<br>Series 2009 B (NON-AMT) (A-/NR) |
| 10000000 | 3.050 | 06/01/2025 | 10010770 |
| City of Rockport Pollution Control Revenue Refunding Bonds Series D (A-/A) | City of Rockport Pollution Control Revenue Refunding Bonds Series D (A-/A) | City of Rockport Pollution Control Revenue Refunding Bonds Series D (A-/A) | City of Rockport Pollution Control Revenue Refunding Bonds Series D (A-/A) |
| 11000000 | 0.750 | 04/01/2025 | 10138830 |
| City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 11990000 | 5.000 | 06/05/2026 | 12272981 |
| Indiana Finance Authority Environmental Improvement RB for Fulcrum Centerpoint Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | Indiana Finance Authority Environmental Improvement RB for Fulcrum Centerpoint Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | Indiana Finance Authority Environmental Improvement RB for Fulcrum Centerpoint Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | Indiana Finance Authority Environmental Improvement RB for Fulcrum Centerpoint Project Series 2022 (NR/NR)<sup>(a)(b)</sup> |
| 25000000 | 4.500 | 11/15/2023 | 24984195 |
| Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 3000000 | 0.750 | 04/01/2026 | 2602435 |
| Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 4525000 | 0.950 | 04/01/2026 | 3964953 |
| Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2021 (A2/A-) | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2021 (A2/A-) | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2021 (A2/A-) | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2021 (A2/A-) |
| 3000000 | 0.650 | 08/01/2025 | 2744932 |
| Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)<sup>(b)(d)</sup> | Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)<sup>(b)(d)</sup> | Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)<sup>(b)(d)</sup> | Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)<sup>(b)(d)</sup> |
| (SIFMA Municipal<br>Swap Index Yield + 0.55%) | (SIFMA Municipal<br>Swap Index Yield + 0.55%) | (SIFMA Municipal<br>Swap Index Yield + 0.55%) |  |
| 6905000 | 3.680 | 11/01/2023 | 6906141 |
| Indianapolis Local Public Improvement Bond Bank Refunding Bonds Series 2019D (AMT) (A1\NR) | Indianapolis Local Public Improvement Bond Bank Refunding Bonds Series 2019D (AMT) (A1\NR) | Indianapolis Local Public Improvement Bond Bank Refunding Bonds Series 2019D (AMT) (A1\NR) | Indianapolis Local Public Improvement Bond Bank Refunding Bonds Series 2019D (AMT) (A1\NR) |
| 3130000 | 5.000 | 01/01/2026 | 3271289 |
| Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (ST INTERCEPT) (NR/AA+) | Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (ST INTERCEPT) (NR/AA+) | Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (ST INTERCEPT) (NR/AA+) | Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (ST INTERCEPT) (NR/AA+) |
| 375000 | 3.000 | 07/15/2023 | 375102 |
|  |  |  | 84625974 |
| **Iowa – 0.0%** | **Iowa – 0.0%** | **Iowa – 0.0%** | **Iowa – 0.0%** |
| Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (A1/NR) | Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (A1/NR) | Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (A1/NR) | Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (A1/NR) |
| 630000 | 5.000 | 02/15/2023 | 631312 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Iowa – (continued)** | **Iowa – (continued)** | **Iowa – (continued)** | **Iowa – (continued)** |
| Iowa Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 A (NR/NR) | Iowa Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 A (NR/NR) | Iowa Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 A (NR/NR) | Iowa Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 A (NR/NR) |
| 2105000 | 4.000% | 05/15/2026 | $2027223 |
|  |  |  | 2658535 |
| **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** |
| City of Manhattan GO Temporary Notes Series 2022-01 (Aa3\NR) | City of Manhattan GO Temporary Notes Series 2022-01 (Aa3\NR) | City of Manhattan GO Temporary Notes Series 2022-01 (Aa3\NR) | City of Manhattan GO Temporary Notes Series 2022-01 (Aa3\NR) |
| 17740000 | 1.750 | 06/15/2025 | 16984849 |
| **Kentucky – 1.9%** | **Kentucky – 1.9%** | **Kentucky – 1.9%** | **Kentucky – 1.9%** |
| City of Owensboro Electric Light & Power System Refunding RB 2019 Series (A-/NR) | City of Owensboro Electric Light & Power System Refunding RB 2019 Series (A-/NR) | City of Owensboro Electric Light & Power System Refunding RB 2019 Series (A-/NR) | City of Owensboro Electric Light & Power System Refunding RB 2019 Series (A-/NR) |
| 800000 | 4.000 | 01/01/2023 | 800000 |
| County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (NR/NR) | County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (NR/NR) | County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (NR/NR) | County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (NR/NR) |
| 5000000 | 3.700 | 08/01/2027 | 4925442 |
| County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 1665000 | 0.700 | 09/01/2023 | 1633059 |
| Kentucky Economic Development Finance Authority Healthcare Facilities Refunding RB Series 2022 (NR/NR) | Kentucky Economic Development Finance Authority Healthcare Facilities Refunding RB Series 2022 (NR/NR) | Kentucky Economic Development Finance Authority Healthcare Facilities Refunding RB Series 2022 (NR/NR) | Kentucky Economic Development Finance Authority Healthcare Facilities Refunding RB Series 2022 (NR/NR) |
| 3570000 | 4.500 | 10/01/2027 | 3554718 |
| Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (Baa2/NR) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (Baa2/NR) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (Baa2/NR) | Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (Baa2/NR) |
| 1000000 | 5.000 | 06/01/2023 | 1005864 |
| Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) | Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-) |
| 685000 | 5.000 | 08/01/2025 | 712294 |
| Kentucky Public Energy Authority Gas Supply RB 2018 Series B<br>(NR/NR)<sup>(a)(b)</sup> | Kentucky Public Energy Authority Gas Supply RB 2018 Series B<br>(NR/NR)<sup>(a)(b)</sup> | Kentucky Public Energy Authority Gas Supply RB 2018 Series B<br>(NR/NR)<sup>(a)(b)</sup> | Kentucky Public Energy Authority Gas Supply RB 2018 Series B<br>(NR/NR)<sup>(a)(b)</sup> |
| 27525000 | 4.000 | 01/01/2025 | 27324012 |
| Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1<br>(NR/A)<sup>(a)(b)</sup> | Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1<br>(NR/A)<sup>(a)(b)</sup> | Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1<br>(NR/A)<sup>(a)(b)</sup> | Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1<br>(NR/A)<sup>(a)(b)</sup> |
| 30000000 | 4.000 | 06/01/2025 | 29723112 |
| Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2001 A (A1/A) | Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2001 A (A1/A) | Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2001 A (A1/A) | Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2001 A (A1/A) |
| 3800000 | 0.900 | 09/01/2026 | 3462348 |
| Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2020C (NR/A)<sup>(a)(b)</sup> | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2020C (NR/A)<sup>(a)(b)</sup> | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2020C (NR/A)<sup>(a)(b)</sup> | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2020C (NR/A)<sup>(a)(b)</sup> |
| 5000000 | 5.000 | 10/01/2026 | 5249063 |
| Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR)<sup>(a)(b)</sup> |
| 26230000 | 4.000 | 06/01/2025 | 25987908 |
| Public Energy Authority of Kentucky Gas Supply RB Series 2019C (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2019C (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2019C (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2019C (NR/NR)<sup>(a)(b)</sup> |
| 9350000 | 3.913 | 02/01/2028 | 9164246 |
| Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR)<sup>(a)(b)</sup> | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR)<sup>(a)(b)</sup> |
| 7050000 | 4.000 | 06/01/2026 | 6978781 |
|  |  |  | 120520847 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Louisiana – 2.6%** | **Louisiana – 2.6%** | **Louisiana – 2.6%** | **Louisiana – 2.6%** |
| City of New Orleans GO Refunding Bonds Series 2022 (A2/A+) | City of New Orleans GO Refunding Bonds Series 2022 (A2/A+) | City of New Orleans GO Refunding Bonds Series 2022 (A2/A+) | City of New Orleans GO Refunding Bonds Series 2022 (A2/A+) |
| 5495000 | 5.000% | 12/01/2024 | $5705861 |
| 3000000 | 5.000 | 12/01/2025 | 3179066 |
| 4255000 | 5.000 | 12/01/2026 | 4591710 |
| 1715000 | 5.000 | 12/01/2027 | 1882569 |
| Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 11800000 | 1.000 | 12/01/2024 | 11071823 |
| Louisiana Local Government Community Development Authority Subordinate Lien Revenue Refunding Bonds Series 2020B<br>(A+/A+)<sup>(a)(b)</sup> | Louisiana Local Government Community Development Authority Subordinate Lien Revenue Refunding Bonds Series 2020B<br>(A+/A+)<sup>(a)(b)</sup> | Louisiana Local Government Community Development Authority Subordinate Lien Revenue Refunding Bonds Series 2020B<br>(A+/A+)<sup>(a)(b)</sup> | Louisiana Local Government Community Development Authority Subordinate Lien Revenue Refunding Bonds Series 2020B<br>(A+/A+)<sup>(a)(b)</sup> |
| 35000000 | 0.875 | 02/01/2025 | 33022416 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment RB for Louisiana Insurance Guaranty Association Project Series 2022B (A1/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment RB for Louisiana Insurance Guaranty Association Project Series 2022B (A1/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment RB for Louisiana Insurance Guaranty Association Project Series 2022B (A1/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment RB for Louisiana Insurance Guaranty Association Project Series 2022B (A1/NR) |
| 2250000 | 5.000 | 08/15/2025 | 2366454 |
| 1935000 | 5.000 | 08/15/2026 | 2068340 |
| 3300000 | 5.000 | 08/15/2027 | 3579323 |
| Louisiana Local Government Environmental Facilities & Community Development Authority RB for American Biocarbon Project Series 2021 (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority RB for American Biocarbon Project Series 2021 (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority RB for American Biocarbon Project Series 2021 (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Louisiana Local Government Environmental Facilities & Community Development Authority RB for American Biocarbon Project Series 2021 (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 12000000 | 3.850 | 08/01/2023 | 12000210 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Ragin' Cajun Facilities Student Housing & Parking Project Series 2017 (NR/AA) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Ragin' Cajun Facilities Student Housing & Parking Project Series 2017 (NR/AA) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Ragin' Cajun Facilities Student Housing & Parking Project Series 2017 (NR/AA) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds for Ragin' Cajun Facilities Student Housing & Parking Project Series 2017 (NR/AA) |
| 1230000 | 5.000 | 10/01/2026 | 1301882 |
| Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) | Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) | Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) | Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) |
| 435000 | 5.000 | 10/01/2026 | 452952 |
| Louisiana Stadium & Exposition District RB Series 2020 (NR/NR) | Louisiana Stadium & Exposition District RB Series 2020 (NR/NR) | Louisiana Stadium & Exposition District RB Series 2020 (NR/NR) | Louisiana Stadium & Exposition District RB Series 2020 (NR/NR) |
| 15000000 | 5.000 | 07/03/2023 | 15015932 |
| New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (A2/A) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (A2/A) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (A2/A) | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (A2/A) |
| 7460000 | 5.000 | 01/01/2040 | 7520995 |
| Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 12395000 | 2.000 | 04/01/2023 | 12318455 |
| Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (Baa3/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 12500000 | 2.125 | 07/01/2024 | 12112945 |
| Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (NON-AMT) (NR/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (NON-AMT) (NR/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (NON-AMT) (NR/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (NON-AMT) (NR/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 950000 | 2.200 | 07/01/2026 | 874333 |
| Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> | Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 23150000 | 2.100 | 07/01/2024 | 22424898 |
| State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 A (Aa3/NR)<sup>(a)(b)</sup> | State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 A (Aa3/NR)<sup>(a)(b)</sup> | State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 A (Aa3/NR)<sup>(a)(b)</sup> | State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 A (Aa3/NR)<sup>(a)(b)</sup> |
| 3075000 | 0.600 | 05/01/2023 | 3038380 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Louisiana – (continued)** | **Louisiana – (continued)** | **Louisiana – (continued)** | **Louisiana – (continued)** |
| State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 D-1 (Aa3/NR)<sup>(a)(b)</sup> | State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 D-1 (Aa3/NR)<sup>(a)(b)</sup> | State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 D-1 (Aa3/NR)<sup>(a)(b)</sup> | State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 D-1 (Aa3/NR)<sup>(a)(b)</sup> |
| 4615000 | 0.600% | 05/01/2023 | $4560040 |
| State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3\AA-)<sup>(b)(d)</sup> | State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3\AA-)<sup>(b)(d)</sup> | State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3\AA-)<sup>(b)(d)</sup> | State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3\AA-)<sup>(b)(d)</sup> |
| (SOFR + 0.50%) | (SOFR + 0.50%) | (SOFR + 0.50%) |  |
| 4415000 | 3.517 | 05/01/2026 | 4304164 |
|  |  |  | 163392748 |
| **Maryland – 1.0%** | **Maryland – 1.0%** | **Maryland – 1.0%** | **Maryland – 1.0%** |
| County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) |
| 815000 | 4.000 | 01/01/2023 | 815000 |
| 1050000 | 4.000 | 01/01/2024 | 1050613 |
| 2805000 | 4.000 | 01/01/2025 | 2814960 |
| Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) |
| 470000 | 2.625 | 07/01/2024 | 456343 |
| Maryland Department of Transportation Consolidated Transportation Bonds Refunding Series 2022B (Aa1/AAA) | Maryland Department of Transportation Consolidated Transportation Bonds Refunding Series 2022B (Aa1/AAA) | Maryland Department of Transportation Consolidated Transportation Bonds Refunding Series 2022B (Aa1/AAA) | Maryland Department of Transportation Consolidated Transportation Bonds Refunding Series 2022B (Aa1/AAA) |
| 2750000 | 5.000 | 12/01/2025 | 2937958 |
| 3000000 | 5.000 | 12/01/2026 | 3271051 |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR) | Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR) |
| 815000 | 4.000 | 01/01/2024 | 816105 |
| Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John's College Series 2020 (NR/BBB) |
| 340000 | 4.000 | 10/01/2023 | 341257 |
| 350000 | 4.000 | 10/01/2024 | 353128 |
| 390000 | 4.000 | 10/01/2025 | 394649 |
| Montgomery County GO Bonds for Consolidated Public Improvement Project Series 2021 A (Aaa/AAA) | Montgomery County GO Bonds for Consolidated Public Improvement Project Series 2021 A (Aaa/AAA) | Montgomery County GO Bonds for Consolidated Public Improvement Project Series 2021 A (Aaa/AAA) | Montgomery County GO Bonds for Consolidated Public Improvement Project Series 2021 A (Aaa/AAA) |
| 10000000 | 5.000 | 08/01/2028 | 11257506 |
| State of Maryland GO Bonds for State & Local Facilities Loan Series 2020A (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2020A (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2020A (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2020A (Aaa/AAA) |
| 10290000 | 5.000 | 03/15/2027 | 11283908 |
| State of Maryland GO Bonds for State & Local Facilities Loan Series 2021A (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2021A (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2021A (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2021A (Aaa/AAA) |
| 17825000 | 5.000 | 08/01/2027 | 19691222 |
| State of Maryland GO Bonds for State & Local Facilities Loan Series 2021C (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2021C (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2021C (Aaa/AAA) | State of Maryland GO Bonds for State & Local Facilities Loan Series 2021C (Aaa/AAA) |
| 5000000 | 4.000 | 03/01/2028 | 5334961 |
| Town of Chestertown Economic Development Refunding RB for Washington College Project Series 2021A (NR/BBB) | Town of Chestertown Economic Development Refunding RB for Washington College Project Series 2021A (NR/BBB) | Town of Chestertown Economic Development Refunding RB for Washington College Project Series 2021A (NR/BBB) | Town of Chestertown Economic Development Refunding RB for Washington College Project Series 2021A (NR/BBB) |
| 1000000 | 5.000 | 03/01/2028 | 1070521 |
| Town of Chestertown Economic Development Refunding RB Series 2021A (BBB/NR) | Town of Chestertown Economic Development Refunding RB Series 2021A (BBB/NR) | Town of Chestertown Economic Development Refunding RB Series 2021A (BBB/NR) | Town of Chestertown Economic Development Refunding RB Series 2021A (BBB/NR) |
| 1035000 | 5.000 | 03/01/2026 | 1086330 |
|  |  |  | 62975512 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Massachusetts – 2.0%** | **Massachusetts – 2.0%** | **Massachusetts – 2.0%** | **Massachusetts – 2.0%** |
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series C (Aa1/AA) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series C (Aa1/AA) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series C (Aa1/AA) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series C (Aa1/AA) |
| 8085000 | 5.000% | 07/01/2040 | $8351334 |
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series E (Aa1/AA) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series E (Aa1/AA) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series E (Aa1/AA) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series E (Aa1/AA) |
| 12500000 | 5.000 | 05/01/2031 | 12855999 |
| Massachusetts Bay Transportation Authority Sales Tax RB Series 2005 A (Aa2/AA) | Massachusetts Bay Transportation Authority Sales Tax RB Series 2005 A (Aa2/AA) | Massachusetts Bay Transportation Authority Sales Tax RB Series 2005 A (Aa2/AA) | Massachusetts Bay Transportation Authority Sales Tax RB Series 2005 A (Aa2/AA) |
| 25035000 | 5.000 | 07/01/2026 | 27051502 |
| Massachusetts Clean Water Trust RB Refunding Series 2006<br>(Aaa/AAA)<sup>(d)</sup> | Massachusetts Clean Water Trust RB Refunding Series 2006<br>(Aaa/AAA)<sup>(d)</sup> | Massachusetts Clean Water Trust RB Refunding Series 2006<br>(Aaa/AAA)<sup>(d)</sup> | Massachusetts Clean Water Trust RB Refunding Series 2006<br>(Aaa/AAA)<sup>(d)</sup> |
| (MUNI-CPI + 0.99%) | (MUNI-CPI + 0.99%) | (MUNI-CPI + 0.99%) |  |
| 2050000 | 9.590 | 08/01/2023 | 2084923 |
| Massachusetts Development Finance Agency RB for Harvard University Series 2016A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016A (Aaa/AAA) |
| 5000000 | 5.000 | 07/15/2033 | 5367987 |
| Massachusetts Development Finance Agency RB for President & Trustees of Williams College Series 2011 (Aa1/AA+)<sup>(a)(b)</sup> | Massachusetts Development Finance Agency RB for President & Trustees of Williams College Series 2011 (Aa1/AA+)<sup>(a)(b)</sup> | Massachusetts Development Finance Agency RB for President & Trustees of Williams College Series 2011 (Aa1/AA+)<sup>(a)(b)</sup> | Massachusetts Development Finance Agency RB for President & Trustees of Williams College Series 2011 (Aa1/AA+)<sup>(a)(b)</sup> |
| 3500000 | 0.450 | 07/01/2025 | 3219322 |
| Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) | Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) | Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) | Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) |
| 300000 | 5.000 | 10/01/2023 | 303614 |
| Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+) |
| 725000 | 5.000 | 07/01/2023 | 730346 |
| Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 7000000 | 2.450 | 04/01/2026 | 6875030 |
| Massachusetts Housing Finance Agency RB Refunding Series 2020 216 (GNMA/FNMA/FHLMC) (Aa1/AA+)<sup>(a)(b)</sup> | Massachusetts Housing Finance Agency RB Refunding Series 2020 216 (GNMA/FNMA/FHLMC) (Aa1/AA+)<sup>(a)(b)</sup> | Massachusetts Housing Finance Agency RB Refunding Series 2020 216 (GNMA/FNMA/FHLMC) (Aa1/AA+)<sup>(a)(b)</sup> | Massachusetts Housing Finance Agency RB Refunding Series 2020 216 (GNMA/FNMA/FHLMC) (Aa1/AA+)<sup>(a)(b)</sup> |
| 5250000 | 1.850 | 06/01/2025 | 5011480 |
| Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa2/AA+) | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa2/AA+) | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa2/AA+) | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa2/AA+) |
| 5165000 | 5.000 | 11/15/2031 | 5585342 |
| 11750000 | 5.000 | 11/15/2032 | 12666646 |
| 3500000 | 5.000 | 11/15/2039 | 3682093 |
| Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3\AA-)<sup>(b) (d) (e)</sup> | Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3\AA-)<sup>(b) (d) (e)</sup> | Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3\AA-)<sup>(b) (d) (e)</sup> | Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3\AA-)<sup>(b) (d) (e)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.60%) | (SIFMA Municipal Swap<br>Index Yield + 0.60%) | (SIFMA Municipal Swap<br>Index Yield + 0.60%) |  |
| 6250000 | 3.730 | 01/29/2026 | 6161439 |
| Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(d)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(d)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(d)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)<sup>(d)</sup> |
| (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) |  |
| 13055000 | 3.545 | 05/01/2037 | 12789006 |
| Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)<sup>(d)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)<sup>(d)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)<sup>(d)</sup> | Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)<sup>(d)</sup> |
| (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) | (3M USD LIBOR + 0.57%) |
| 11560000 | 3.545 | 05/01/2037 | 11324390 |
|  |  |  | 124060453 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Michigan – 1.7%** | **Michigan – 1.7%** | **Michigan – 1.7%** | **Michigan – 1.7%** |
| Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) | Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) | Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) | Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) |
| 900000 | 5.000% | 07/01/2023 | $907734 |
| 17750000 | 5.000 | 07/01/2048 | 17783764 |
| Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (NR/AA) | Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (NR/AA) | Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (NR/AA) | Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (NR/AA) |
| 1500000 | 5.000 | 07/01/2023 | 1512890 |
| 500000 | 5.000 | 07/01/2024 | 514068 |
| 550000 | 5.000 | 07/01/2025 | 566043 |
| Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)<sup>(d)</sup> | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)<sup>(d)</sup> | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)<sup>(d)</sup> | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)<sup>(d)</sup> |
| (3M USD LIBOR + 0.60%) | (3M USD LIBOR + 0.60%) | (3M USD LIBOR + 0.60%) |  |
| 28240000 | 3.794 | 07/01/2032 | 27619426 |
| Great Lakes Water Authority Sewage Disposal System RB Refunding Series 2020 A (A1/AA-) | Great Lakes Water Authority Sewage Disposal System RB Refunding Series 2020 A (A1/AA-) | Great Lakes Water Authority Sewage Disposal System RB Refunding Series 2020 A (A1/AA-) | Great Lakes Water Authority Sewage Disposal System RB Refunding Series 2020 A (A1/AA-) |
| 200000 | 1.654 | 07/01/2025 | 185160 |
| Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2016C (A2/A+) | Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2016C (A2/A+) | Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2016C (A2/A+) | Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2016C (A2/A+) |
| 3000000 | 5.000 | 07/01/2035 | 3147386 |
| Lansing Board of Water & Light Utility System RB Series 2021B<br>(AA-/NR)<sup>(a)(b)</sup> | Lansing Board of Water & Light Utility System RB Series 2021B<br>(AA-/NR)<sup>(a)(b)</sup> | Lansing Board of Water & Light Utility System RB Series 2021B<br>(AA-/NR)<sup>(a)(b)</sup> | Lansing Board of Water & Light Utility System RB Series 2021B<br>(AA-/NR)<sup>(a)(b)</sup> |
| 5000000 | 2.000 | 07/01/2026 | 4736939 |
| Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR\BBB-) |
| 185000 | 4.000 | 02/01/2027 | 179998 |
| Michigan Finance Authority Hospital RB for Trinity Health Credit Group Series 2022B (Aa3/AA-)<sup>(a)(b)</sup> | Michigan Finance Authority Hospital RB for Trinity Health Credit Group Series 2022B (Aa3/AA-)<sup>(a)(b)</sup> | Michigan Finance Authority Hospital RB for Trinity Health Credit Group Series 2022B (Aa3/AA-)<sup>(a)(b)</sup> | Michigan Finance Authority Hospital RB for Trinity Health Credit Group Series 2022B (Aa3/AA-)<sup>(a)(b)</sup> |
| 6250000 | 5.000 | 12/01/2028 | 6835653 |
| Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (NR/A1) | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (NR/A1) | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (NR/A1) | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (NR/A1) |
| 1215000 | 5.000 | 05/15/2034 | 1258344 |
| Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (AA/Aa3)<sup>(b)(d)</sup> | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (AA/Aa3)<sup>(b)(d)</sup> | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (AA/Aa3)<sup>(b)(d)</sup> | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (AA/Aa3)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.75%) | (SIFMA Municipal Swap<br>Index Yield + 0.75%) | (SIFMA Municipal Swap<br>Index Yield + 0.75%) |  |
| 5845000 | 3.880 | 04/15/2027 | 5746061 |
| Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2014D (A1/AA-) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2014D (A1/AA-) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2014D (A1/AA-) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2014D (A1/AA-) |
| 2800000 | 5.000 | 07/01/2032 | 2867248 |
| 3000000 | 5.000 | 07/01/2034 | 3064143 |
| Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A2/A+) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A2/A+) |
| 1600000 | 5.000 | 07/01/2034 | 1647285 |
| Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (A1/AA) | Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (A1/AA) |
| 5000000 | 5.000 | 07/01/2023 | 5044188 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** |
| Michigan State Hospital Finance Authority Refunding And Project RB Series 2010F-5 (AA+/A-1+/AA+/F1+)<sup>(a)(b)</sup> | Michigan State Hospital Finance Authority Refunding And Project RB Series 2010F-5 (AA+/A-1+/AA+/F1+)<sup>(a)(b)</sup> | Michigan State Hospital Finance Authority Refunding And Project RB Series 2010F-5 (AA+/A-1+/AA+/F1+)<sup>(a)(b)</sup> | Michigan State Hospital Finance Authority Refunding And Project RB Series 2010F-5 (AA+/A-1+/AA+/F1+)<sup>(a)(b)</sup> |
| 4400000 | 2.400% | 03/15/2023 | $4392619 |
| Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (Baa2/NR) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (Baa2/NR) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (Baa2/NR) | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (Baa2/NR) |
| 2210000 | 5.000 | 12/31/2023 | 2250276 |
| 2685000 | 5.000 | 06/30/2024 | 2718930 |
| 3500000 | 5.000 | 12/31/2024 | 3566152 |
| Star International Academy Refunding Bonds Series 2020 (BBB/NR) | Star International Academy Refunding Bonds Series 2020 (BBB/NR) | Star International Academy Refunding Bonds Series 2020 (BBB/NR) | Star International Academy Refunding Bonds Series 2020 (BBB/NR) |
| 665000 | 4.000 | 03/01/2023 | 664806 |
| 690000 | 4.000 | 03/01/2024 | 689109 |
| 720000 | 4.000 | 03/01/2025 | 712773 |
| 745000 | 4.000 | 03/01/2026 | 734085 |
| 775000 | 4.000 | 03/01/2027 | 760211 |
| Wayne County Airport Authority Aiport RB for Detroit Metropolitan Wayne County Airport Revenue Refunding Bonds Series 2015F (A1/A) | Wayne County Airport Authority Aiport RB for Detroit Metropolitan Wayne County Airport Revenue Refunding Bonds Series 2015F (A1/A) | Wayne County Airport Authority Aiport RB for Detroit Metropolitan Wayne County Airport Revenue Refunding Bonds Series 2015F (A1/A) | Wayne County Airport Authority Aiport RB for Detroit Metropolitan Wayne County Airport Revenue Refunding Bonds Series 2015F (A1/A) |
| 2495000 | 5.000 | 12/01/2025 | 2606268 |
| Wayne County Airport Authority Revenue Refunding Bonds Series 2017 E (A1/NR)<sup>(e)</sup> | Wayne County Airport Authority Revenue Refunding Bonds Series 2017 E (A1/NR)<sup>(e)</sup> | Wayne County Airport Authority Revenue Refunding Bonds Series 2017 E (A1/NR)<sup>(e)</sup> | Wayne County Airport Authority Revenue Refunding Bonds Series 2017 E (A1/NR)<sup>(e)</sup> |
| 3000000 | 4.000 | 12/01/2025 | 3033102 |
|  |  |  | 105744661 |
| **Minnesota – 0.6%** | **Minnesota – 0.6%** | **Minnesota – 0.6%** | **Minnesota – 0.6%** |
| City of Minneapolis GO Refunding Bonds Series 2020 (NR/AAA) | City of Minneapolis GO Refunding Bonds Series 2020 (NR/AAA) | City of Minneapolis GO Refunding Bonds Series 2020 (NR/AAA) | City of Minneapolis GO Refunding Bonds Series 2020 (NR/AAA) |
| 5730000 | 2.000 | 12/01/2029 | 5294362 |
| Duluth Economic Development Authority Health Care Facilities RB for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB for St. Luke's Hospital Series 2022 (NR/BBB-) |
| 275000 | 5.000 | 06/15/2025 | 280704 |
| Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) | Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke's Hospital Series 2022 (NR/BBB-) |
| 300000 | 5.000 | 06/15/2023 | 301996 |
| 265000 | 5.000 | 06/15/2024 | 269758 |
| 360000 | 5.000 | 06/15/2026 | 370742 |
| Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa3/NR) | Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa3/NR) | Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa3/NR) | Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa3/NR) |
| 640000 | 3.250 | 03/01/2025 | 624335 |
| 660000 | 4.000 | 03/01/2026 | 649781 |
| Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (Baa1/NR) | Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (Baa1/NR) | Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (Baa1/NR) | Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (Baa1/NR) |
| 575000 | 5.000 | 05/01/2023 | 577994 |
| Minneapolis Metropolitan Airports Commission Subordinate Airport RB Series 2022B (AMT) (NR/A+) | Minneapolis Metropolitan Airports Commission Subordinate Airport RB Series 2022B (AMT) (NR/A+) | Minneapolis Metropolitan Airports Commission Subordinate Airport RB Series 2022B (AMT) (NR/A+) | Minneapolis Metropolitan Airports Commission Subordinate Airport RB Series 2022B (AMT) (NR/A+) |
| 1565000 | 5.000 | 01/01/2024 | 1587083 |
| 1025000 | 5.000 | 01/01/2025 | 1054866 |
| Minneapolis-St. Paul Metropolitan Airports Commission RB Refunding Series 2019 B (AMT) (NR/A) | Minneapolis-St. Paul Metropolitan Airports Commission RB Refunding Series 2019 B (AMT) (NR/A) | Minneapolis-St. Paul Metropolitan Airports Commission RB Refunding Series 2019 B (AMT) (NR/A) | Minneapolis-St. Paul Metropolitan Airports Commission RB Refunding Series 2019 B (AMT) (NR/A) |
| 2810000 | 5.000 | 01/01/2024 | 2849651 |
| Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) |
| 100000 | 3.000 | 12/01/2023 | 99280 |
| 100000 | 4.000 | 12/01/2024 | 100551 |
| 180000 | 4.000 | 12/01/2025 | 181293 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Minnesota – (continued)** | **Minnesota – (continued)** | **Minnesota – (continued)** | **Minnesota – (continued)** |
| Minnesota Special School District Refunding Certificates of Participation for Minnesota School District Credit Enhancement Program Series 2022C (Aa2/AAA) | Minnesota Special School District Refunding Certificates of Participation for Minnesota School District Credit Enhancement Program Series 2022C (Aa2/AAA) | Minnesota Special School District Refunding Certificates of Participation for Minnesota School District Credit Enhancement Program Series 2022C (Aa2/AAA) | Minnesota Special School District Refunding Certificates of Participation for Minnesota School District Credit Enhancement Program Series 2022C (Aa2/AAA) |
| 4260000 | 5.000% | 02/01/2025 | $4462772 |
| 4470000 | 5.000 | 02/01/2026 | 4790373 |
| 9385000 | 5.000 | 02/01/2027 | 10255493 |
| Regents of University of Minnesota GO Bonds Series 2013A (AA/Aa1) | Regents of University of Minnesota GO Bonds Series 2013A (AA/Aa1) | Regents of University of Minnesota GO Bonds Series 2013A (AA/Aa1) | Regents of University of Minnesota GO Bonds Series 2013A (AA/Aa1) |
| 3185000 | 4.000 | 02/01/2029 | 3186688 |
| Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (NR/NR) | Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (NR/NR) | Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (NR/NR) | Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (NR/NR) |
| 250000 | 5.000 | 01/01/2024 | 254974 |
| 375000 | 5.000 | 01/01/2025 | 390999 |
| 825000 | 5.000 | 01/01/2026 | 877710 |
| 640000 | 5.000 | 01/01/2027 | 693429 |
|  |  |  | 39154834 |
| **Mississippi – 0.8%** | **Mississippi – 0.8%** | **Mississippi – 0.8%** | **Mississippi – 0.8%** |
| City of Jackson GO Refunding Bonds Series 2021 (Baa3/A+) | City of Jackson GO Refunding Bonds Series 2021 (Baa3/A+) | City of Jackson GO Refunding Bonds Series 2021 (Baa3/A+) | City of Jackson GO Refunding Bonds Series 2021 (Baa3/A+) |
| 325000 | 5.000 | 03/01/2023 | 325905 |
| 500000 | 5.000 | 03/01/2024 | 511216 |
| 1000000 | 5.000 | 03/01/2025 | 1034863 |
| 830000 | 5.000 | 03/01/2026 | 873200 |
| Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2\BBB) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 10500000 | 2.650 | 04/01/2027 | 9807247 |
| Mississippi Business Finance Corp Solid Waste Disposal RB Series 2002 (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Mississippi Business Finance Corp Solid Waste Disposal RB Series 2002 (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Mississippi Business Finance Corp Solid Waste Disposal RB Series 2002 (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Mississippi Business Finance Corp Solid Waste Disposal RB Series 2002 (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 1000000 | 2.200 | 06/03/2024 | 965770 |
| Mississippi Hospital Equipment & Facilities Authority Revenue Refunding Bonds Series 2020A-1 (BBB+/NR)<sup>(a)(b)</sup> | Mississippi Hospital Equipment & Facilities Authority Revenue Refunding Bonds Series 2020A-1 (BBB+/NR)<sup>(a)(b)</sup> | Mississippi Hospital Equipment & Facilities Authority Revenue Refunding Bonds Series 2020A-1 (BBB+/NR)<sup>(a)(b)</sup> | Mississippi Hospital Equipment & Facilities Authority Revenue Refunding Bonds Series 2020A-1 (BBB+/NR)<sup>(a)(b)</sup> |
| 7750000 | 4.972 | 09/01/2025 | 8026859 |
| Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 8225000 | 2.900 | 09/01/2023 | 8183145 |
| Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 9085000 | 1.375 | 06/16/2025 | 8469213 |
| Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (BBB/NR)<sup>(a)(b)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (BBB/NR)<sup>(a)(b)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (BBB/NR)<sup>(a)(b)</sup> | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (BBB/NR)<sup>(a)(b)</sup> |
| 9300000 | 1.345 | 06/16/2025 | 8669640 |
| Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 1175000 | 1.565 | 06/16/2025 | 1101441 |
|  |  |  | 47968499 |
| **Missouri – 1.0%** | **Missouri – 1.0%** | **Missouri – 1.0%** | **Missouri – 1.0%** |
| Kansas City Municipal Assistance Corp. Revenue Leasehold Bonds Series 2004 B-1 (AA-/A2)<sup>(f)</sup> | Kansas City Municipal Assistance Corp. Revenue Leasehold Bonds Series 2004 B-1 (AA-/A2)<sup>(f)</sup> | Kansas City Municipal Assistance Corp. Revenue Leasehold Bonds Series 2004 B-1 (AA-/A2)<sup>(f)</sup> | Kansas City Municipal Assistance Corp. Revenue Leasehold Bonds Series 2004 B-1 (AA-/A2)<sup>(f)</sup> |
| 3720000 | 0.000 | 04/15/2026 | 3363791 |
| Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) | Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR) |
| 570000 | 5.000 | 09/01/2023 | 574210 |
| 600000 | 5.000 | 09/01/2024 | 608461 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) | Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) |
| 575000 | 5.000% | 02/15/2023 | $575978 |
| 400000 | 5.000 | 02/15/2024 | 407504 |
| Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) | Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) |
| 105000 | 5.000 | 10/01/2024 | 108290 |
| 125000 | 5.000 | 10/01/2025 | 131197 |
| State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 4000000 | 3.500 | 07/01/2025 | 3967358 |
| State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B<br>(Aa2/AA)<sup>(a)(b)</sup> | State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B<br>(Aa2/AA)<sup>(a)(b)</sup> | State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B<br>(Aa2/AA)<sup>(a)(b)</sup> | State of Missouri Health & Educational Facilities Authority Long Term Health Facilities RB for BJC Health System Series 2021B<br>(Aa2/AA)<sup>(a)(b)</sup> |
| 50000000 | 4.000 | 05/01/2026 | 51533995 |
|  |  |  | 61270784 |
| **Montana – 0.1%** | **Montana – 0.1%** | **Montana – 0.1%** | **Montana – 0.1%** |
| Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A3/A-) | Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A3/A-) | Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A3/A-) | Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A3/A-) |
| 8790000 | 2.000 | 08/01/2023 | 8706091 |
| **Nebraska – 0.3%** | **Nebraska – 0.3%** | **Nebraska – 0.3%** | **Nebraska – 0.3%** |
| Douglas County Hospital Authority No. 2 RB for Children's Hospital Obligated Group Series 2020 B (A1/NR)<sup>(a)(b)</sup> | Douglas County Hospital Authority No. 2 RB for Children's Hospital Obligated Group Series 2020 B (A1/NR)<sup>(a)(b)</sup> | Douglas County Hospital Authority No. 2 RB for Children's Hospital Obligated Group Series 2020 B (A1/NR)<sup>(a)(b)</sup> | Douglas County Hospital Authority No. 2 RB for Children's Hospital Obligated Group Series 2020 B (A1/NR)<sup>(a)(b)</sup> |
| 2100000 | 5.000 | 11/15/2025 | 2202744 |
| Douglas County Hospital Authority No. 2 RB Refunding for Children's Hospital Obligated Group Series 2020 A (A1/NR) | Douglas County Hospital Authority No. 2 RB Refunding for Children's Hospital Obligated Group Series 2020 A (A1/NR) | Douglas County Hospital Authority No. 2 RB Refunding for Children's Hospital Obligated Group Series 2020 A (A1/NR) | Douglas County Hospital Authority No. 2 RB Refunding for Children's Hospital Obligated Group Series 2020 A (A1/NR) |
| 110000 | 5.000 | 11/15/2023 | 111811 |
| 175000 | 5.000 | 11/15/2025 | 183945 |
| Omaha Public Power District Electric System Subordinated RB 2014 Series AA (Aa3/AA-) | Omaha Public Power District Electric System Subordinated RB 2014 Series AA (Aa3/AA-) | Omaha Public Power District Electric System Subordinated RB 2014 Series AA (Aa3/AA-) | Omaha Public Power District Electric System Subordinated RB 2014 Series AA (Aa3/AA-) |
| 6020000 | 4.000 | 02/01/2034 | 6062341 |
| Sarpy County School District GO Bonds for Gretna Public Schools Series 2022B (NR/AA-) | Sarpy County School District GO Bonds for Gretna Public Schools Series 2022B (NR/AA-) | Sarpy County School District GO Bonds for Gretna Public Schools Series 2022B (NR/AA-) | Sarpy County School District GO Bonds for Gretna Public Schools Series 2022B (NR/AA-) |
| 6875000 | 5.000 | 12/15/2027 | 7299266 |
| Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (A/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 4700000 | 0.900 | 09/01/2025 | 4442948 |
|  |  |  | 20303055 |
| **Nevada – 1.0%** | **Nevada – 1.0%** | **Nevada – 1.0%** | **Nevada – 1.0%** |
| City of Las Vegas Special Improvement District Local Improvement Refunding Bonds Series 2013 (NR/NR) | City of Las Vegas Special Improvement District Local Improvement Refunding Bonds Series 2013 (NR/NR) | City of Las Vegas Special Improvement District Local Improvement Refunding Bonds Series 2013 (NR/NR) | City of Las Vegas Special Improvement District Local Improvement Refunding Bonds Series 2013 (NR/NR) |
| 200000 | 5.000 | 06/01/2023 | 200837 |
| 200000 | 4.250 | 06/01/2024 | 200595 |
| 75000 | 5.000 | 06/01/2024 | 76006 |
| Clark County Airport System Junior Subordinate Lien Revenue Notes Series 2021B (A1/NR) | Clark County Airport System Junior Subordinate Lien Revenue Notes Series 2021B (A1/NR) | Clark County Airport System Junior Subordinate Lien Revenue Notes Series 2021B (A1/NR) | Clark County Airport System Junior Subordinate Lien Revenue Notes Series 2021B (A1/NR) |
| 7000000 | 5.000 | 07/01/2027 | 7430128 |
| Clark County Harry Reid International Airport Passenger Facility Charge Refunding RB Series 2022B (NR/NR) | Clark County Harry Reid International Airport Passenger Facility Charge Refunding RB Series 2022B (NR/NR) | Clark County Harry Reid International Airport Passenger Facility Charge Refunding RB Series 2022B (NR/NR) | Clark County Harry Reid International Airport Passenger Facility Charge Refunding RB Series 2022B (NR/NR) |
| 1625000 | 5.000 | 07/01/2024 | 1676727 |
| 925000 | 5.000 | 07/01/2025 | 976242 |
| 675000 | 5.000 | 07/01/2026 | 727495 |
| 870000 | 5.000 | 07/01/2027 | 951821 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Nevada – (continued)** | **Nevada – (continued)** | **Nevada – (continued)** | **Nevada – (continued)** |
| Clark County Jet Aviation Fuel Tax Refunding RB Series 2022A (A1/NR) | Clark County Jet Aviation Fuel Tax Refunding RB Series 2022A (A1/NR) | Clark County Jet Aviation Fuel Tax Refunding RB Series 2022A (A1/NR) | Clark County Jet Aviation Fuel Tax Refunding RB Series 2022A (A1/NR) |
| 750000 | 5.000% | 07/01/2024 | $766255 |
| 1275000 | 5.000 | 07/01/2025 | 1323139 |
| 1000000 | 5.000 | 07/01/2026 | 1052153 |
| Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) | Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) | Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) | Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) |
| 325000 | 3.000 | 06/15/2025 | 326979 |
| County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A1/A-) | County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A1/A-) | County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A1/A-) | County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A1/A-) |
| 12000000 | 1.450 | 12/01/2024 | 11526182 |
| Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A) |
| 700000 | 5.000 | 07/01/2025 | 733601 |
| Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A) | Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A) |
| 200000 | 5.000 | 07/01/2024 | 205480 |
| Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021A (Aa1/AA) | Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021A (Aa1/AA) | Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021A (Aa1/AA) | Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021A (Aa1/AA) |
| 13020000 | 5.000 | 06/01/2024 | 13418041 |
| Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021C (Aa1/AA) | Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021C (Aa1/AA) | Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021C (Aa1/AA) | Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021C (Aa1/AA) |
| 6500000 | 5.000 | 06/01/2024 | 6698715 |
| 13660000 | 5.000 | 06/01/2025 | 14403004 |
|  |  |  | 62693400 |
| **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** |
| National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-1 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-1 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-1 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-1 (A-/A-2/NR)<sup>(a)(b)</sup> |
| 1250000 | 2.150 | 07/01/2024 | 1204071 |
| National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-2 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-2 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-2 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-2 (A-/A-2/NR)<sup>(a)(b)</sup> |
| 5000000 | 2.150 | 07/01/2024 | 4816284 |
| National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-3 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-3 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-3 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-3 (A-/A-2/NR)<sup>(a)(b)</sup> |
| 5000000 | 2.150 | 07/01/2024 | 4816285 |
| National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-4 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-4 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-4 (A-/A-2/NR)<sup>(a)(b)</sup> | National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-4 (A-/A-2/NR)<sup>(a)(b)</sup> |
| 3000000 | 2.150 | 07/01/2024 | 2889771 |
| New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) |
| 220000 | 4.000 | 01/01/2024 | 218986 |
| 285000 | 4.000 | 01/01/2025 | 282153 |
| 265000 | 4.000 | 01/01/2026 | 260747 |
| 250000 | 4.000 | 01/01/2027 | 243874 |
| New Hampshire Housing Finance Authority Multi-Family Housing RB 2022 Series 1 (NON-AMT) (NR/Aaa) | New Hampshire Housing Finance Authority Multi-Family Housing RB 2022 Series 1 (NON-AMT) (NR/Aaa) | New Hampshire Housing Finance Authority Multi-Family Housing RB 2022 Series 1 (NON-AMT) (NR/Aaa) | New Hampshire Housing Finance Authority Multi-Family Housing RB 2022 Series 1 (NON-AMT) (NR/Aaa) |
| 1010000 | 2.650 | 08/01/2024 | 1003175 |
| 5575000 | 2.800 | 02/01/2025 | 5545229 |
|  |  |  | 21280575 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey – 5.3%** | **New Jersey – 5.3%** | **New Jersey – 5.3%** | **New Jersey – 5.3%** |
| Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) | Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) | Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) | Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA) |
| 500000 | 5.000% | 03/01/2023 | $501311 |
| County of Morris GO Bonds for General Improvement and County College Series 2021 (Aaa\AAA) | County of Morris GO Bonds for General Improvement and County College Series 2021 (Aaa\AAA) | County of Morris GO Bonds for General Improvement and County College Series 2021 (Aaa\AAA) | County of Morris GO Bonds for General Improvement and County College Series 2021 (Aaa\AAA) |
| 4615000 | 2.000 | 02/01/2027 | 4384088 |
| New Jersey Economic Development Authority RB Series 2005 (AMBAC) (BBB/Baa1) | New Jersey Economic Development Authority RB Series 2005 (AMBAC) (BBB/Baa1) | New Jersey Economic Development Authority RB Series 2005 (AMBAC) (BBB/Baa1) | New Jersey Economic Development Authority RB Series 2005 (AMBAC) (BBB/Baa1) |
| 15030000 | 5.500 | 09/01/2024 | 15591169 |
| New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (NR/B) | New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (NR/B) | New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (NR/B) | New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (NR/B) |
| 270000 | 4.000 | 01/01/2023 | 270000 |
| 275000 | 4.000 | 07/01/2023 | 273678 |
| 320000 | 4.000 | 01/01/2024 | 316515 |
| 325000 | 4.000 | 07/01/2024 | 319744 |
| New Jersey Economic Development Authority RB for School Facilities Construction Series 2014 UU (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2014 UU (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2014 UU (Baa1/BBB) | New Jersey Economic Development Authority RB for School Facilities Construction Series 2014 UU (Baa1/BBB) |
| 10070000 | 5.000 | 06/15/2040 | 10123323 |
| New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 A (A1/A+) | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 A (A1/A+) | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 A (A1/A+) | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 A (A1/A+) |
| 1375000 | 1.000 | 06/01/2023 | 1359026 |
| New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 B (AMT) (A1/A+) (PUTABLE)<sup>(a)(b)(c)</sup> | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 B (AMT) (A1/A+) (PUTABLE)<sup>(a)(b)(c)</sup> | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 B (AMT) (A1/A+) (PUTABLE)<sup>(a)(b)(c)</sup> | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 B (AMT) (A1/A+) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 8645000 | 1.200 | 06/01/2023 | 8559403 |
| New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 C (AMT) (A1/A+) | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 C (AMT) (A1/A+) | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 C (AMT) (A1/A+) | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 C (AMT) (A1/A+) |
| 2550000 | 1.150 | 06/01/2023 | 2519152 |
| New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 E (AMT) (A1/A+) | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 E (AMT) (A1/A+) | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 E (AMT) (A1/A+) | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 E (AMT) (A1/A+) |
| 3100000 | 0.850 | 12/01/2025 | 2846284 |
| New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (Baa1/BBB)<sup>(d)</sup> | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (Baa1/BBB)<sup>(d)</sup> | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (Baa1/BBB)<sup>(d)</sup> | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (Baa1/BBB)<sup>(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 1.25%) | (SIFMA Municipal Swap<br>Index Yield + 1.25%) | (SIFMA Municipal Swap<br>Index Yield + 1.25%) |  |
| 13315000 | 4.380 | 09/01/2025 | 13318575 |
| New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB) | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB) |
| 2345000 | 5.000 | 06/15/2023 | 2361748 |
| 6500000 | 5.000 | 06/15/2024 | 6663800 |
| New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB) | New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB) | New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB) | New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB) |
| 300000 | 5.000 | 06/15/2024 | 307560 |
| 555000 | 5.000 | 06/15/2026 | 587485 |
| New Jersey Educational Facilities Authority Princeton University RB 2022 Series A (AAA/Aaa) | New Jersey Educational Facilities Authority Princeton University RB 2022 Series A (AAA/Aaa) | New Jersey Educational Facilities Authority Princeton University RB 2022 Series A (AAA/Aaa) | New Jersey Educational Facilities Authority Princeton University RB 2022 Series A (AAA/Aaa) |
| 20870000 | 5.000 | 03/01/2027 | 22937651 |
| New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR) | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR) |
| 1260000 | 0.500 | 11/01/2023 | 1231737 |
| 1595000 | 0.650 | 05/01/2024 | 1541961 |
| 3085000 | 0.750 | 11/01/2024 | 2954637 |
| 2310000 | 0.900 | 11/01/2025 | 2172805 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** |
| New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2017 Series A (NON-AMT) (NR\AA-) | New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2017 Series A (NON-AMT) (NR\AA-) | New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2017 Series A (NON-AMT) (NR\AA-) | New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2017 Series A (NON-AMT) (NR\AA-) |
| 1830000 | 2.850% | 11/01/2025 | $1826402 |
| New Jersey Housing and Mortgage Finance Agency Single Family Housing RB 2022 Series I (NON-AMT) (Aa2/AA) | New Jersey Housing and Mortgage Finance Agency Single Family Housing RB 2022 Series I (NON-AMT) (Aa2/AA) | New Jersey Housing and Mortgage Finance Agency Single Family Housing RB 2022 Series I (NON-AMT) (Aa2/AA) | New Jersey Housing and Mortgage Finance Agency Single Family Housing RB 2022 Series I (NON-AMT) (Aa2/AA) |
| 2705000 | 2.800 | 10/01/2025 | 2685988 |
| 2635000 | 2.900 | 04/01/2026 | 2614644 |
| New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A2/A+)<sup>(d)</sup> | New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A2/A+)<sup>(d)</sup> | New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A2/A+)<sup>(d)</sup> | New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A2/A+)<sup>(d)</sup> |
| (1M USD LIBOR + 0.60%) | (1M USD LIBOR + 0.60%) | (1M USD LIBOR + 0.60%) |  |
| 15565000 | 3.484 | 01/01/2023 | 15565000 |
| New Jersey State Turnpike Authority RB Refunding Series 2017 D-1 (A2/A+)<sup>(d)</sup> | New Jersey State Turnpike Authority RB Refunding Series 2017 D-1 (A2/A+)<sup>(d)</sup> | New Jersey State Turnpike Authority RB Refunding Series 2017 D-1 (A2/A+)<sup>(d)</sup> | New Jersey State Turnpike Authority RB Refunding Series 2017 D-1 (A2/A+)<sup>(d)</sup> |
| (1M USD LIBOR + 0.70%) | (1M USD LIBOR + 0.70%) | (1M USD LIBOR + 0.70%) |  |
| 5000000 | 3.758 | 01/01/2024 | 4996459 |
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A3/A+) | New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A3/A+) | New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A3/A+) | New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A3/A+) |
| 1200000 | 5.000 | 06/15/2027 | 1267578 |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)<sup>(f)</sup> |
| 28575000 | 0.000 | 12/15/2028 | 22769129 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (Baa1/BBB)<sup>(f)</sup> |
| 11130000 | 0.000 | 12/15/2025 | 10076316 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)<sup>(f)</sup> |
| 46955000 | 0.000 | 12/15/2027 | 39142834 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (Baa1/BBB) |
| 3435000 | 5.000 | 12/15/2023 | 3489256 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB) |
| 6180000 | 5.000 | 12/15/2024 | 6397742 |
| New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (Baa1/BBB) |
| 2000000 | 5.000 | 12/15/2023 | 2031590 |
| New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (Baa1/BBB) |
| 27745000 | 5.250 | 12/15/2023 | 28247379 |
| New Jersey Transportation Trust Fund Authority RB Series 2004 A (NATL) (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2004 A (NATL) (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2004 A (NATL) (Baa1/BBB) | New Jersey Transportation Trust Fund Authority RB Series 2004 A (NATL) (Baa1/BBB) |
| 4920000 | 5.750 | 06/15/2023 | 4971367 |
| New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (Baa1/A+) | New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (Baa1/A+) | New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (Baa1/A+) | New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (Baa1/A+) |
| 11250000 | 5.000 | 06/15/2023 | 11334854 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A3/BBB+)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A3/BBB+)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A3/BBB+)<sup>(f)</sup> | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A3/BBB+)<sup>(f)</sup> |
| 9240000 | 0.000 | 12/15/2029 | 7044470 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A3/BBB+) |
| 1000000 | 5.000 | 12/15/2028 | 1086840 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** | **New Jersey – (continued)** |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A3/BBB+) |
| 5020000 | 5.000% | 12/15/2026 | $5353294 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A3/BBB+) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A3/BBB+) |
| 3095000 | 5.000 | 06/15/2026 | 3276152 |
| New Jersey Turnpike Authority Turnpike RB Series 2014 A (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2014 A (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2014 A (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2014 A (A1/AA-) |
| 8650000 | 5.000 | 01/01/2033 | 8912372 |
| 11775000 | 5.000 | 01/01/2034 | 12114154 |
| State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A3/BBB+) | State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A3/BBB+) | State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A3/BBB+) | State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A3/BBB+) |
| 21100000 | 5.000 | 06/01/2027 | 23049771 |
| State of New Jersey GO Bonds Series 2021 (A3/BBB+) | State of New Jersey GO Bonds Series 2021 (A3/BBB+) | State of New Jersey GO Bonds Series 2021 (A3/BBB+) | State of New Jersey GO Bonds Series 2021 (A3/BBB+) |
| 10000000 | 2.000 | 06/01/2026 | 9571074 |
| Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+) | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+) |
| 25000 | 3.200 | 06/01/2027 | 24925 |
| Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (A/NR) | Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (A/NR) | Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (A/NR) | Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (A/NR) |
| 1495000 | 5.000 | 06/01/2027 | 1558915 |
| Union County Utilities Authority Resource Recovery Facility Lease Revenue Refunding Bonds for Covanta Union Series 2011A (AMT) (CNTY GTD) (NR/AA+) | Union County Utilities Authority Resource Recovery Facility Lease Revenue Refunding Bonds for Covanta Union Series 2011A (AMT) (CNTY GTD) (NR/AA+) | Union County Utilities Authority Resource Recovery Facility Lease Revenue Refunding Bonds for Covanta Union Series 2011A (AMT) (CNTY GTD) (NR/AA+) | Union County Utilities Authority Resource Recovery Facility Lease Revenue Refunding Bonds for Covanta Union Series 2011A (AMT) (CNTY GTD) (NR/AA+) |
| 4615000 | 5.250 | 12/01/2031 | 4620830 |
|  |  |  | 335170987 |
| **New Mexico – 1.4%** | **New Mexico – 1.4%** | **New Mexico – 1.4%** | **New Mexico – 1.4%** |
| City of Farmington Pollution Control Revenue Refunding Bonds 2010 Series B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Farmington Pollution Control Revenue Refunding Bonds 2010 Series B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Farmington Pollution Control Revenue Refunding Bonds 2010 Series B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Farmington Pollution Control Revenue Refunding Bonds 2010 Series B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 12500000 | 3.000 | 06/01/2024 | 12423119 |
| Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 3330000 | 0.875 | 10/01/2026 | 2954034 |
| Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 C (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 C (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 C (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 C (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 10000000 | 1.150 | 06/01/2024 | 9627953 |
| Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 D (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 D (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 D (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 D (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 14760000 | 1.100 | 06/01/2023 | 14586204 |
| Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 E (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 E (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 E (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 E (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 11500000 | 1.150 | 06/01/2024 | 11072146 |
| New Mexico Finance Authority State Transportation Refunding RB for State Transportation Commission Subordinate Lien Series 2018A (NR/NR) | New Mexico Finance Authority State Transportation Refunding RB for State Transportation Commission Subordinate Lien Series 2018A (NR/NR) | New Mexico Finance Authority State Transportation Refunding RB for State Transportation Commission Subordinate Lien Series 2018A (NR/NR) | New Mexico Finance Authority State Transportation Refunding RB for State Transportation Commission Subordinate Lien Series 2018A (NR/NR) |
| 25000000 | 5.000 | 06/15/2024 | 25769735 |
| New Mexico Hospital Equipment Loan Council Hospital System RB for Presbyterian Healthcare Services Series 2019B (Aa3/AA)<sup>(a)(b)</sup> | New Mexico Hospital Equipment Loan Council Hospital System RB for Presbyterian Healthcare Services Series 2019B (Aa3/AA)<sup>(a)(b)</sup> | New Mexico Hospital Equipment Loan Council Hospital System RB for Presbyterian Healthcare Services Series 2019B (Aa3/AA)<sup>(a)(b)</sup> | New Mexico Hospital Equipment Loan Council Hospital System RB for Presbyterian Healthcare Services Series 2019B (Aa3/AA)<sup>(a)(b)</sup> |
| 7680000 | 5.000 | 08/01/2025 | 8024638 |
| State of New Mexico Severance Tax Bonds Series 2021A (Aa2/AA-) | State of New Mexico Severance Tax Bonds Series 2021A (Aa2/AA-) | State of New Mexico Severance Tax Bonds Series 2021A (Aa2/AA-) | State of New Mexico Severance Tax Bonds Series 2021A (Aa2/AA-) |
| 5000000 | 5.000 | 07/01/2025 | 5281936 |
| Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) |
| 100000 | 4.000 | 09/01/2024 | 101152 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New Mexico – (continued)** | **New Mexico – (continued)** | **New Mexico – (continued)** | **New Mexico – (continued)** |
| 175000 | 4.000% | 09/01/2025 | $178527 |
| 150000 | 5.000 | 09/01/2026 | 159224 |
|  |  |  | 90178668 |
| **New York – 12.7%** | **New York – 12.7%** | **New York – 12.7%** | **New York – 12.7%** |
| Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) | Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) | Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) | Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR) |
| 2295000 | 1.625 | 11/01/2025 | 2123463 |
| Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (Ba1/NR) |
| 500000 | 5.000 | 07/15/2023 | 501705 |
| Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) |
| 120000 | 4.000 | 06/15/2023 | 119851 |
| 120000 | 4.000 | 06/15/2024 | 119876 |
| 110000 | 4.000 | 06/15/2025 | 109771 |
| Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) |
| 300000 | 3.400 | 07/01/2027 | 294488 |
| Chautauqua County Capital Resource Corporation Exempt Facilities Revenue Refunding Bonds Series 2020 (NON-AMT) (Baa3\BBB-)<sup>(a)(b)</sup> | Chautauqua County Capital Resource Corporation Exempt Facilities Revenue Refunding Bonds Series 2020 (NON-AMT) (Baa3\BBB-)<sup>(a)(b)</sup> | Chautauqua County Capital Resource Corporation Exempt Facilities Revenue Refunding Bonds Series 2020 (NON-AMT) (Baa3\BBB-)<sup>(a)(b)</sup> | Chautauqua County Capital Resource Corporation Exempt Facilities Revenue Refunding Bonds Series 2020 (NON-AMT) (Baa3\BBB-)<sup>(a)(b)</sup> |
| 2500000 | 1.300 | 04/03/2023 | 2482579 |
| City of New York GO Bonds Fiscal 2014 Series A (Aa2/AA) | City of New York GO Bonds Fiscal 2014 Series A (Aa2/AA) | City of New York GO Bonds Fiscal 2014 Series A (Aa2/AA) | City of New York GO Bonds Fiscal 2014 Series A (Aa2/AA) |
| 12175000 | 5.000 | 08/01/2031 | 12298547 |
| City of New York GO Bonds Fiscal 2021 Series A (Aa2/AA) | City of New York GO Bonds Fiscal 2021 Series A (Aa2/AA) | City of New York GO Bonds Fiscal 2021 Series A (Aa2/AA) | City of New York GO Bonds Fiscal 2021 Series A (Aa2/AA) |
| 10260000 | 5.000 | 08/01/2026 | 11093944 |
| City of New York GO Bonds Series 2012 B (Aa2/AA) | City of New York GO Bonds Series 2012 B (Aa2/AA) | City of New York GO Bonds Series 2012 B (Aa2/AA) | City of New York GO Bonds Series 2012 B (Aa2/AA) |
| 6675000 | 5.000 | 08/01/2023 | 6684901 |
| City of Yonkers GO Serial Bonds Series 2022F (A3/AA) | City of Yonkers GO Serial Bonds Series 2022F (A3/AA) | City of Yonkers GO Serial Bonds Series 2022F (A3/AA) | City of Yonkers GO Serial Bonds Series 2022F (A3/AA) |
| 175000 | 5.000 | 11/15/2025 | 186020 |
| 250000 | 5.000 | 11/15/2026 | 270523 |
| 200000 | 5.000 | 11/15/2027 | 220141 |
| Dormitory Authority of the State of New York School Districts RB Financing Program RB Series 2022C (Aa3/NR) | Dormitory Authority of the State of New York School Districts RB Financing Program RB Series 2022C (Aa3/NR) | Dormitory Authority of the State of New York School Districts RB Financing Program RB Series 2022C (Aa3/NR) | Dormitory Authority of the State of New York School Districts RB Financing Program RB Series 2022C (Aa3/NR) |
| 1385000 | 5.000 | 10/01/2025 | 1468271 |
| Dutchess County Local Development Corp. RB for Health QuestSystems Obligated Group Series 2016 B (Baa2/A-) | Dutchess County Local Development Corp. RB for Health QuestSystems Obligated Group Series 2016 B (Baa2/A-) | Dutchess County Local Development Corp. RB for Health QuestSystems Obligated Group Series 2016 B (Baa2/A-) | Dutchess County Local Development Corp. RB for Health QuestSystems Obligated Group Series 2016 B (Baa2/A-) |
| 24725000 | 5.000 | 07/01/2046 | 24740720 |
| Empire State Development Corp. State Personal Income Tax RB Series 2022A (NR/NR) | Empire State Development Corp. State Personal Income Tax RB Series 2022A (NR/NR) | Empire State Development Corp. State Personal Income Tax RB Series 2022A (NR/NR) | Empire State Development Corp. State Personal Income Tax RB Series 2022A (NR/NR) |
| 21000000 | 5.000 | 09/15/2028 | 23622585 |
| Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR) | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR) |
| 125000 | 5.000 | 12/01/2023 | 126488 |
| 175000 | 5.000 | 12/01/2024 | 179615 |
| 200000 | 5.000 | 12/01/2025 | 207906 |
| 275000 | 5.000 | 12/01/2026 | 288241 |
| Long Island Power Authority Electric System General RB Series 2019B (A/A)<sup>(a)(b)</sup> | Long Island Power Authority Electric System General RB Series 2019B (A/A)<sup>(a)(b)</sup> | Long Island Power Authority Electric System General RB Series 2019B (A/A)<sup>(a)(b)</sup> | Long Island Power Authority Electric System General RB Series 2019B (A/A)<sup>(a)(b)</sup> |
| 13675000 | 1.650 | 09/01/2024 | 13217579 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| Long Island Power Authority Electric System RB Series 2014C (NR/A)<sup>(d)</sup> | Long Island Power Authority Electric System RB Series 2014C (NR/A)<sup>(d)</sup> | Long Island Power Authority Electric System RB Series 2014C (NR/A)<sup>(d)</sup> | Long Island Power Authority Electric System RB Series 2014C (NR/A)<sup>(d)</sup> |
| (1M USD LIBOR + 0.75%) | (1M USD LIBOR + 0.75%) | (1M USD LIBOR + 0.75%) |  |
| 9345000 | 3.808% | 05/01/2033 | $9339352 |
| Long Island Power Authority RB Refunding Series 2015 C (A2/A)<sup>(b)(d)</sup> | Long Island Power Authority RB Refunding Series 2015 C (A2/A)<sup>(b)(d)</sup> | Long Island Power Authority RB Refunding Series 2015 C (A2/A)<sup>(b)(d)</sup> | Long Island Power Authority RB Refunding Series 2015 C (A2/A)<sup>(b)(d)</sup> |
| (1M USD LIBOR + 0.75%) | (1M USD LIBOR + 0.75%) | (1M USD LIBOR + 0.75%) |  |
| 28500000 | 3.808 | 10/01/2023 | 28482775 |
| Long Island Power Authority RB Refunding Series 2020 B (A2/A)<sup>(a)(b)</sup> | Long Island Power Authority RB Refunding Series 2020 B (A2/A)<sup>(a)(b)</sup> | Long Island Power Authority RB Refunding Series 2020 B (A2/A)<sup>(a)(b)</sup> | Long Island Power Authority RB Refunding Series 2020 B (A2/A)<sup>(a)(b)</sup> |
| 8000000 | 0.850 | 09/01/2025 | 7455750 |
| Long Island Power Authority RB Refunding Series 2021 B (A2/A)<sup>(a)(b)</sup> | Long Island Power Authority RB Refunding Series 2021 B (A2/A)<sup>(a)(b)</sup> | Long Island Power Authority RB Refunding Series 2021 B (A2/A)<sup>(a)(b)</sup> | Long Island Power Authority RB Refunding Series 2021 B (A2/A)<sup>(a)(b)</sup> |
| 15000000 | 1.500 | 09/01/2026 | 13936839 |
| Long Island Power Authority RB Series 2021 (A2/A) | Long Island Power Authority RB Series 2021 (A2/A) | Long Island Power Authority RB Series 2021 (A2/A) | Long Island Power Authority RB Series 2021 (A2/A) |
| 14000000 | 1.000 | 09/01/2025 | 12745009 |
| Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (AA/NR) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (AA/NR) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (AA/NR) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (AA/NR) |
| 1345000 | 5.000 | 11/15/2026 | 1454266 |
| Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+) |
| 4250000 | 4.000 | 11/15/2026 | 4288094 |
| Metropolitan Transportation Authority Transportation RB Series 2012E (A3\BBB+)<sup>(b)</sup> | Metropolitan Transportation Authority Transportation RB Series 2012E (A3\BBB+)<sup>(b)</sup> | Metropolitan Transportation Authority Transportation RB Series 2012E (A3\BBB+)<sup>(b)</sup> | Metropolitan Transportation Authority Transportation RB Series 2012E (A3\BBB+)<sup>(b)</sup> |
| 1895000 | 4.000 | 01/12/2023 | 1895367 |
| Metropolitan Transportation Authority Transportation RB Series 2013E (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2013E (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2013E (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2013E (A3/BBB+) |
| 4895000 | 5.000 | 11/15/2038 | 4905536 |
| Metropolitan Transportation Authority Transportation RB Series 2014A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2014A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2014A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2014A-1 (A3/BBB+) |
| 1540000 | 5.250 | 11/15/2039 | 1545836 |
| Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/BBB+) | Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/BBB+) |
| 490000 | 5.000 | 11/15/2025 | 507002 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/BBB+) |
| 4250000 | 5.250 | 11/15/2028 | 4375270 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (BBB+/A3) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (BBB+/A3) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (BBB+/A3) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (BBB+/A3) |
| 10000000 | 5.000 | 11/15/2033 | 10160377 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D (A3/BBB+) |
| 1075000 | 5.000 | 11/15/2027 | 1128749 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+) |
| 3000000 | 5.000 | 11/15/2028 | 3131840 |
| Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/WR\BBB+)<sup>(d)</sup> | Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/WR\BBB+)<sup>(d)</sup> | Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/WR\BBB+)<sup>(d)</sup> | Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/WR\BBB+)<sup>(d)</sup> |
| (SOFR + 0.60%) | (SOFR + 0.60%) | (SOFR + 0.60%) |  |
| 16750000 | 3.488 | 11/01/2026 | 16114676 |
| Metropolitan Transportational Authority Revenue Green Bonds Series 2019A (BBB+/A-)<sup>(a)(b)</sup> | Metropolitan Transportational Authority Revenue Green Bonds Series 2019A (BBB+/A-)<sup>(a)(b)</sup> | Metropolitan Transportational Authority Revenue Green Bonds Series 2019A (BBB+/A-)<sup>(a)(b)</sup> | Metropolitan Transportational Authority Revenue Green Bonds Series 2019A (BBB+/A-)<sup>(a)(b)</sup> |
| 56070000 | 5.000 | 11/15/2024 | 57118285 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| Monroe County Industrial Development Corp. RB Refunding for Rochester Regional Health Obligated Group Series 2020 A (NR/BBB+) | Monroe County Industrial Development Corp. RB Refunding for Rochester Regional Health Obligated Group Series 2020 A (NR/BBB+) | Monroe County Industrial Development Corp. RB Refunding for Rochester Regional Health Obligated Group Series 2020 A (NR/BBB+) | Monroe County Industrial Development Corp. RB Refunding for Rochester Regional Health Obligated Group Series 2020 A (NR/BBB+) |
| 250000 | 5.000% | 12/01/2023 | $252977 |
| 600000 | 5.000 | 12/01/2024 | 615823 |
| 750000 | 5.000 | 12/01/2025 | 779648 |
| New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA)<sup>(a)</sup> | New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA)<sup>(a)</sup> | New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA)<sup>(a)</sup> | New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA)<sup>(a)</sup> |
| 300000 | 3.740 | 01/01/2032 | 300000 |
| New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)<sup>(a)(b)</sup> | New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)<sup>(a)(b)</sup> | New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)<sup>(a)(b)</sup> | New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)<sup>(a)(b)</sup> |
| 7010000 | 2.750 | 12/29/2023 | 6946703 |
| New York City Housing Development Corp. RB Green Bond Series 2020 A-3 (Aa2/AA+)<sup>(a)(b)</sup> | New York City Housing Development Corp. RB Green Bond Series 2020 A-3 (Aa2/AA+)<sup>(a)(b)</sup> | New York City Housing Development Corp. RB Green Bond Series 2020 A-3 (Aa2/AA+)<sup>(a)(b)</sup> | New York City Housing Development Corp. RB Green Bond Series 2020 A-3 (Aa2/AA+)<sup>(a)(b)</sup> |
| 10500000 | 1.125 | 11/01/2024 | 10009053 |
| New York City Housing Development Corp. RB Series 2020 D-2 (FHA 542 (C)) (Aa2/AA+)<sup>(a)(b)</sup> | New York City Housing Development Corp. RB Series 2020 D-2 (FHA 542 (C)) (Aa2/AA+)<sup>(a)(b)</sup> | New York City Housing Development Corp. RB Series 2020 D-2 (FHA 542 (C)) (Aa2/AA+)<sup>(a)(b)</sup> | New York City Housing Development Corp. RB Series 2020 D-2 (FHA 542 (C)) (Aa2/AA+)<sup>(a)(b)</sup> |
| 2000000 | 0.700 | 11/01/2024 | 1874879 |
| New York City Housing Development Corp. Series F-2-B (Aa2/AA+)<sup>(a)(b)</sup> | New York City Housing Development Corp. Series F-2-B (Aa2/AA+)<sup>(a)(b)</sup> | New York City Housing Development Corp. Series F-2-B (Aa2/AA+)<sup>(a)(b)</sup> | New York City Housing Development Corp. Series F-2-B (Aa2/AA+)<sup>(a)(b)</sup> |
| 5265000 | 3.400 | 12/22/2026 | 5265310 |
| New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR)<sup>(d)</sup> | New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR)<sup>(d)</sup> | New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR)<sup>(d)</sup> | New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR)<sup>(d)</sup> |
| (MUNI-CPI + 0.87%) | (MUNI-CPI + 0.87%) | (MUNI-CPI + 0.87%) |  |
| 2505000 | 7.980 | 03/01/2025 | 2545174 |
| (MUNI-CPI + 0.88%) | (MUNI-CPI + 0.88%) | (MUNI-CPI + 0.88%) |  |
| 2610000 | 7.990 | 03/01/2026 | 2671876 |
| (MUNI-CPI + 0.89%) | (MUNI-CPI + 0.89%) | (MUNI-CPI + 0.89%) |  |
| 2725000 | 8.000 | 03/01/2027 | 2803807 |
| New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (NATL) (Baa1/NR)<sup>(d)</sup> | New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (NATL) (Baa1/NR)<sup>(d)</sup> | New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (NATL) (Baa1/NR)<sup>(d)</sup> | New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (NATL) (Baa1/NR)<sup>(d)</sup> |
| (MUNI-CPI + 0.86%) | (MUNI-CPI + 0.86%) | (MUNI-CPI + 0.86%) |  |
| 2405000 | 7.970 | 03/01/2024 | 2450300 |
| New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (Aa2/AA) |
| 10000000 | 5.000 | 07/15/2033 | 10351041 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 1999 Series A-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 1999 Series A-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 1999 Series A-1 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 1999 Series A-1 (Aa1/AAA) |
| 3925000 | 5.000 | 11/01/2024 | 4088094 |
| 3000000 | 5.000 | 11/01/2028 | 3380646 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2014 Series D (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2014 Series D (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2014 Series D (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2014 Series D (Aa1/AAA) |
| 10000000 | 5.000 | 02/01/2030 | 10206031 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2015 Series A (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2015 Series A (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2015 Series A (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2015 Series A (Aa1/AAA) |
| 13560000 | 5.000 | 08/01/2032 | 13975539 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series B (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series B (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series B (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series B (Aa1/AAA) |
| 8020000 | 5.000 | 11/01/2028 | 9037594 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2007 C-3 (AGM) (Aa1/AAA)<sup>(a)</sup> | New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2007 C-3 (AGM) (Aa1/AAA)<sup>(a)</sup> | New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2007 C-3 (AGM) (Aa1/AAA)<sup>(a)</sup> | New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2007 C-3 (AGM) (Aa1/AAA)<sup>(a)</sup> |
| 125000 | 3.740 | 11/01/2027 | 125000 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2016 B (Baa2/NR) | New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2016 B (Baa2/NR) | New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2016 B (Baa2/NR) | New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2016 B (Baa2/NR) |
| 540000 | 5.000% | 11/15/2023 | $547782 |
| New York Convention Center Development Corp. RB Refunding for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) | New York Convention Center Development Corp. RB Refunding for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) | New York Convention Center Development Corp. RB Refunding for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) | New York Convention Center Development Corp. RB Refunding for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) |
| 25000 | 5.000 | 11/15/2024 | 25874 |
| New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR) | New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR) | New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR) | New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR) |
| 6000000 | 5.000 | 11/15/2026 | 6312367 |
| New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2\NR) | New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2\NR) | New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2\NR) | New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2\NR) |
| 705000 | 5.000 | 11/15/2040 | 702844 |
| New York Port Authority Consolidated Bonds 186th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 186th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 186th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 186th Series (Aa3/AA-) |
| 4345000 | 5.000 | 10/15/2033 | 4430123 |
| New York Port Authority Consolidated Bonds 197th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 197th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 197th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 197th Series (Aa3/AA-) |
| 4000000 | 5.000 | 11/15/2034 | 4133698 |
| New York Port Authority Consolidated Bonds 207th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 207th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 207th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 207th Series (Aa3/AA-) |
| 6035000 | 5.000 | 09/15/2027 | 6455872 |
| New York Port Authority Consolidated Bonds 226th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 226th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 226th Series (Aa3/AA-) | New York Port Authority Consolidated Bonds 226th Series (Aa3/AA-) |
| 3750000 | 5.000 | 10/15/2024 | 3848855 |
| New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) |
| 925000 | 5.000 | 07/01/2024 | 941944 |
| 970000 | 5.000 | 07/01/2025 | 1000531 |
| New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2015 E (Aa2/AA+) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2015 E (Aa2/AA+) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2015 E (Aa2/AA+) | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2015 E (Aa2/AA+) |
| 20000000 | 3.250 | 03/15/2035 | 19331072 |
| New York State Energy Research & Development Authority Pollution Control RB 2004 Series C (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | New York State Energy Research & Development Authority Pollution Control RB 2004 Series C (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | New York State Energy Research & Development Authority Pollution Control RB 2004 Series C (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | New York State Energy Research & Development Authority Pollution Control RB 2004 Series C (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 17000000 | 2.568 | 07/03/2023 | 16906468 |
| New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)<sup>(a)</sup> | New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)<sup>(a)</sup> | New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)<sup>(a)</sup> | New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)<sup>(a)</sup> |
| 27750000 | 6.528 | 07/01/2034 | 27750000 |
| New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)<sup>(a)(b)</sup> |
| 3710000 | 1.100 | 05/01/2027 | 3305905 |
| New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (NR/Aa2)<sup>(a)(b)</sup> | New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (NR/Aa2)<sup>(a)(b)</sup> | New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (NR/Aa2)<sup>(a)(b)</sup> | New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (NR/Aa2)<sup>(a)(b)</sup> |
| 22000000 | 3.100 | 11/01/2027 | 21505099 |
| New York State Housing Finance Agency Affordable Housing RB 2022 Series F-2 (Aa2/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency Affordable Housing RB 2022 Series F-2 (Aa2/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency Affordable Housing RB 2022 Series F-2 (Aa2/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency Affordable Housing RB 2022 Series F-2 (Aa2/NR)<sup>(a)(b)</sup> |
| 18000000 | 3.850 | 05/01/2027 | 18129605 |
| New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR)<sup>(a)(b)</sup> |
| 8500000 | 0.650 | 11/01/2025 | 7775809 |
| New York State Housing Finance Agency RB Series 2021 E-2 (SONYMA) (Aa2/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency RB Series 2021 E-2 (SONYMA) (Aa2/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency RB Series 2021 E-2 (SONYMA) (Aa2/NR)<sup>(a)(b)</sup> | New York State Housing Finance Agency RB Series 2021 E-2 (SONYMA) (Aa2/NR)<sup>(a)(b)</sup> |
| 5000000 | 0.650 | 11/01/2025 | 4548933 |
| New York State Thruway Authority Personal Income Tax RB Series 2021A-1 (NR/AA+) | New York State Thruway Authority Personal Income Tax RB Series 2021A-1 (NR/AA+) | New York State Thruway Authority Personal Income Tax RB Series 2021A-1 (NR/AA+) | New York State Thruway Authority Personal Income Tax RB Series 2021A-1 (NR/AA+) |
| 40000000 | 5.000 | 03/15/2028 | 44548204 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| New York State Thruway Authority Personal Income Tax RB Series 2022A (NR/AA+) | New York State Thruway Authority Personal Income Tax RB Series 2022A (NR/AA+) | New York State Thruway Authority Personal Income Tax RB Series 2022A (NR/AA+) | New York State Thruway Authority Personal Income Tax RB Series 2022A (NR/AA+) |
| 11920000 | 5.000% | 03/15/2028 | $13275365 |
| New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (NR/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (NR/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (NR/NR) | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (NR/NR) |
| 9360000 | 5.000 | 12/01/2026 | 9793308 |
| 12000000 | 5.000 | 12/01/2027 | 12615797 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) |
| 5300000 | 5.000 | 01/01/2023 | 5300000 |
| 13975000 | 5.000 | 01/01/2024 | 14064043 |
| 8000000 | 5.000 | 01/01/2025 | 8070071 |
| 3425000 | 5.000 | 01/01/2026 | 3471516 |
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) |
| 1250000 | 5.000 | 12/01/2024 | 1283663 |
| New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR) |
| 1300000 | 5.000 | 12/01/2027 | 1380451 |
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (NR/NR) |
| 6150000 | 5.000 | 07/01/2041 | 5982443 |
| New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR) |
| 14275000 | 5.250 | 01/01/2050 | 13871973 |
| New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (NR/NR) |
| 4975000 | 5.000 | 01/01/2028 | 5073836 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2015 Series B Tax Exempt Bonds (AAA/Aa1) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2015 Series B Tax Exempt Bonds (AAA/Aa1) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2015 Series B Tax Exempt Bonds (AAA/Aa1) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2015 Series B Tax Exempt Bonds (AAA/Aa1) |
| 6655000 | 5.000 | 08/01/2039 | 6803208 |
| Onondaga County IDA Multifamily Housing RB for Baldwinsville Senior Housing Preservation Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | Onondaga County IDA Multifamily Housing RB for Baldwinsville Senior Housing Preservation Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | Onondaga County IDA Multifamily Housing RB for Baldwinsville Senior Housing Preservation Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | Onondaga County IDA Multifamily Housing RB for Baldwinsville Senior Housing Preservation Project Series 2022 (NR/NR)<sup>(a)(b)</sup> |
| 7087000 | 4.000 | 12/01/2023 | 7104279 |
| Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) |
| 1020000 | 5.000 | 07/01/2025 | 1033654 |
| 1080000 | 5.000 | 07/01/2026 | 1099251 |
| 1090000 | 5.000 | 07/01/2027 | 1112412 |
| Port Authority of New York & New Jersey Consolidated Bonds 177th Series (A+/A+) | Port Authority of New York & New Jersey Consolidated Bonds 177th Series (A+/A+) | Port Authority of New York & New Jersey Consolidated Bonds 177th Series (A+/A+) | Port Authority of New York & New Jersey Consolidated Bonds 177th Series (A+/A+) |
| 2715000 | 4.000 | 07/15/2031 | 2715959 |
| Port Authority of New York Consolidated Bonds 185th Series (AMT) (Aa3/AA-) | Port Authority of New York Consolidated Bonds 185th Series (AMT) (Aa3/AA-) | Port Authority of New York Consolidated Bonds 185th Series (AMT) (Aa3/AA-) | Port Authority of New York Consolidated Bonds 185th Series (AMT) (Aa3/AA-) |
| 2495000 | 5.000 | 09/01/2028 | 2546255 |
| Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+) | Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+) | Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+) | Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+) |
| 17380000 | 3.000 | 10/01/2028 | 16978392 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)<sup>(a)(b)</sup> | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)<sup>(a)(b)</sup> | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)<sup>(a)(b)</sup> | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)<sup>(a)(b)</sup> |
| 6375000 | 5.000% | 05/01/2026 | $6678421 |
| State of New York Dormitory Authority Personal Income Tax RB Series 2020A (Aa1/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2020A (Aa1/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2020A (Aa1/NR) | State of New York Dormitory Authority Personal Income Tax RB Series 2020A (Aa1/NR) |
| 24620000 | 5.000 | 03/15/2025 | 25926618 |
| State of New York Dormitory Authority RB for St. Joseph's College Series 2020A (NR/NR) | State of New York Dormitory Authority RB for St. Joseph's College Series 2020A (NR/NR) | State of New York Dormitory Authority RB for St. Joseph's College Series 2020A (NR/NR) | State of New York Dormitory Authority RB for St. Joseph's College Series 2020A (NR/NR) |
| 1070000 | 5.000 | 07/01/2027 | 1125298 |
| State of New York Dormitory Authority Wagner College RB Series 2022 (NR/NR) | State of New York Dormitory Authority Wagner College RB Series 2022 (NR/NR) | State of New York Dormitory Authority Wagner College RB Series 2022 (NR/NR) | State of New York Dormitory Authority Wagner College RB Series 2022 (NR/NR) |
| 675000 | 5.000 | 07/01/2026 | 700511 |
| 705000 | 5.000 | 07/01/2027 | 737576 |
| 740000 | 5.000 | 07/01/2028 | 780104 |
| Suffolk Tobacco Asset Securitization Settlement Asset Backed Bonds Series 2021B-1 (A/NR) | Suffolk Tobacco Asset Securitization Settlement Asset Backed Bonds Series 2021B-1 (A/NR) | Suffolk Tobacco Asset Securitization Settlement Asset Backed Bonds Series 2021B-1 (A/NR) | Suffolk Tobacco Asset Securitization Settlement Asset Backed Bonds Series 2021B-1 (A/NR) |
| 420000 | 0.450 | 06/01/2031 | 413951 |
| Triborough Bridge & Tunnel Authority General RB Series 2012A (AA-/AA-) | Triborough Bridge & Tunnel Authority General RB Series 2012A (AA-/AA-) | Triborough Bridge & Tunnel Authority General RB Series 2012A (AA-/AA-) | Triborough Bridge & Tunnel Authority General RB Series 2012A (AA-/AA-) |
| 5000000 | 4.000 | 11/15/2036 | 5000730 |
| Triborough Bridge & Tunnel Authority General Revenue Variable Rate Refunding Bonds Subseries 2005B-4A (AA-/AA-)<sup>(b)(d)</sup> | Triborough Bridge & Tunnel Authority General Revenue Variable Rate Refunding Bonds Subseries 2005B-4A (AA-/AA-)<sup>(b)(d)</sup> | Triborough Bridge & Tunnel Authority General Revenue Variable Rate Refunding Bonds Subseries 2005B-4A (AA-/AA-)<sup>(b)(d)</sup> | Triborough Bridge & Tunnel Authority General Revenue Variable Rate Refunding Bonds Subseries 2005B-4A (AA-/AA-)<sup>(b)(d)</sup> |
| (SOFR + 0.38%) | (SOFR + 0.38%) | (SOFR + 0.38%) | (SOFR + 0.38%) |
| 6430000 | 3.261 | 02/01/2024 | 6354375 |
| Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C (NR/AA+)<sup>(a)(b)</sup> | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C (NR/AA+)<sup>(a)(b)</sup> | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C (NR/AA+)<sup>(a)(b)</sup> | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C (NR/AA+)<sup>(a)(b)</sup> |
| 40900000 | 5.000 | 05/15/2026 | 43467240 |
| Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Green Bonds Series 2022E (NR/AA+) | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Green Bonds Series 2022E (NR/AA+) | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Green Bonds Series 2022E (NR/AA+) | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Green Bonds Series 2022E (NR/AA+) |
| 16915000 | 5.000 | 11/15/2027 | 18659762 |
| Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2013 (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2013 (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2013 (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2013 (NR/NR) |
| 1350000 | 5.000 | 01/01/2028 | 1350000 |
| Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) |
| 275000 | 5.000 | 01/01/2027 | 281178 |
|  |  |  | 803874357 |
| **North Carolina – 2.1%** | **North Carolina – 2.1%** | **North Carolina – 2.1%** | **North Carolina – 2.1%** |
| Charlotte-Mecklenburg Hospital Authority RB Series 2018E<br>(AA-/NR)<sup>(a)(b)</sup> | Charlotte-Mecklenburg Hospital Authority RB Series 2018E<br>(AA-/NR)<sup>(a)(b)</sup> | Charlotte-Mecklenburg Hospital Authority RB Series 2018E<br>(AA-/NR)<sup>(a)(b)</sup> | Charlotte-Mecklenburg Hospital Authority RB Series 2018E<br>(AA-/NR)<sup>(a)(b)</sup> |
| 6500000 | 0.800 | 10/31/2025 | 6121770 |
| Charlotte-Mecklenburg Hospital Authority Variable Rate Health Care RB for Atrium Health Series 2021B (Aa3/AA-) (PUTABLE)<sup>(a)(b)(c)</sup> | Charlotte-Mecklenburg Hospital Authority Variable Rate Health Care RB for Atrium Health Series 2021B (Aa3/AA-) (PUTABLE)<sup>(a)(b)(c)</sup> | Charlotte-Mecklenburg Hospital Authority Variable Rate Health Care RB for Atrium Health Series 2021B (Aa3/AA-) (PUTABLE)<sup>(a)(b)(c)</sup> | Charlotte-Mecklenburg Hospital Authority Variable Rate Health Care RB for Atrium Health Series 2021B (Aa3/AA-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 24390000 | 4.891 | 12/02/2024 | 25295394 |
| City of Charlotte Water & Sewer System Refunding RB Series 2015 (Aaa/AAA) | City of Charlotte Water & Sewer System Refunding RB Series 2015 (Aaa/AAA) | City of Charlotte Water & Sewer System Refunding RB Series 2015 (Aaa/AAA) | City of Charlotte Water & Sewer System Refunding RB Series 2015 (Aaa/AAA) |
| 10000000 | 5.000 | 07/01/2027 | 10587994 |
| Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 425000 | 2.000 | 10/01/2024 | 408960 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **North Carolina – (continued)** | **North Carolina – (continued)** | **North Carolina – (continued)** | **North Carolina – (continued)** |
| Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 450000 | 2.000% | 10/01/2024 | $433016 |
| Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 2150000 | 2.100 | 10/01/2024 | 2072425 |
| Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 4550000 | 1.375 | 06/16/2025 | 4241598 |
| County of Wake GO Public Improvement Bonds Series 2022A (Aaa/AAA) | County of Wake GO Public Improvement Bonds Series 2022A (Aaa/AAA) | County of Wake GO Public Improvement Bonds Series 2022A (Aaa/AAA) | County of Wake GO Public Improvement Bonds Series 2022A (Aaa/AAA) |
| 7555000 | 5.000 | 02/01/2025 | 7917735 |
| Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2) | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2) |
| 750000 | 5.000 | 07/01/2027 | 796085 |
| 1000000 | 5.000 | 07/01/2028 | 1068978 |
| North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2015B (Aa1/NR)<sup>(b)</sup> | North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2015B (Aa1/NR)<sup>(b)</sup> | North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2015B (Aa1/NR)<sup>(b)</sup> | North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2015B (Aa1/NR)<sup>(b)</sup> |
| 56695000 | 5.000 | 10/01/2025 | 60103696 |
| North Carolina Capital Facilities Finance Agency RB Refunding for High Point University Series 2021 (NR/A-) | North Carolina Capital Facilities Finance Agency RB Refunding for High Point University Series 2021 (NR/A-) | North Carolina Capital Facilities Finance Agency RB Refunding for High Point University Series 2021 (NR/A-) | North Carolina Capital Facilities Finance Agency RB Refunding for High Point University Series 2021 (NR/A-) |
| 275000 | 5.000 | 05/01/2026 | 291089 |
| State of North Carolina Limited Obligation Bonds Series 2020B (Aa1/AA+) | State of North Carolina Limited Obligation Bonds Series 2020B (Aa1/AA+) | State of North Carolina Limited Obligation Bonds Series 2020B (Aa1/AA+) | State of North Carolina Limited Obligation Bonds Series 2020B (Aa1/AA+) |
| 13610000 | 5.000 | 05/01/2026 | 14642577 |
|  |  |  | 133981317 |
| **North Dakota – 0.6%** | **North Dakota – 0.6%** | **North Dakota – 0.6%** | **North Dakota – 0.6%** |
| Cass County Joint Water Resource District GO Bonds Series 2021 A (Aa3/NR) | Cass County Joint Water Resource District GO Bonds Series 2021 A (Aa3/NR) | Cass County Joint Water Resource District GO Bonds Series 2021 A (Aa3/NR) | Cass County Joint Water Resource District GO Bonds Series 2021 A (Aa3/NR) |
| 18895000 | 0.480 | 05/01/2024 | 17960257 |
| City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/NR) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/NR) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/NR) | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa2/NR) |
| 2000000 | 5.000 | 12/01/2028 | 2141655 |
| City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa2/NR) | City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa2/NR) | City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa2/NR) | City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa2/NR) |
| 125000 | 5.000 | 12/01/2024 | 128389 |
| 165000 | 5.000 | 12/01/2025 | 171615 |
| 225000 | 5.000 | 12/01/2026 | 236671 |
| City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR) |
| 5725000 | 3.250 | 08/01/2024 | 5684784 |
| City of Horace Temporary Refunding Improvement Bonds Series 2022B (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022B (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022B (Baa2/NR) | City of Horace Temporary Refunding Improvement Bonds Series 2022B (Baa2/NR) |
| 5375000 | 4.000 | 01/01/2025 | 5348980 |
| City of Williston Airport RB Series 2018 (A+/NR)<sup>(b)</sup> | City of Williston Airport RB Series 2018 (A+/NR)<sup>(b)</sup> | City of Williston Airport RB Series 2018 (A+/NR)<sup>(b)</sup> | City of Williston Airport RB Series 2018 (A+/NR)<sup>(b)</sup> |
| 1655000 | 5.000 | 11/01/2023 | 1682282 |
| 2000000 | 4.000 | 11/01/2023 | 2016803 |
|  |  |  | 35371436 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Ohio – 2.1%** | **Ohio – 2.1%** | **Ohio – 2.1%** | **Ohio – 2.1%** |
| Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (WR/NR) | Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (WR/NR) | Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (WR/NR) | Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (WR/NR) |
| 125000 | 5.000% | 11/15/2025 | $130134 |
| 175000 | 5.000 | 11/15/2026 | 184498 |
| American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2019B (A1/A) | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2019B (A1/A) | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2019B (A1/A) | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2019B (A1/A) |
| 1255000 | 5.000 | 02/15/2024 | 1280341 |
| Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 (A1/A+)<sup>(a)(b)</sup> | Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 (A1/A+)<sup>(a)(b)</sup> | Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 (A1/A+)<sup>(a)(b)</sup> | Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 (A1/A+)<sup>(a)(b)</sup> |
| 20000000 | 5.000 | 08/03/2027 | 21261830 |
| Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (NR/A) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (NR/A) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (NR/A) | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (NR/A) |
| 7500000 | 1.809 | 06/01/2025 | 6895060 |
| County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-) | County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-) | County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-) | County of Cuyahoga Hospital RB Series 2017 (Baa3\BBB-) |
| 2200000 | 5.000 | 02/15/2037 | 2251455 |
| County of Cuyahoga OH RB Series 2017 (BBB-/Baa3) | County of Cuyahoga OH RB Series 2017 (BBB-/Baa3) | County of Cuyahoga OH RB Series 2017 (BBB-/Baa3) | County of Cuyahoga OH RB Series 2017 (BBB-/Baa3) |
| 3000000 | 5.000 | 02/15/2024 | 3051329 |
| Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-) |
| 1750000 | 5.000 | 02/15/2023 | 1752673 |
| 1500000 | 5.000 | 02/15/2025 | 1548697 |
| Lancaster Port Authority Gas Supply Revenue Refunding Bonds Series 2019 (NR/NR)<sup>(a)(b)</sup> | Lancaster Port Authority Gas Supply Revenue Refunding Bonds Series 2019 (NR/NR)<sup>(a)(b)</sup> | Lancaster Port Authority Gas Supply Revenue Refunding Bonds Series 2019 (NR/NR)<sup>(a)(b)</sup> | Lancaster Port Authority Gas Supply Revenue Refunding Bonds Series 2019 (NR/NR)<sup>(a)(b)</sup> |
| 12140000 | 5.000 | 02/01/2025 | 12345965 |
| Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 6500000 | 4.000 | 06/01/2027 | 6474153 |
| 3750000 | 4.250 | 06/01/2027 | 3739623 |
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 15250000 | 4.250 | 06/01/2027 | 15207800 |
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR) |
| 1075000 | 2.875 | 02/01/2026 | 1025015 |
| Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR) | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR) |
| 2695000 | 2.875 | 02/01/2026 | 2569687 |
| Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2005 A (AMT) (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2005 A (AMT) (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2005 A (AMT) (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2005 A (AMT) (NR/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 3750000 | 2.100 | 10/01/2024 | 3602894 |
| Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014D (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014D (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014D (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014D (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 5000000 | 1.900 | 10/01/2024 | 4792134 |
| Ohio Higher Educational Facility Commission RB for University of Dayton RMKT 08/04/06 Series 2003 B (FGIC) (A2/A+)<sup>(d)</sup> | Ohio Higher Educational Facility Commission RB for University of Dayton RMKT 08/04/06 Series 2003 B (FGIC) (A2/A+)<sup>(d)</sup> | Ohio Higher Educational Facility Commission RB for University of Dayton RMKT 08/04/06 Series 2003 B (FGIC) (A2/A+)<sup>(d)</sup> | Ohio Higher Educational Facility Commission RB for University of Dayton RMKT 08/04/06 Series 2003 B (FGIC) (A2/A+)<sup>(d)</sup> |
| (MUNI-CPI + 1.12%) | (MUNI-CPI + 1.12%) | (MUNI-CPI + 1.12%) |  |
| 165000 | 9.662 | 12/01/2023 | 169391 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** | **Ohio – (continued)** |
| Ohio Higher Educational Facility Commission RB for University of Dayton Series 2006 A (AMBAC) (A2/A+)<sup>(d)</sup> | Ohio Higher Educational Facility Commission RB for University of Dayton Series 2006 A (AMBAC) (A2/A+)<sup>(d)</sup> | Ohio Higher Educational Facility Commission RB for University of Dayton Series 2006 A (AMBAC) (A2/A+)<sup>(d)</sup> | Ohio Higher Educational Facility Commission RB for University of Dayton Series 2006 A (AMBAC) (A2/A+)<sup>(d)</sup> |
| (MUNI-CPI + 1.12%) | (MUNI-CPI + 1.12%) | (MUNI-CPI + 1.12%) |  |
| 480000 | 9.662% | 12/01/2023 | $492775 |
| Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR) | Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR) | Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR) | Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR) |
| 650000 | 5.000 | 05/01/2026 | 688028 |
| Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (Baa1/NR) | Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (Baa1/NR) | Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (Baa1/NR) | Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (Baa1/NR) |
| 140000 | 5.000 | 11/15/2024 | 143641 |
| 280000 | 5.000 | 11/15/2025 | 291734 |
| Ohio Water Development Authority Drinking Water Assistance Fund RB Series 2016 (Aaa/AAA) | Ohio Water Development Authority Drinking Water Assistance Fund RB Series 2016 (Aaa/AAA) | Ohio Water Development Authority Drinking Water Assistance Fund RB Series 2016 (Aaa/AAA) | Ohio Water Development Authority Drinking Water Assistance Fund RB Series 2016 (Aaa/AAA) |
| 4080000 | 4.000 | 12/01/2033 | 4228395 |
| State of Ohio Common Schools GO Bonds Series 2017A (AA+/Aa1) | State of Ohio Common Schools GO Bonds Series 2017A (AA+/Aa1) | State of Ohio Common Schools GO Bonds Series 2017A (AA+/Aa1) | State of Ohio Common Schools GO Bonds Series 2017A (AA+/Aa1) |
| 6245000 | 5.000 | 03/15/2037 | 6371674 |
| State of Ohio Common Schools GO Refunding Bonds Series 2020B (Aa1/AA+) | State of Ohio Common Schools GO Refunding Bonds Series 2020B (Aa1/AA+) | State of Ohio Common Schools GO Refunding Bonds Series 2020B (Aa1/AA+) | State of Ohio Common Schools GO Refunding Bonds Series 2020B (Aa1/AA+) |
| 10205000 | 5.000 | 09/15/2024 | 10598106 |
| State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (AA-/NR)<sup>(b)(d)</sup> | State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (AA-/NR)<sup>(b)(d)</sup> | State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (AA-/NR)<sup>(b)(d)</sup> | State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (AA-/NR)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.23%) | (SIFMA Municipal Swap<br>Index Yield + 0.23%) | (SIFMA Municipal Swap<br>Index Yield + 0.23%) |  |
| 4400000 | 3.360 | 12/01/2026 | 4213012 |
| State of Ohio Hospital RB Series 2018D (A/NR)<sup>(a)(b)</sup> | State of Ohio Hospital RB Series 2018D (A/NR)<sup>(a)(b)</sup> | State of Ohio Hospital RB Series 2018D (A/NR)<sup>(a)(b)</sup> | State of Ohio Hospital RB Series 2018D (A/NR)<sup>(a)(b)</sup> |
| 11775000 | 4.891 | 09/15/2023 | 11932506 |
| State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2022C (Aa1/AA+) | State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2022C (Aa1/AA+) | State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2022C (Aa1/AA+) | State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2022C (Aa1/AA+) |
| 2075000 | 4.000 | 09/01/2025 | 2151027 |
| 1500000 | 4.000 | 09/01/2026 | 1574180 |
|  |  |  | 130967757 |
| **Oklahoma – 0.8%** | **Oklahoma – 0.8%** | **Oklahoma – 0.8%** | **Oklahoma – 0.8%** |
| City of Tulsa GO Bonds Series 2021 (AA/NR) | City of Tulsa GO Bonds Series 2021 (AA/NR) | City of Tulsa GO Bonds Series 2021 (AA/NR) | City of Tulsa GO Bonds Series 2021 (AA/NR) |
| 9300000 | 1.000 | 11/01/2026 | 8397003 |
| Independent School District Combined Purpose GO Bonds Series 2020B (AA/NR) | Independent School District Combined Purpose GO Bonds Series 2020B (AA/NR) | Independent School District Combined Purpose GO Bonds Series 2020B (AA/NR) | Independent School District Combined Purpose GO Bonds Series 2020B (AA/NR) |
| 7300000 | 2.000 | 08/01/2024 | 7167394 |
| Independent School District Combined Purpose GO Bonds Series 2021B (AA/NR) | Independent School District Combined Purpose GO Bonds Series 2021B (AA/NR) | Independent School District Combined Purpose GO Bonds Series 2021B (AA/NR) | Independent School District Combined Purpose GO Bonds Series 2021B (AA/NR) |
| 13125000 | 1.000 | 09/01/2025 | 12220609 |
| Independent School District GO Combined Purposed Bonds Series 2021 (AA+/NR) | Independent School District GO Combined Purposed Bonds Series 2021 (AA+/NR) | Independent School District GO Combined Purposed Bonds Series 2021 (AA+/NR) | Independent School District GO Combined Purposed Bonds Series 2021 (AA+/NR) |
| 8840000 | 1.250 | 06/01/2026 | 8171902 |
| Oklahoma County Independent School District Combined Purpose GO Bonds Series 2020A (AA/NR) | Oklahoma County Independent School District Combined Purpose GO Bonds Series 2020A (AA/NR) | Oklahoma County Independent School District Combined Purpose GO Bonds Series 2020A (AA/NR) | Oklahoma County Independent School District Combined Purpose GO Bonds Series 2020A (AA/NR) |
| 16520000 | 1.250 | 07/01/2024 | 15879310 |
| Oklahoma Development Finance Authority Health System RB Series 2018B (BB+/NR) | Oklahoma Development Finance Authority Health System RB Series 2018B (BB+/NR) | Oklahoma Development Finance Authority Health System RB Series 2018B (BB+/NR) | Oklahoma Development Finance Authority Health System RB Series 2018B (BB+/NR) |
| 500000 | 5.000 | 08/15/2023 | 496723 |
| 500000 | 5.000 | 08/15/2024 | 493436 |
|  |  |  | 52826377 |
| **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** |
| Asante Health System Obligated Group Revenue Refunding Bonds Series 2020A (NR/A+) | Asante Health System Obligated Group Revenue Refunding Bonds Series 2020A (NR/A+) | Asante Health System Obligated Group Revenue Refunding Bonds Series 2020A (NR/A+) | Asante Health System Obligated Group Revenue Refunding Bonds Series 2020A (NR/A+) |
| 500000 | 5.000 | 08/15/2025 | 523949 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Oregon – (continued)** | **Oregon – (continued)** | **Oregon – (continued)** | **Oregon – (continued)** |
| Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-) | Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-) | Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-) | Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-) |
| 385000 | 5.000% | 03/01/2023 | $385682 |
| 200000 | 5.000 | 03/01/2024 | 202163 |
| 200000 | 5.000 | 03/01/2025 | 203630 |
| Multnomah County Hospital Facilities Authority Refunding RB for Adventist Health System Series 2019 (A/NR)<sup>(a)(b)</sup> | Multnomah County Hospital Facilities Authority Refunding RB for Adventist Health System Series 2019 (A/NR)<sup>(a)(b)</sup> | Multnomah County Hospital Facilities Authority Refunding RB for Adventist Health System Series 2019 (A/NR)<sup>(a)(b)</sup> | Multnomah County Hospital Facilities Authority Refunding RB for Adventist Health System Series 2019 (A/NR)<sup>(a)(b)</sup> |
| 8845000 | 4.972 | 03/01/2025 | 8906202 |
| Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (BBB+/NR) | Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (BBB+/NR) | Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (BBB+/NR) | Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (BBB+/NR) |
| 400000 | 5.000 | 10/01/2024 | 411163 |
| 125000 | 5.000 | 10/01/2026 | 132034 |
| State of Oregon Business Development Commission Recovery Zone Facility Bonds Series 232 (A+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | State of Oregon Business Development Commission Recovery Zone Facility Bonds Series 232 (A+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | State of Oregon Business Development Commission Recovery Zone Facility Bonds Series 232 (A+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | State of Oregon Business Development Commission Recovery Zone Facility Bonds Series 232 (A+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 13050000 | 2.348 | 08/14/2023 | 12948676 |
| State of Oregon GO Bonds 2021 Series H (AA+/AA+) | State of Oregon GO Bonds 2021 Series H (AA+/AA+) | State of Oregon GO Bonds 2021 Series H (AA+/AA+) | State of Oregon GO Bonds 2021 Series H (AA+/AA+) |
| 1330000 | 1.000 | 08/01/2026 | 1227159 |
|  |  |  | 24940658 |
| **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** |
| Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR\AA)<sup>(b)(d)</sup> | Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR\AA)<sup>(b)(d)</sup> | Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR\AA)<sup>(b)(d)</sup> | Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR\AA)<sup>(b)(d)</sup> |
| (SOFR + 0.29%) | (SOFR + 0.29%) | (SOFR + 0.29%) |  |
| 5330000 | 3.307 | 08/01/2027 | 5117792 |
| Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A) |
| 4000000 | 5.000 | 04/01/2024 | 4095255 |
| Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR) |
| 600000 | 5.000 | 05/01/2028 | 627209 |
| Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (NR/Baa3) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (NR/Baa3) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (NR/Baa3) | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (NR/Baa3) |
| 500000 | 5.000 | 05/01/2025 | 514231 |
| Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) | Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) | Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) | Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) |
| 760000 | 5.000 | 10/01/2023 | 764622 |
| City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A-/A2) | City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A-/A2) | City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A-/A2) | City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A-/A2) |
| 9290000 | 5.000 | 07/01/2025 | 9622755 |
| City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A2/NR) | City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A2/NR) | City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A2/NR) | City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A2/NR) |
| 5750000 | 5.000 | 07/01/2026 | 6026702 |
| 7100000 | 5.000 | 07/01/2027 | 7530212 |
| City of Philadelphia Gas Works Revenue Refunding Bonds 13th Series (A/A3) | City of Philadelphia Gas Works Revenue Refunding Bonds 13th Series (A/A3) | City of Philadelphia Gas Works Revenue Refunding Bonds 13th Series (A/A3) | City of Philadelphia Gas Works Revenue Refunding Bonds 13th Series (A/A3) |
| 2000000 | 5.000 | 08/01/2030 | 2084713 |
| City of Philadelphia GO Refunding Bonds Series 2015A (A/A2) | City of Philadelphia GO Refunding Bonds Series 2015A (A/A2) | City of Philadelphia GO Refunding Bonds Series 2015A (A/A2) | City of Philadelphia GO Refunding Bonds Series 2015A (A/A2) |
| 1905000 | 5.000 | 08/01/2025 | 2009819 |
| Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A1/A) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A1/A) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A1/A) | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A1/A) |
| 2270000 | 5.000 | 06/01/2023 | 2284605 |
| Commonwealth Financing Authorty RB Series 2015 (AGM) (A1/AA) | Commonwealth Financing Authorty RB Series 2015 (AGM) (A1/AA) | Commonwealth Financing Authorty RB Series 2015 (AGM) (A1/AA) | Commonwealth Financing Authorty RB Series 2015 (AGM) (A1/AA) |
| 3000000 | 5.000 | 06/01/2025 | 3147410 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| County of Westmoreland GO Bonds Tax Exempt 2013 Series A (NR/NR) | County of Westmoreland GO Bonds Tax Exempt 2013 Series A (NR/NR) | County of Westmoreland GO Bonds Tax Exempt 2013 Series A (NR/NR) | County of Westmoreland GO Bonds Tax Exempt 2013 Series A (NR/NR) |
| 55000 | 5.000% | 12/01/2024 | $55491 |
| Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (NR/A-) | Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (NR/A-) | Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (NR/A-) | Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (NR/A-) |
| 2195000 | 2.345 | 11/01/2026 | 1979663 |
| Delaware County Authority RB Refunding for Neumann University Series 2020 (NR/BBB) | Delaware County Authority RB Refunding for Neumann University Series 2020 (NR/BBB) | Delaware County Authority RB Refunding for Neumann University Series 2020 (NR/BBB) | Delaware County Authority RB Refunding for Neumann University Series 2020 (NR/BBB) |
| 235000 | 5.000 | 10/01/2023 | 236113 |
| Delaware River Port Authority Port District Project Refunding Bonds Series 2022 (A3/A) | Delaware River Port Authority Port District Project Refunding Bonds Series 2022 (A3/A) | Delaware River Port Authority Port District Project Refunding Bonds Series 2022 (A3/A) | Delaware River Port Authority Port District Project Refunding Bonds Series 2022 (A3/A) |
| 1000000 | 5.000 | 01/01/2025 | 1043256 |
| 1050000 | 5.000 | 01/01/2026 | 1119577 |
| 1000000 | 5.000 | 01/01/2027 | 1083876 |
| Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1\A+)<sup>(b)(d)</sup> | Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1\A+)<sup>(b)(d)</sup> | Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1\A+)<sup>(b)(d)</sup> | Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1\A+)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.40%) | (SIFMA Municipal Swap<br>Index Yield + 0.40%) | (SIFMA Municipal Swap<br>Index Yield + 0.40%) |  |
| 17860000 | 3.530 | 03/01/2026 | 17558020 |
| Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (NR\A+)<sup>(b)(d)</sup> | Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (NR\A+)<sup>(b)(d)</sup> | Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (NR\A+)<sup>(b)(d)</sup> | Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (NR\A+)<sup>(b)(d)</sup> |
| (SOFR + 0.49%) | (SOFR + 0.49%) | (SOFR + 0.49%) |  |
| 13580000 | 3.378 | 03/01/2027 | 12774720 |
| General Authority of Southcentral Pennsylvania RB Series 2019B (NR/AA-)<sup>(b)(d)</sup> | General Authority of Southcentral Pennsylvania RB Series 2019B (NR/AA-)<sup>(b)(d)</sup> | General Authority of Southcentral Pennsylvania RB Series 2019B (NR/AA-)<sup>(b)(d)</sup> | General Authority of Southcentral Pennsylvania RB Series 2019B (NR/AA-)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.60%) | (SIFMA Municipal Swap<br>Index Yield + 0.60%) | (SIFMA Municipal Swap<br>Index Yield + 0.60%) |  |
| 15000000 | 3.730 | 06/01/2024 | 14948202 |
| Hospitals & Higher Education Facilities Authority of Philadelphia Hospital RB Series 2017 (BBB/BBB) | Hospitals & Higher Education Facilities Authority of Philadelphia Hospital RB Series 2017 (BBB/BBB) | Hospitals & Higher Education Facilities Authority of Philadelphia Hospital RB Series 2017 (BBB/BBB) | Hospitals & Higher Education Facilities Authority of Philadelphia Hospital RB Series 2017 (BBB/BBB) |
| 1750000 | 5.000 | 07/01/2023 | 1760351 |
| Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/A-) | Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/A-) | Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/A-) | Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/A-) |
| 735000 | 4.000 | 11/01/2024 | 741408 |
| 525000 | 4.000 | 11/01/2025 | 532658 |
| 570000 | 4.000 | 11/01/2026 | 581019 |
| Lehigh County IDA Pollution Control Revenue Refunding Bonds for PPL Electric Utilities Corp. Project Series 2016B (NON-AMT) (NR/A+) | Lehigh County IDA Pollution Control Revenue Refunding Bonds for PPL Electric Utilities Corp. Project Series 2016B (NON-AMT) (NR/A+) | Lehigh County IDA Pollution Control Revenue Refunding Bonds for PPL Electric Utilities Corp. Project Series 2016B (NON-AMT) (NR/A+) | Lehigh County IDA Pollution Control Revenue Refunding Bonds for PPL Electric Utilities Corp. Project Series 2016B (NON-AMT) (NR/A+) |
| 19615000 | 2.625 | 02/15/2027 | 19009342 |
| Monroeville Finance Authority UPMC RB Series 2022B (A/A2) | Monroeville Finance Authority UPMC RB Series 2022B (A/A2) | Monroeville Finance Authority UPMC RB Series 2022B (A/A2) | Monroeville Finance Authority UPMC RB Series 2022B (A/A2) |
| 400000 | 5.000 | 02/15/2024 | 408165 |
| Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A) | Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A) | Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A) | Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A) |
| 650000 | 5.000 | 09/01/2024 | 667681 |
| Pennsylvania Economic Development Financing Authority Pollution Control Revenue Refunding Bonds Series 2008 (NON-AMT) (A/NR) | Pennsylvania Economic Development Financing Authority Pollution Control Revenue Refunding Bonds Series 2008 (NON-AMT) (A/NR) | Pennsylvania Economic Development Financing Authority Pollution Control Revenue Refunding Bonds Series 2008 (NON-AMT) (A/NR) | Pennsylvania Economic Development Financing Authority Pollution Control Revenue Refunding Bonds Series 2008 (NON-AMT) (A/NR) |
| 25180000 | 0.400 | 10/01/2023 | 24436928 |
| Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) |
| 1600000 | 4.000 | 07/01/2030 | 1535794 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (A-/A-2/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 14680000 | 0.950% | 12/01/2026 | $12720797 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2019A (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2019A (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2019A (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2019A (A-/A-2/NR)<sup>(a)(b)</sup> |
| 6500000 | 1.712 | 08/01/2024 | 6209222 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> | Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)<sup>(a)(b)</sup> |
| 7440000 | 1.100 | 11/02/2026 | 6504352 |
| Pennsylvania Economic Development Financing Authority UPMC RB Series 2013A (A/A) | Pennsylvania Economic Development Financing Authority UPMC RB Series 2013A (A/A) | Pennsylvania Economic Development Financing Authority UPMC RB Series 2013A (A/A) | Pennsylvania Economic Development Financing Authority UPMC RB Series 2013A (A/A) |
| 2040000 | 5.000 | 07/01/2038 | 2044169 |
| Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (NR/BBB+) | Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (NR/BBB+) | Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (NR/BBB+) | Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (NR/BBB+) |
| 370000 | 3.000 | 01/01/2023 | 370000 |
| 430000 | 3.000 | 01/01/2024 | 428547 |
| 505000 | 3.000 | 01/01/2025 | 498052 |
| 615000 | 4.000 | 01/01/2026 | 620175 |
| Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)<sup>(d)</sup> | Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)<sup>(d)</sup> | Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)<sup>(d)</sup> | Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)<sup>(d)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.70%) | (SIFMA Municipal Swap Index Yield + 0.70%) | (SIFMA Municipal Swap Index Yield + 0.70%) | (SIFMA Municipal Swap Index Yield + 0.70%) |
| 11750000 | 3.830 | 12/01/2023 | 11750757 |
| Pennsylvania Turnpike Commission Revenue Refunding Bonds Motor License Fund Enhanced Turnpike Subordinate Special Revenue Refunding Bonds 1st Series 2016 (NR/A1) | Pennsylvania Turnpike Commission Revenue Refunding Bonds Motor License Fund Enhanced Turnpike Subordinate Special Revenue Refunding Bonds 1st Series 2016 (NR/A1) | Pennsylvania Turnpike Commission Revenue Refunding Bonds Motor License Fund Enhanced Turnpike Subordinate Special Revenue Refunding Bonds 1st Series 2016 (NR/A1) | Pennsylvania Turnpike Commission Revenue Refunding Bonds Motor License Fund Enhanced Turnpike Subordinate Special Revenue Refunding Bonds 1st Series 2016 (NR/A1) |
| 1875000 | 5.000 | 12/01/2026 | 2033496 |
| Pennsylvania Turnpike Commission Turnpike RB Series 2022 B (A1/NR) | Pennsylvania Turnpike Commission Turnpike RB Series 2022 B (A1/NR) | Pennsylvania Turnpike Commission Turnpike RB Series 2022 B (A1/NR) | Pennsylvania Turnpike Commission Turnpike RB Series 2022 B (A1/NR) |
| 155000 | 5.000 | 12/01/2025 | 165100 |
| 135000 | 5.000 | 12/01/2026 | 146412 |
| 185000 | 5.000 | 12/01/2027 | 204325 |
| Philadelphia Authority for Industrial Development University Refunding RB Series 2020C (A-/NR) | Philadelphia Authority for Industrial Development University Refunding RB Series 2020C (A-/NR) | Philadelphia Authority for Industrial Development University Refunding RB Series 2020C (A-/NR) | Philadelphia Authority for Industrial Development University Refunding RB Series 2020C (A-/NR) |
| 535000 | 4.000 | 11/01/2024 | 541556 |
| Philadelphia School District GO Bonds Series 2019A (ST AID WITHHLDG) (NR/A+) | Philadelphia School District GO Bonds Series 2019A (ST AID WITHHLDG) (NR/A+) | Philadelphia School District GO Bonds Series 2019A (ST AID WITHHLDG) (NR/A+) | Philadelphia School District GO Bonds Series 2019A (ST AID WITHHLDG) (NR/A+) |
| 845000 | 5.000 | 09/01/2023 | 854822 |
| Pittsburgh Water & Sewer Authority System First Lien Revenue Refunding Bonds Series 2017C (AGM) (AA/NR)<sup>(b)(d)</sup> | Pittsburgh Water & Sewer Authority System First Lien Revenue Refunding Bonds Series 2017C (AGM) (AA/NR)<sup>(b)(d)</sup> | Pittsburgh Water & Sewer Authority System First Lien Revenue Refunding Bonds Series 2017C (AGM) (AA/NR)<sup>(b)(d)</sup> | Pittsburgh Water & Sewer Authority System First Lien Revenue Refunding Bonds Series 2017C (AGM) (AA/NR)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap<br>Index Yield + 0.65%) | (SIFMA Municipal Swap<br>Index Yield + 0.65%) | (SIFMA Municipal Swap<br>Index Yield + 0.65%) |  |
| 11605000 | 3.780 | 12/01/2023 | 11593441 |
| Southeastern Pennsylvania Transportation Authority RB for Asset Improvement Program Series 2022 (Aa3/NR) | Southeastern Pennsylvania Transportation Authority RB for Asset Improvement Program Series 2022 (Aa3/NR) | Southeastern Pennsylvania Transportation Authority RB for Asset Improvement Program Series 2022 (Aa3/NR) | Southeastern Pennsylvania Transportation Authority RB for Asset Improvement Program Series 2022 (Aa3/NR) |
| 495000 | 5.000 | 06/01/2024 | 510341 |
| 570000 | 5.000 | 06/01/2025 | 600049 |
| 750000 | 5.000 | 06/01/2026 | 806233 |
| 500000 | 5.000 | 06/01/2027 | 547726 |
| State Public School Building Authority School Lease Revenue Refunding Bonds for Philadelphia School District Project Series 2016A (Baa3/AA) | State Public School Building Authority School Lease Revenue Refunding Bonds for Philadelphia School District Project Series 2016A (Baa3/AA) | State Public School Building Authority School Lease Revenue Refunding Bonds for Philadelphia School District Project Series 2016A (Baa3/AA) | State Public School Building Authority School Lease Revenue Refunding Bonds for Philadelphia School District Project Series 2016A (Baa3/AA) |
| 2525000 | 5.000 | 06/01/2031 | 2665408 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Susquehanna Area Regional Airport Authority Airport System RB (NR/Baa3) | Susquehanna Area Regional Airport Authority Airport System RB (NR/Baa3) | Susquehanna Area Regional Airport Authority Airport System RB (NR/Baa3) | Susquehanna Area Regional Airport Authority Airport System RB (NR/Baa3) |
| 3050000 | 5.000% | 01/01/2027 | $3050000 |
| The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (NR/BB-) | The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (NR/BB-) | The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (NR/BB-) | The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (NR/BB-) |
| 1400000 | 5.000 | 02/01/2023 | 1396389 |
| 450000 | 5.000 | 02/01/2024 | 438638 |
| Westmoreland County IDA Health System Tax Exempt RB Series 2020A (NR/NR) | Westmoreland County IDA Health System Tax Exempt RB Series 2020A (NR/NR) | Westmoreland County IDA Health System Tax Exempt RB Series 2020A (NR/NR) | Westmoreland County IDA Health System Tax Exempt RB Series 2020A (NR/NR) |
| 350000 | 4.000 | 07/01/2023 | 350212 |
| 450000 | 4.000 | 07/01/2024 | 451772 |
| 575000 | 4.000 | 07/01/2025 | 578572 |
| 625000 | 4.000 | 07/01/2026 | 629597 |
|  |  |  | 213007749 |
| **Puerto Rico – 1.9%** | **Puerto Rico – 1.9%** | **Puerto Rico – 1.9%** | **Puerto Rico – 1.9%** |
| Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a) (g) (i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a) (g) (i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a) (g) (i)</sup> | Puerto Rico Commonwealth GO Bonds (NR\NR)<sup>\*(a) (g) (i)</sup> |
| 2991497 | 0.000 | 11/01/2043 | 1308780 |
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR\NR) |
| 253518 | 5.250 | 07/01/2023 | 253518 |
| 151061 | 0.000 <sup>(f)</sup> | 07/01/2024 | 140007 |
| 505630 | 5.375 | 07/01/2025 | 509441 |
| 501051 | 5.625 | 07/01/2027 | 510504 |
| 492922 | 5.625 | 07/01/2029 | 504364 |
| 478771 | 5.750 | 07/01/2031 | 495034 |
| 584255 | 0.000 <sup>(f)</sup> | 07/01/2033 | 315825 |
| 454000 | 4.000 | 07/01/2033 | 393645 |
| 408086 | 4.000 | 07/01/2035 | 343441 |
| 350245 | 4.000 | 07/01/2037 | 286524 |
| 476200 | 4.000 | 07/01/2041 | 372864 |
| 495242 | 4.000 | 07/01/2046 | 371276 |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(d)</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(d)</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(d)</sup> | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)<sup>(d)</sup> |
| (3M USD LIBOR + 0.52%) | (3M USD LIBOR + 0.52%) | (3M USD LIBOR + 0.52%) |  |
| 55400000 | 3.705 | 07/01/2029 | 49844145 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)<sup>(f)</sup> |
| 16644000 | 0.000 | 07/01/2024 | 15525836 |
| 34314000 | 0.000 | 07/01/2027 | 27760630 |
| 15126000 | 0.000 | 07/01/2029 | 11022983 |
| 1902000 | 0.000 | 07/01/2031 | 1239004 |
| 732000 | 0.000 | 07/01/2033 | 425807 |
| 4705000 | 0.000 | 07/01/2046 | 1159273 |
| 3833000 | 0.000 | 07/01/2051 | 689998 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 1862000 | 4.329 | 07/01/2040 | 1677361 |
| 56000 | 4.536 | 07/01/2053 | 47743 |
| 747000 | 4.784 | 07/01/2058 | 648090 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** | **Puerto Rico – (continued)** |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 362000 | 4.500% | 07/01/2034 | $341498 |
| 183000 | 4.550 | 07/01/2040 | 167888 |
| 1345000 | 4.750 | 07/01/2053 | 1188909 |
| 3400000 | 5.000 | 07/01/2058 | 3086962 |
|  |  |  | 120631350 |
| **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** |
| City of Providence GO Refunding Bonds 2021 Series A (BBB+/NR) | City of Providence GO Refunding Bonds 2021 Series A (BBB+/NR) | City of Providence GO Refunding Bonds 2021 Series A (BBB+/NR) | City of Providence GO Refunding Bonds 2021 Series A (BBB+/NR) |
| 425000 | 5.000 | 01/15/2023 | 425187 |
| 400000 | 5.000 | 01/15/2024 | 406657 |
| 440000 | 5.000 | 01/15/2025 | 456589 |
| 450000 | 5.000 | 01/15/2026 | 474940 |
| State of Rhode Island GO Bonds Consolidated Capital Development Loan Series 2022 A (Aa2/AA) | State of Rhode Island GO Bonds Consolidated Capital Development Loan Series 2022 A (Aa2/AA) | State of Rhode Island GO Bonds Consolidated Capital Development Loan Series 2022 A (Aa2/AA) | State of Rhode Island GO Bonds Consolidated Capital Development Loan Series 2022 A (Aa2/AA) |
| 2100000 | 5.000 | 08/01/2025 | 2224684 |
| 2210000 | 5.000 | 08/01/2026 | 2391989 |
|  |  |  | 6380046 |
| **South Carolina – 0.1%** | **South Carolina – 0.1%** | **South Carolina – 0.1%** | **South Carolina – 0.1%** |
| Patriots Energy Group Financing Agency Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> | Patriots Energy Group Financing Agency Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> | Patriots Energy Group Financing Agency Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> | Patriots Energy Group Financing Agency Gas Supply RB Series 2018A (NR/NR)<sup>(a)(b)</sup> |
| 1500000 | 3.913 | 02/01/2024 | 1498676 |
| Piedmont Municipal Power Agency Electric RB Series 2015A (A-/A3) | Piedmont Municipal Power Agency Electric RB Series 2015A (A-/A3) | Piedmont Municipal Power Agency Electric RB Series 2015A (A-/A3) | Piedmont Municipal Power Agency Electric RB Series 2015A (A-/A3) |
| 3000000 | 5.000 | 01/01/2026 | 3109252 |
| South Carolina Public Service Authority Revenue Obligations Tax Exempt Refunding Series 2021A (A/A-) | South Carolina Public Service Authority Revenue Obligations Tax Exempt Refunding Series 2021A (A/A-) | South Carolina Public Service Authority Revenue Obligations Tax Exempt Refunding Series 2021A (A/A-) | South Carolina Public Service Authority Revenue Obligations Tax Exempt Refunding Series 2021A (A/A-) |
| 625000 | 5.000 | 12/01/2026 | 665164 |
| Spartanburg Regional Health Services District Hospital RB Series 2020A (AGM) (AA/NR) | Spartanburg Regional Health Services District Hospital RB Series 2020A (AGM) (AA/NR) | Spartanburg Regional Health Services District Hospital RB Series 2020A (AGM) (AA/NR) | Spartanburg Regional Health Services District Hospital RB Series 2020A (AGM) (AA/NR) |
| 835000 | 5.000 | 04/15/2024 | 855464 |
| 925000 | 5.000 | 04/15/2025 | 967701 |
| 700000 | 5.000 | 04/15/2027 | 758806 |
|  |  |  | 7855063 |
| **Tennessee – 0.7%** | **Tennessee – 0.7%** | **Tennessee – 0.7%** | **Tennessee – 0.7%** |
| City of Knowville GO Bonds Series 2021 (NR/AAA) | City of Knowville GO Bonds Series 2021 (NR/AAA) | City of Knowville GO Bonds Series 2021 (NR/AAA) | City of Knowville GO Bonds Series 2021 (NR/AAA) |
| 12170000 | 5.000 | 05/01/2024 | 12527670 |
| City of Memphis GO Bonds Series 2018 (Aa2/AA) | City of Memphis GO Bonds Series 2018 (Aa2/AA) | City of Memphis GO Bonds Series 2018 (Aa2/AA) | City of Memphis GO Bonds Series 2018 (Aa2/AA) |
| 8405000 | 5.000 | 06/01/2028 | 9046172 |
| City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/AA+) | City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/AA+) | City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/AA+) | City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/AA+) |
| 2245000 | 4.000 | 10/01/2035 | 2283106 |
| County of Knox Health, Educational & Housing Board Collateralized Multifamily Housing Bonds for Westview Towers Project Series 2022 (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | County of Knox Health, Educational & Housing Board Collateralized Multifamily Housing Bonds for Westview Towers Project Series 2022 (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | County of Knox Health, Educational & Housing Board Collateralized Multifamily Housing Bonds for Westview Towers Project Series 2022 (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> | County of Knox Health, Educational & Housing Board Collateralized Multifamily Housing Bonds for Westview Towers Project Series 2022 (NR/AA+) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 3500000 | 3.950 | 12/01/2025 | 3520361 |
| Hamilton County GO Refunding Bonds Series 2015B (Aaa/AAA) | Hamilton County GO Refunding Bonds Series 2015B (Aaa/AAA) | Hamilton County GO Refunding Bonds Series 2015B (Aaa/AAA) | Hamilton County GO Refunding Bonds Series 2015B (Aaa/AAA) |
| 1000000 | 4.000 | 03/01/2025 | 1028942 |
| Metropolitan Nashville Airport Authority Airport Improvement RB Series 2022B (A1/NR) | Metropolitan Nashville Airport Authority Airport Improvement RB Series 2022B (A1/NR) | Metropolitan Nashville Airport Authority Airport Improvement RB Series 2022B (A1/NR) | Metropolitan Nashville Airport Authority Airport Improvement RB Series 2022B (A1/NR) |
| 1700000 | 5.000 | 07/01/2026 | 1788660 |
| 1525000 | 5.000 | 07/01/2027 | 1618706 |
| 1050000 | 5.000 | 07/01/2028 | 1122427 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Tennessee – (continued)** | **Tennessee – (continued)** | **Tennessee – (continued)** | **Tennessee – (continued)** |
| Montgomery County GO Bonds Series 2022A (AA/Aa2) | Montgomery County GO Bonds Series 2022A (AA/Aa2) | Montgomery County GO Bonds Series 2022A (AA/Aa2) | Montgomery County GO Bonds Series 2022A (AA/Aa2) |
| 4850000 | 5.000% | 04/01/2027 | $5306743 |
| Town of Greeneville Health and Educational Facilities Board Hospital RB for Ballad Health Series 2018A (A3/A-) | Town of Greeneville Health and Educational Facilities Board Hospital RB for Ballad Health Series 2018A (A3/A-) | Town of Greeneville Health and Educational Facilities Board Hospital RB for Ballad Health Series 2018A (A3/A-) | Town of Greeneville Health and Educational Facilities Board Hospital RB for Ballad Health Series 2018A (A3/A-) |
| 1555000 | 5.000 | 07/01/2025 | 1563291 |
| Williamson County GO Public Improvement and School Bonds Series 2018 (NR/Aaa) | Williamson County GO Public Improvement and School Bonds Series 2018 (NR/Aaa) | Williamson County GO Public Improvement and School Bonds Series 2018 (NR/Aaa) | Williamson County GO Public Improvement and School Bonds Series 2018 (NR/Aaa) |
| 3475000 | 5.000 | 04/01/2025 | 3654966 |
|  |  |  | 43461044 |
| **Texas – 9.6%** | **Texas – 9.6%** | **Texas – 9.6%** | **Texas – 9.6%** |
| Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (NR/AAA) |
| 475000 | 5.000 | 08/15/2025 | 500811 |
| Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B) | Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B) | Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B) | Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B) |
| 750000 | 5.000 | 01/01/2023 | 750000 |
| Baytown Municipal Development District Combination Limited Sales Tax Revenue 3rd Lien Hotel RB Series 2021C (NR/AA-) | Baytown Municipal Development District Combination Limited Sales Tax Revenue 3rd Lien Hotel RB Series 2021C (NR/AA-) | Baytown Municipal Development District Combination Limited Sales Tax Revenue 3rd Lien Hotel RB Series 2021C (NR/AA-) | Baytown Municipal Development District Combination Limited Sales Tax Revenue 3rd Lien Hotel RB Series 2021C (NR/AA-) |
| 1440000 | 5.000 | 10/01/2038 | 1533336 |
| Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (Aa1/NR) | Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (Aa1/NR) | Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (Aa1/NR) | Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (Aa1/NR) |
| 175000 | 3.750 | 02/01/2035 | 175020 |
| Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A3/A-) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A3/A-) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A3/A-) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A3/A-) |
| 250000 | 5.000 | 01/01/2025 | 258747 |
| 240000 | 5.000 | 01/01/2026 | 252300 |
| City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2017 (Aa2/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2017 (Aa2/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2017 (Aa2/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2017 (Aa2/AA) |
| 2020000 | 5.000 | 11/15/2025 | 2153531 |
| City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (NR/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (NR/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (NR/AA) | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (NR/AA) |
| 2150000 | 5.000 | 11/15/2024 | 2240287 |
| 1000000 | 5.000 | 11/15/2025 | 1066104 |
| 1000000 | 5.000 | 11/15/2026 | 1085534 |
| 1500000 | 5.000 | 11/15/2027 | 1655371 |
| City of Celina Special Assessment Bonds for The Lake at Mustang Ranch Public Improvement District Phase#1 Project Series 2020 (BAM) (NR/AA) | City of Celina Special Assessment Bonds for The Lake at Mustang Ranch Public Improvement District Phase#1 Project Series 2020 (BAM) (NR/AA) | City of Celina Special Assessment Bonds for The Lake at Mustang Ranch Public Improvement District Phase#1 Project Series 2020 (BAM) (NR/AA) | City of Celina Special Assessment Bonds for The Lake at Mustang Ranch Public Improvement District Phase#1 Project Series 2020 (BAM) (NR/AA) |
| 280000 | 4.000 | 09/01/2023 | 280575 |
| 305000 | 4.000 | 09/01/2025 | 311904 |
| 320000 | 4.000 | 09/01/2026 | 329641 |
| 335000 | 4.000 | 09/01/2027 | 346325 |
| 350000 | 4.000 | 09/01/2028 | 361963 |
| City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (NR/NR)<sup>(a)(b)</sup> | City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (NR/NR)<sup>(a)(b)</sup> | City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (NR/NR)<sup>(a)(b)</sup> | City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (NR/NR)<sup>(a)(b)</sup> |
| 2900000 | 3.500 | 02/01/2026 | 2886506 |
| City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR\AAA)<sup>(a)(b)</sup> | City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR\AAA)<sup>(a)(b)</sup> | City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR\AAA)<sup>(a)(b)</sup> | City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR\AAA)<sup>(a)(b)</sup> |
| 4320000 | 2.000 | 08/01/2024 | 4211674 |
| City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR\NR) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR\NR) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR\NR) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR\NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 680000 | 2.000 | 08/01/2024 | 672474 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA) | City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA) | City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA) | City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA) |
| 135000 | 4.000% | 08/15/2023 | $135229 |
| 140000 | 4.000 | 08/15/2024 | 140993 |
| City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)<sup>(f)</sup> | City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)<sup>(f)</sup> | City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)<sup>(f)</sup> | City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)<sup>(f)</sup> |
| 70000 | 0.000 | 09/01/2023 | 67970 |
| City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) | City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) | City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) | City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-) |
| 405000 | 4.000 | 09/01/2023 | 406646 |
| City of Houston Combined Utility System First Lien Revenue Refunding Bonds Series 2014C (Aa2/AA) | City of Houston Combined Utility System First Lien Revenue Refunding Bonds Series 2014C (Aa2/AA) | City of Houston Combined Utility System First Lien Revenue Refunding Bonds Series 2014C (Aa2/AA) | City of Houston Combined Utility System First Lien Revenue Refunding Bonds Series 2014C (Aa2/AA) |
| 6550000 | 5.000 | 05/15/2027 | 6737125 |
| City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) | City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) | City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) | City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) |
| 75000 | 5.000 | 08/15/2023 | 75400 |
| City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) |
| 310000 | 3.000 | 09/15/2024 | 310023 |
| 320000 | 3.000 | 09/15/2025 | 320486 |
| City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA) | City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA) | City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA) | City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA) |
| 285000 | 4.000 | 09/15/2025 | 291641 |
| 295000 | 4.000 | 09/15/2026 | 303447 |
| 305000 | 4.000 | 09/15/2027 | 316043 |
| 320000 | 4.000 | 09/15/2028 | 333180 |
| City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(e)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(e)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(e)</sup> | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)<sup>(e)</sup> |
| 109000 | 2.500 | 09/01/2026 | 98924 |
| City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(e)</sup> | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(e)</sup> | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(e)</sup> | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR)<sup>(e)</sup> |
| 159000 | 5.000 | 09/15/2028 | 159708 |
| City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)<sup>(a)(b)</sup> |
| 27875000 | 1.750 | 12/01/2024 | 27123852 |
| City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)<sup>(a)(b)</sup> |
| 36630000 | 1.750 | 12/01/2024 | 35576884 |
| City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (A+/AA-)<sup>(a)(b)</sup> | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (A+/AA-)<sup>(a)(b)</sup> |
| 10750000 | 1.712 | 12/01/2025 | 10215057 |
| City of San Antonio Electric and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3\A+)<sup>(a)(b)</sup> | City of San Antonio Electric and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3\A+)<sup>(a)(b)</sup> | City of San Antonio Electric and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3\A+)<sup>(a)(b)</sup> | City of San Antonio Electric and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3\A+)<sup>(a)(b)</sup> |
| 12000000 | 2.000 | 12/01/2027 | 11260765 |
| City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (AA/NR)<sup>(a)(b)</sup> | City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (AA/NR)<sup>(a)(b)</sup> | City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (AA/NR)<sup>(a)(b)</sup> | City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (AA/NR)<sup>(a)(b)</sup> |
| 20000000 | 1.000 | 11/01/2026 | 17795850 |
| City of San Antonio Water System Variable Rate Junior Lien RB Series 2019A (AA/AA)<sup>(a)(b)</sup> | City of San Antonio Water System Variable Rate Junior Lien RB Series 2019A (AA/AA)<sup>(a)(b)</sup> | City of San Antonio Water System Variable Rate Junior Lien RB Series 2019A (AA/AA)<sup>(a)(b)</sup> | City of San Antonio Water System Variable Rate Junior Lien RB Series 2019A (AA/AA)<sup>(a)(b)</sup> |
| 15000000 | 2.625 | 05/01/2024 | 14930289 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Clear Creek Independent School District GO Bonds RMKT 08/14/20 Series 2013 B (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> | Clear Creek Independent School District GO Bonds RMKT 08/14/20 Series 2013 B (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> | Clear Creek Independent School District GO Bonds RMKT 08/14/20 Series 2013 B (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> | Clear Creek Independent School District GO Bonds RMKT 08/14/20 Series 2013 B (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> |
| 15000000 | 0.500% | 08/15/2023 | $14679111 |
| Cypress Fairbanks Independent School District UT Refunding Bonds Series 2015 (Aa1/AAA) | Cypress Fairbanks Independent School District UT Refunding Bonds Series 2015 (Aa1/AAA) | Cypress Fairbanks Independent School District UT Refunding Bonds Series 2015 (Aa1/AAA) | Cypress Fairbanks Independent School District UT Refunding Bonds Series 2015 (Aa1/AAA) |
| 8645000 | 4.000 | 02/15/2034 | 8787575 |
| Denton County Permanent Improvement Refunding Bonds Series 2016 (Aaa/AAA) | Denton County Permanent Improvement Refunding Bonds Series 2016 (Aaa/AAA) | Denton County Permanent Improvement Refunding Bonds Series 2016 (Aaa/AAA) | Denton County Permanent Improvement Refunding Bonds Series 2016 (Aaa/AAA) |
| 2000000 | 4.000 | 07/15/2033 | 2044643 |
| Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-) | Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-) | Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-) | Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-) |
| 425000 | 5.000 | 09/15/2023 | 428365 |
| 450000 | 5.000 | 09/15/2024 | 457352 |
| 450000 | 5.000 | 09/15/2025 | 461125 |
| 620000 | 5.000 | 09/15/2026 | 640984 |
| Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> | Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> | Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> | Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> |
| 6105000 | 0.875 | 08/01/2025 | 5703549 |
| Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (Aaa/AAA)<sup>(a)(b)</sup> | Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (Aaa/AAA)<sup>(a)(b)</sup> | Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (Aaa/AAA)<sup>(a)(b)</sup> | Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (Aaa/AAA)<sup>(a)(b)</sup> |
| 4000000 | 0.600 | 08/17/2026 | 3666056 |
| Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) | Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) | Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) | Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA) |
| 300000 | 4.000 | 09/01/2024 | 302543 |
| Hale Center Education Facilities Corp. Revenue Improvement and Revenue Refunding Bonds Series 2022 (NR\BBB+) | Hale Center Education Facilities Corp. Revenue Improvement and Revenue Refunding Bonds Series 2022 (NR\BBB+) | Hale Center Education Facilities Corp. Revenue Improvement and Revenue Refunding Bonds Series 2022 (NR\BBB+) | Hale Center Education Facilities Corp. Revenue Improvement and Revenue Refunding Bonds Series 2022 (NR\BBB+) |
| 500000 | 5.000 | 03/01/2023 | 500870 |
| 450000 | 5.000 | 03/01/2024 | 456749 |
| 475000 | 5.000 | 03/01/2025 | 486574 |
| 675000 | 5.000 | 03/01/2026 | 697617 |
| 990000 | 5.000 | 03/01/2027 | 1029178 |
| Harris County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding Bonds for Memorial Hermann Health System Series 2020C (A1/A+)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding Bonds for Memorial Hermann Health System Series 2020C (A1/A+)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding Bonds for Memorial Hermann Health System Series 2020C (A1/A+)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding Bonds for Memorial Hermann Health System Series 2020C (A1/A+)<sup>(a)(b)</sup> |
| 8260000 | 5.000 | 12/01/2024 | 8533409 |
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2020 (NR/A) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2020 (NR/A) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2020 (NR/A) | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2020 (NR/A) |
| 500000 | 1.841 | 11/15/2024 | 472736 |
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)<sup>(d)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)<sup>(d)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)<sup>(d)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)<sup>(d)</sup> |
| (SIFMA Municipal Swap Index Yield + 1.05%) | (SIFMA Municipal Swap Index Yield + 1.05%) | (SIFMA Municipal Swap Index Yield + 1.05%) | (SIFMA Municipal Swap Index Yield + 1.05%) |
| 5685000 | 4.180 | 06/01/2024 | 5714390 |
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children's Hospital Obligated Group Series 2019 B (Aa2/AA)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children's Hospital Obligated Group Series 2019 B (Aa2/AA)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children's Hospital Obligated Group Series 2019 B (Aa2/AA)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children's Hospital Obligated Group Series 2019 B (Aa2/AA)<sup>(a)(b)</sup> |
| 23835000 | 5.000 | 10/01/2024 | 24573697 |
| Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-)<sup>(a)(b)</sup> | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-)<sup>(a)(b)</sup> |
| 8940000 | 0.900 | 05/15/2025 | 8283383 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(d)</sup> | Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(d)</sup> | Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(d)</sup> | Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)<sup>(d)</sup> |
| (3M USD LIBOR + 0.67%) | (3M USD LIBOR + 0.67%) | (3M USD LIBOR + 0.67%) |  |
| 45255000 | 3.756% | 08/15/2035 | $41248014 |
| Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) |
| 95000 | 3.000 | 09/01/2023 | 94755 |
| Houston Independent School District Variable Rate LT Schoolhouse Bonds Series 2014A-2 (PSF-GTD) (Aaa/AAA)<sup>(a)(b)</sup> | Houston Independent School District Variable Rate LT Schoolhouse Bonds Series 2014A-2 (PSF-GTD) (Aaa/AAA)<sup>(a)(b)</sup> | Houston Independent School District Variable Rate LT Schoolhouse Bonds Series 2014A-2 (PSF-GTD) (Aaa/AAA)<sup>(a)(b)</sup> | Houston Independent School District Variable Rate LT Schoolhouse Bonds Series 2014A-2 (PSF-GTD) (Aaa/AAA)<sup>(a)(b)</sup> |
| 10000000 | 3.500 | 06/01/2025 | 9889961 |
| Hunt Memorial Hospital District Charitable Health GO Refunding Bonds Series 2020 (A2/BBB+) | Hunt Memorial Hospital District Charitable Health GO Refunding Bonds Series 2020 (A2/BBB+) | Hunt Memorial Hospital District Charitable Health GO Refunding Bonds Series 2020 (A2/BBB+) | Hunt Memorial Hospital District Charitable Health GO Refunding Bonds Series 2020 (A2/BBB+) |
| 325000 | 5.000 | 02/15/2023 | 325515 |
| 275000 | 5.000 | 02/15/2024 | 279253 |
| Klein Independent School District UT Refunding Bonds Series 2016A (Aa1/AAA) | Klein Independent School District UT Refunding Bonds Series 2016A (Aa1/AAA) | Klein Independent School District UT Refunding Bonds Series 2016A (Aa1/AAA) | Klein Independent School District UT Refunding Bonds Series 2016A (Aa1/AAA) |
| 2805000 | 4.000 | 08/01/2034 | 2849632 |
| Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)<sup>(b)(f)</sup> | Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)<sup>(b)(f)</sup> | Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)<sup>(b)(f)</sup> | Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)<sup>(b)(f)</sup> |
| 12000000 | 0.000 | 08/15/2024 | 4177927 |
| Leander Independent School District UT School Building Bonds Series 2014 C (NR/NR)<sup>(b)(f)</sup> | Leander Independent School District UT School Building Bonds Series 2014 C (NR/NR)<sup>(b)(f)</sup> | Leander Independent School District UT School Building Bonds Series 2014 C (NR/NR)<sup>(b)(f)</sup> | Leander Independent School District UT School Building Bonds Series 2014 C (NR/NR)<sup>(b)(f)</sup> |
| 4175000 | 0.000 | 08/15/2024 | 1923185 |
| Leander Independent School District UT School Building Bonds Series 2022 (NR/AAA) | Leander Independent School District UT School Building Bonds Series 2022 (NR/AAA) | Leander Independent School District UT School Building Bonds Series 2022 (NR/AAA) | Leander Independent School District UT School Building Bonds Series 2022 (NR/AAA) |
| 1200000 | 5.000 | 08/15/2024 | 1244128 |
| 1200000 | 5.000 | 08/15/2025 | 1272371 |
| 1145000 | 5.000 | 08/15/2026 | 1239014 |
| 1000000 | 5.000 | 08/15/2027 | 1101852 |
| Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) | Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) | Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) | Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) |
| 3615000 | 5.000 | 11/01/2026 | 3793497 |
| Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/NR) | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/NR) | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/NR) | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/NR) |
| 500000 | 5.000 | 05/15/2024 | 513066 |
| 250000 | 5.000 | 05/15/2025 | 261111 |
| 1000000 | 5.000 | 05/15/2026 | 1063758 |
| 680000 | 5.000 | 05/15/2027 | 735260 |
| Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (Baa2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (Baa2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (Baa2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (Baa2/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 3375000 | 0.900 | 09/01/2023 | 3313099 |
| North Texas Tollway Authority System Revenue Refunding Bonds Second Tier Bonds Series 2022B (A2/A+) | North Texas Tollway Authority System Revenue Refunding Bonds Second Tier Bonds Series 2022B (A2/A+) | North Texas Tollway Authority System Revenue Refunding Bonds Second Tier Bonds Series 2022B (A2/A+) | North Texas Tollway Authority System Revenue Refunding Bonds Second Tier Bonds Series 2022B (A2/A+) |
| 10000000 | 5.000 | 01/01/2025 | 10379327 |
| 4000000 | 5.000 | 01/01/2026 | 4233129 |
| Northside Independent School District UT Refunding Bonds Series 2016 (NR/Aa1) | Northside Independent School District UT Refunding Bonds Series 2016 (NR/Aa1) | Northside Independent School District UT Refunding Bonds Series 2016 (NR/Aa1) | Northside Independent School District UT Refunding Bonds Series 2016 (NR/Aa1) |
| 2390000 | 5.000 | 06/15/2027 | 2573602 |
| Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> | Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> | Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> | Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (NR/AAA)<sup>(a)(b)</sup> |
| 32150000 | 0.700 | 06/01/2025 | 30299234 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Northwest Independent School District UT School Building Bonds Series 2022A (Aa2/NR) | Northwest Independent School District UT School Building Bonds Series 2022A (Aa2/NR) | Northwest Independent School District UT School Building Bonds Series 2022A (Aa2/NR) | Northwest Independent School District UT School Building Bonds Series 2022A (Aa2/NR) |
| 1705000 | 5.000% | 02/15/2024 | $1744707 |
| Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> |
| 3845000 | 1.500 | 08/15/2024 | 3760368 |
| San Antonio Housing Trust Public Facility Corp. Multifamily Housing RB for Country Club Village Series 2022 (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | San Antonio Housing Trust Public Facility Corp. Multifamily Housing RB for Country Club Village Series 2022 (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | San Antonio Housing Trust Public Facility Corp. Multifamily Housing RB for Country Club Village Series 2022 (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | San Antonio Housing Trust Public Facility Corp. Multifamily Housing RB for Country Club Village Series 2022 (NR/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 3625000 | 4.000 | 08/01/2025 | 3677185 |
| Southwest Houston Redevelopment Authority Tax Increment Contract RB Series 2020 (AGM) (AA/NR) | Southwest Houston Redevelopment Authority Tax Increment Contract RB Series 2020 (AGM) (AA/NR) | Southwest Houston Redevelopment Authority Tax Increment Contract RB Series 2020 (AGM) (AA/NR) | Southwest Houston Redevelopment Authority Tax Increment Contract RB Series 2020 (AGM) (AA/NR) |
| 300000 | 5.000 | 09/01/2025 | 313299 |
| Spring Branch Independent School District UT Schoolhouse Bonds Series 2022 (Aa1/AAA) | Spring Branch Independent School District UT Schoolhouse Bonds Series 2022 (Aa1/AAA) | Spring Branch Independent School District UT Schoolhouse Bonds Series 2022 (Aa1/AAA) | Spring Branch Independent School District UT Schoolhouse Bonds Series 2022 (Aa1/AAA) |
| 4520000 | 5.000 | 02/01/2024 | 4625686 |
| 3905000 | 5.000 | 02/01/2025 | 4087646 |
| 1110000 | 5.000 | 02/01/2026 | 1187177 |
| 1000000 | 5.000 | 02/01/2027 | 1089518 |
| Tarrant County Cultural Education Facilities Finance Corp Hospital RB Taxable Series 2021 (AGM) (AA/NR) | Tarrant County Cultural Education Facilities Finance Corp Hospital RB Taxable Series 2021 (AGM) (AA/NR) | Tarrant County Cultural Education Facilities Finance Corp Hospital RB Taxable Series 2021 (AGM) (AA/NR) | Tarrant County Cultural Education Facilities Finance Corp Hospital RB Taxable Series 2021 (AGM) (AA/NR) |
| 700000 | 1.356 | 09/01/2024 | 660492 |
| 600000 | 1.386 | 09/01/2025 | 546046 |
| Tarrant County Cultural Education Facilities Finance Corp. Hospital RB for Baylor Scott & White Health Project Series 2022E (Aa3/AA-)<sup>(a)(b)</sup> | Tarrant County Cultural Education Facilities Finance Corp. Hospital RB for Baylor Scott & White Health Project Series 2022E (Aa3/AA-)<sup>(a)(b)</sup> | Tarrant County Cultural Education Facilities Finance Corp. Hospital RB for Baylor Scott & White Health Project Series 2022E (Aa3/AA-)<sup>(a)(b)</sup> | Tarrant County Cultural Education Facilities Finance Corp. Hospital RB for Baylor Scott & White Health Project Series 2022E (Aa3/AA-)<sup>(a)(b)</sup> |
| 4045000 | 5.000 | 05/15/2026 | 4270652 |
| Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(d)</sup> | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(d)</sup> | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(d)</sup> | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)<sup>(d)</sup> |
| (3M USD LIBOR + 0.70%) | (3M USD LIBOR + 0.70%) | (3M USD LIBOR + 0.70%) |  |
| 6925000 | 3.895 | 12/15/2026 | 6848892 |
| Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)<sup>(d)</sup> | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)<sup>(d)</sup> | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)<sup>(d)</sup> | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)<sup>(d)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.55%) | (SIFMA Municipal Swap Index Yield + 0.55%) | (SIFMA Municipal Swap Index Yield + 0.55%) | (SIFMA Municipal Swap Index Yield + 0.55%) |
| 7535000 | 3.680 | 09/15/2027 | 7303576 |
| Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)<sup>(d)</sup> | Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)<sup>(d)</sup> | Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)<sup>(d)</sup> | Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)<sup>(d)</sup> |
| (3M USD LIBOR + 0.69%) | (3M USD LIBOR + 0.69%) | (3M USD LIBOR + 0.69%) |  |
| 109575000 | 3.838 | 09/15/2027 | 107419682 |
| Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (NR/BBB+) | Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (NR/BBB+) | Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (NR/BBB+) | Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (NR/BBB+) |
| 5715000 | 5.000 | 12/15/2028 | 5930204 |
| Texas Municipal Gas Acqusition & Supply Corp Gas Supply Revenue Refunding Bonds Series 2021 (BBB+/NR) | Texas Municipal Gas Acqusition & Supply Corp Gas Supply Revenue Refunding Bonds Series 2021 (BBB+/NR) | Texas Municipal Gas Acqusition & Supply Corp Gas Supply Revenue Refunding Bonds Series 2021 (BBB+/NR) | Texas Municipal Gas Acqusition & Supply Corp Gas Supply Revenue Refunding Bonds Series 2021 (BBB+/NR) |
| 2450000 | 5.000 | 12/15/2024 | 2490807 |
| Texas Private Activity Bond Surface Transportation Corp. Senior Lien RB for NTE Mobility Partners Segments 3 LLC Series 2013 (NR/NR) | Texas Private Activity Bond Surface Transportation Corp. Senior Lien RB for NTE Mobility Partners Segments 3 LLC Series 2013 (NR/NR) | Texas Private Activity Bond Surface Transportation Corp. Senior Lien RB for NTE Mobility Partners Segments 3 LLC Series 2013 (NR/NR) | Texas Private Activity Bond Surface Transportation Corp. Senior Lien RB for NTE Mobility Partners Segments 3 LLC Series 2013 (NR/NR) |
| 3805000 | 6.750 | 06/30/2043 | 3865452 |
| Texas Public Finance Authority RB Refunding for Southern University Series 2021 (NR/NR) | Texas Public Finance Authority RB Refunding for Southern University Series 2021 (NR/NR) | Texas Public Finance Authority RB Refunding for Southern University Series 2021 (NR/NR) | Texas Public Finance Authority RB Refunding for Southern University Series 2021 (NR/NR) |
| 350000 | 5.000 | 05/01/2024 | 356114 |
| 490000 | 5.000 | 05/01/2025 | 503506 |
| 520000 | 5.000 | 05/01/2026 | 540740 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Texas State Technical College System Revenue Financing System Improvement Bonds Series 2022A (A2/AA) | Texas State Technical College System Revenue Financing System Improvement Bonds Series 2022A (A2/AA) | Texas State Technical College System Revenue Financing System Improvement Bonds Series 2022A (A2/AA) | Texas State Technical College System Revenue Financing System Improvement Bonds Series 2022A (A2/AA) |
| 1100000 | 5.000% | 08/01/2024 | $1134224 |
| 1450000 | 5.000 | 08/01/2025 | 1525720 |
| 1750000 | 5.000 | 08/01/2026 | 1870617 |
| 1300000 | 5.000 | 08/01/2027 | 1409198 |
| Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) | Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) | Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) | Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (Baa1/A-) |
| 2850000 | 5.000 | 08/15/2042 | 2797152 |
| Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (AAA/NR) | Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (AAA/NR) | Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (AAA/NR) | Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (AAA/NR) |
| 46000000 | 0.560 | 04/01/2026 | 41440958 |
| Texas Water Development Board State Revolving Fund RB Series 2022 (AAA/NR) | Texas Water Development Board State Revolving Fund RB Series 2022 (AAA/NR) | Texas Water Development Board State Revolving Fund RB Series 2022 (AAA/NR) | Texas Water Development Board State Revolving Fund RB Series 2022 (AAA/NR) |
| 875000 | 5.000 | 08/01/2026 | 947055 |
| Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/NR) | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/NR) | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/NR) | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/NR) |
| 500000 | 5.000 | 04/15/2024 | 514100 |
| 1090000 | 5.000 | 10/15/2024 | 1134072 |
| 1300000 | 5.000 | 04/15/2025 | 1367960 |
| 1625000 | 5.000 | 10/15/2025 | 1729112 |
| 1265000 | 5.000 | 04/15/2026 | 1360990 |
| 1850000 | 5.000 | 10/15/2026 | 2010570 |
| 1200000 | 5.000 | 04/15/2027 | 1316525 |
| 1450000 | 5.000 | 10/15/2027 | 1606040 |
| Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> |
| 4700000 | 0.254 | 08/15/2024 | 4484654 |
| Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B-1 (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B-1 (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B-1 (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> | Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B-1 (PSF-GTD) (AAA/NR)<sup>(a)(b)</sup> |
| 2675000 | 0.450 | 08/15/2023 | 2634715 |
| Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR)<sup>(e)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR)<sup>(e)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR)<sup>(e)</sup> | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR)<sup>(e)</sup> |
| 237000 | 2.375 | 09/01/2026 | 211458 |
| Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(e)</sup> | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(e)</sup> | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(e)</sup> | Travis County Development Authority Contract Assessment RB for Turner's Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)<sup>(e)</sup> |
| 386000 | 4.375 | 09/01/2027 | 381023 |
| Trinity River Authority Regional Wastewater System RB Series 2022 (NR/AAA) | Trinity River Authority Regional Wastewater System RB Series 2022 (NR/AAA) | Trinity River Authority Regional Wastewater System RB Series 2022 (NR/AAA) | Trinity River Authority Regional Wastewater System RB Series 2022 (NR/AAA) |
| 450000 | 5.000 | 08/01/2025 | 476372 |
| 315000 | 5.000 | 08/01/2026 | 340603 |
| University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2017C (Aa2/AA) | University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2017C (Aa2/AA) | University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2017C (Aa2/AA) | University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2017C (Aa2/AA) |
| 10000000 | 4.000 | 02/15/2033 | 10231237 |
| University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2022A (AA/Aa2) | University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2022A (AA/Aa2) | University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2022A (AA/Aa2) | University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2022A (AA/Aa2) |
| 375000 | 5.000 | 02/15/2025 | 393277 |
| 650000 | 5.000 | 02/15/2026 | 696337 |
| 600000 | 5.000 | 02/15/2027 | 655163 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Westside 211 Special Improvement District Limited Ad Valorem Tax Subordinate Lien Sales Use Tax Road Bonds Series 2022 (Baa3/NR) | Westside 211 Special Improvement District Limited Ad Valorem Tax Subordinate Lien Sales Use Tax Road Bonds Series 2022 (Baa3/NR) | Westside 211 Special Improvement District Limited Ad Valorem Tax Subordinate Lien Sales Use Tax Road Bonds Series 2022 (Baa3/NR) | Westside 211 Special Improvement District Limited Ad Valorem Tax Subordinate Lien Sales Use Tax Road Bonds Series 2022 (Baa3/NR) |
| 160000 | 5.000% | 08/15/2023 | $161057 |
| 85000 | 5.000 | 08/15/2024 | 86585 |
| 85000 | 5.000 | 08/15/2025 | 87475 |
| 90000 | 5.000 | 08/15/2026 | 93230 |
| 90000 | 5.000 | 08/15/2027 | 93869 |
| 95000 | 5.000 | 08/15/2028 | 99222 |
| 100000 | 5.000 | 08/15/2029 | 104745 |
| 110000 | 5.000 | 08/15/2030 | 115480 |
| 115000 | 5.000 | 08/15/2031 | 120525 |
| 120000 | 5.000 | 08/15/2032 | 125220 |
| Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) | Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR) |
| 260000 | 2.000 | 08/15/2024 | 249113 |
| 270000 | 2.000 | 08/15/2026 | 250600 |
|  |  |  | 603880213 |
| **Utah – 0.2%** | **Utah – 0.2%** | **Utah – 0.2%** | **Utah – 0.2%** |
| Salt Lake City International Airport RB Series 2021A (A2/A) | Salt Lake City International Airport RB Series 2021A (A2/A) | Salt Lake City International Airport RB Series 2021A (A2/A) | Salt Lake City International Airport RB Series 2021A (A2/A) |
| 2500000 | 5.000 | 07/01/2027 | 2651483 |
| 7420000 | 5.000 | 07/01/2028 | 7931817 |
| Utah Telecommunication Open Infrastructure Agency Sales Tax & Telecommunication Revenue Refunding Bonds Series 2022 (NR/AA-) | Utah Telecommunication Open Infrastructure Agency Sales Tax & Telecommunication Revenue Refunding Bonds Series 2022 (NR/AA-) | Utah Telecommunication Open Infrastructure Agency Sales Tax & Telecommunication Revenue Refunding Bonds Series 2022 (NR/AA-) | Utah Telecommunication Open Infrastructure Agency Sales Tax & Telecommunication Revenue Refunding Bonds Series 2022 (NR/AA-) |
| 220000 | 5.000 | 06/01/2024 | 225895 |
| 250000 | 5.000 | 06/01/2025 | 261749 |
| 250000 | 5.000 | 06/01/2026 | 265973 |
| 300000 | 5.000 | 06/01/2027 | 323968 |
|  |  |  | 11660885 |
| **Virginia – 2.2%** | **Virginia – 2.2%** | **Virginia – 2.2%** | **Virginia – 2.2%** |
| Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (Baa2/BBB) | Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (Baa2/BBB) | Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (Baa2/BBB) | Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (Baa2/BBB) |
| 36645000 | 5.000 | 11/01/2023 | 36979785 |
| City of Chesapeake IDA Pollution Control Refunding RB Series 2008A (Non-Amt) (BBB+/A) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Chesapeake IDA Pollution Control Refunding RB Series 2008A (Non-Amt) (BBB+/A) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Chesapeake IDA Pollution Control Refunding RB Series 2008A (Non-Amt) (BBB+/A) (PUTABLE)<sup>(a)(b)(c)</sup> | City of Chesapeake IDA Pollution Control Refunding RB Series 2008A (Non-Amt) (BBB+/A) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 2250000 | 1.900 | 06/01/2023 | 2224802 |
| City of Salem Economic Development Authority Educational Facilities RB Series 2020 (BBB+/NR) | City of Salem Economic Development Authority Educational Facilities RB Series 2020 (BBB+/NR) | City of Salem Economic Development Authority Educational Facilities RB Series 2020 (BBB+/NR) | City of Salem Economic Development Authority Educational Facilities RB Series 2020 (BBB+/NR) |
| 250000 | 5.000 | 04/01/2023 | 250680 |
| 270000 | 5.000 | 04/01/2024 | 274379 |
| 270000 | 5.000 | 04/01/2025 | 277441 |
| Commonwealth of Virginia Commonwealth Transportation Board Capital Projects RB Series 2016 (Aa1/AA+) | Commonwealth of Virginia Commonwealth Transportation Board Capital Projects RB Series 2016 (Aa1/AA+) | Commonwealth of Virginia Commonwealth Transportation Board Capital Projects RB Series 2016 (Aa1/AA+) | Commonwealth of Virginia Commonwealth Transportation Board Capital Projects RB Series 2016 (Aa1/AA+) |
| 11855000 | 4.000 | 05/15/2032 | 12291691 |
| Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2\BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2\BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2\BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2\BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 5000000 | 1.650 | 05/31/2024 | 4801008 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Virginia – (continued)** | **Virginia – (continued)** | **Virginia – (continued)** | **Virginia – (continued)** |
| Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (Aa2/A+) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (Aa2/A+) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (Aa2/A+) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (Aa2/A+) |
| 14325000 | 5.000% | 07/01/2026 | $15429144 |
| Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A1/NR) | Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A1/NR) | Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A1/NR) | Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A1/NR) |
| 5625000 | 2.000 | 11/01/2023 | 5557585 |
| Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> | Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 2500000 | 0.750 | 09/02/2025 | 2265913 |
| Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 1325000 | 1.900 | 06/01/2023 | 1310161 |
| Virginia College Building Authority Educational Facilities RB Series 2021 (BBB-/NR) | Virginia College Building Authority Educational Facilities RB Series 2021 (BBB-/NR) | Virginia College Building Authority Educational Facilities RB Series 2021 (BBB-/NR) | Virginia College Building Authority Educational Facilities RB Series 2021 (BBB-/NR) |
| 175000 | 5.000 | 06/01/2023 | 175487 |
| 270000 | 5.000 | 06/01/2025 | 275245 |
| 340000 | 5.000 | 06/01/2026 | 348947 |
| 300000 | 5.000 | 06/01/2027 | 309205 |
| Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+) | Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+) |
| 2535000 | 1.400 | 12/01/2023 | 2493081 |
| Virginia Housing Development Authority Rental Housing Bonds 2018 Series E-NON-AMT (AA+/NR) | Virginia Housing Development Authority Rental Housing Bonds 2018 Series E-NON-AMT (AA+/NR) | Virginia Housing Development Authority Rental Housing Bonds 2018 Series E-NON-AMT (AA+/NR) | Virginia Housing Development Authority Rental Housing Bonds 2018 Series E-NON-AMT (AA+/NR) |
| 11625000 | 0.670 | 03/01/2025 | 10978908 |
| Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (Aa1/AA+)<sup>(b)</sup> | Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (Aa1/AA+)<sup>(b)</sup> | Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (Aa1/AA+)<sup>(b)</sup> | Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (Aa1/AA+)<sup>(b)</sup> |
| 2150000 | 5.000 | 07/01/2025 | 2251094 |
| Virginia Port Authority Commonwealth Port Fund Revenue Refunding Bonds Series 2015A (AMT) (A/NR)<sup>(b)</sup> | Virginia Port Authority Commonwealth Port Fund Revenue Refunding Bonds Series 2015A (AMT) (A/NR)<sup>(b)</sup> | Virginia Port Authority Commonwealth Port Fund Revenue Refunding Bonds Series 2015A (AMT) (A/NR)<sup>(b)</sup> | Virginia Port Authority Commonwealth Port Fund Revenue Refunding Bonds Series 2015A (AMT) (A/NR)<sup>(b)</sup> |
| 2000000 | 5.000 | 07/01/2025 | 2101411 |
| Virginia Small Business Financing Authority Environmental Facilities RB for Pure Salmon Virginia LLC Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | Virginia Small Business Financing Authority Environmental Facilities RB for Pure Salmon Virginia LLC Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | Virginia Small Business Financing Authority Environmental Facilities RB for Pure Salmon Virginia LLC Project Series 2022 (NR/NR)<sup>(a)(b)</sup> | Virginia Small Business Financing Authority Environmental Facilities RB for Pure Salmon Virginia LLC Project Series 2022 (NR/NR)<sup>(a)(b)</sup> |
| 15000000 | 3.500 | 11/01/2023 | 14946656 |
| Virginia Small Business Financing Authority RB Refunding National Senior Campuses, Inc. Obligated Group Series 2020 A (NR/NR) | Virginia Small Business Financing Authority RB Refunding National Senior Campuses, Inc. Obligated Group Series 2020 A (NR/NR) | Virginia Small Business Financing Authority RB Refunding National Senior Campuses, Inc. Obligated Group Series 2020 A (NR/NR) | Virginia Small Business Financing Authority RB Refunding National Senior Campuses, Inc. Obligated Group Series 2020 A (NR/NR) |
| 700000 | 5.000 | 01/01/2025 | 718223 |
| 1250000 | 5.000 | 01/01/2026 | 1300645 |
| Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 12500000 | 0.750 | 09/02/2025 | 11329566 |
| Wise County IDA Solid Waste & Sewage Disposal RB Series 2010A (NON-AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Wise County IDA Solid Waste & Sewage Disposal RB Series 2010A (NON-AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Wise County IDA Solid Waste & Sewage Disposal RB Series 2010A (NON-AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> | Wise County IDA Solid Waste & Sewage Disposal RB Series 2010A (NON-AMT) (BBB+/NR) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 6895000 | 1.200 | 05/31/2024 | 6578769 |
| York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A)<br>(PUTABLE)<sup>(a)(b)(c)</sup> | York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A)<br>(PUTABLE)<sup>(a)(b)(c)</sup> |
| 4250000 | 1.900 | 06/01/2023 | 4202403 |
|  |  |  | 139672229 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Washington – 2.3%** | **Washington – 2.3%** | **Washington – 2.3%** | **Washington – 2.3%** |
| City of Seattle Municipal Light & Power Refunding RB 2021 Series B (AA/NR)<sup>(b)(d)</sup> | City of Seattle Municipal Light & Power Refunding RB 2021 Series B (AA/NR)<sup>(b)(d)</sup> | City of Seattle Municipal Light & Power Refunding RB 2021 Series B (AA/NR)<sup>(b)(d)</sup> | City of Seattle Municipal Light & Power Refunding RB 2021 Series B (AA/NR)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.25%) | (SIFMA Municipal Swap Index Yield + 0.25%) | (SIFMA Municipal Swap Index Yield + 0.25%) | (SIFMA Municipal Swap Index Yield + 0.25%) |
| 10000000 | 3.380% | 11/01/2026 | $9805337 |
| Clark County Evergreen School District UT GO Bonds Series 2022 (Aa3/NR) | Clark County Evergreen School District UT GO Bonds Series 2022 (Aa3/NR) | Clark County Evergreen School District UT GO Bonds Series 2022 (Aa3/NR) | Clark County Evergreen School District UT GO Bonds Series 2022 (Aa3/NR) |
| 1615000 | 5.000 | 12/01/2024 | 1684317 |
| Issaquah School District UT GO Refunding Bonds Series 2022 (Aaa/AA+) | Issaquah School District UT GO Refunding Bonds Series 2022 (Aaa/AA+) | Issaquah School District UT GO Refunding Bonds Series 2022 (Aaa/AA+) | Issaquah School District UT GO Refunding Bonds Series 2022 (Aaa/AA+) |
| 765000 | 4.000 | 12/01/2024 | 782836 |
| 960000 | 5.000 | 12/01/2025 | 1022557 |
| 1975000 | 5.000 | 12/01/2026 | 2145772 |
| 1500000 | 4.000 | 12/01/2027 | 1591743 |
| King County Housing Authority RB Refunding Series 2020 (NR/AA) | King County Housing Authority RB Refunding Series 2020 (NR/AA) | King County Housing Authority RB Refunding Series 2020 (NR/AA) | King County Housing Authority RB Refunding Series 2020 (NR/AA) |
| 225000 | 3.000 | 06/01/2024 | 223307 |
| 280000 | 3.000 | 06/01/2025 | 276771 |
| King County Junior Lien Sewer RB Refunding Series 2020 A (Aa2/AA)<sup>(a)(b)</sup> | King County Junior Lien Sewer RB Refunding Series 2020 A (Aa2/AA)<sup>(a)(b)</sup> | King County Junior Lien Sewer RB Refunding Series 2020 A (Aa2/AA)<sup>(a)(b)</sup> | King County Junior Lien Sewer RB Refunding Series 2020 A (Aa2/AA)<sup>(a)(b)</sup> |
| 15845000 | 0.625 | 01/01/2024 | 15316847 |
| King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (AA/NR)<sup>(b)(d)</sup> | King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (AA/NR)<sup>(b)(d)</sup> | King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (AA/NR)<sup>(b)(d)</sup> | King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (AA/NR)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.23%) | (SIFMA Municipal Swap Index Yield + 0.23%) | (SIFMA Municipal Swap Index Yield + 0.23%) | (SIFMA Municipal Swap Index Yield + 0.23%) |
| 11250000 | 3.360 | 01/01/2027 | 10952293 |
| King County Sewer Improvement Refunding RB 2016 Series B (Aa1/AA+) | King County Sewer Improvement Refunding RB 2016 Series B (Aa1/AA+) | King County Sewer Improvement Refunding RB 2016 Series B (Aa1/AA+) | King County Sewer Improvement Refunding RB 2016 Series B (Aa1/AA+) |
| 12500000 | 4.000 | 07/01/2033 | 12876307 |
| Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2015B (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2015B (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2015B (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2015B (A1/AA-) |
| 4545000 | 5.000 | 03/01/2033 | 4671598 |
| Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2021C (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2021C (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2021C (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2021C (A1/AA-) |
| 4995000 | 5.000 | 08/01/2024 | 5113179 |
| Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-) | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-) |
| 975000 | 5.000 | 08/01/2024 | 998068 |
| 1500000 | 5.000 | 08/01/2026 | 1579926 |
| 2000000 | 5.000 | 08/01/2028 | 2143945 |
| State of Washington Various Purpose GO Bonds Series 2022A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2022A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2022A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2022A (Aaa/AA+) |
| 5885000 | 5.000 | 08/01/2027 | 6487769 |
| State of Washington Various Purpose GO Bonds Series 2022C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2022C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2022C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2022C (Aaa/AA+) |
| 5125000 | 5.000 | 02/01/2026 | 5486039 |
| State of Washington Various Purpose GO Refunding Bonds Series R-2018C (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2018C (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2018C (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2018C (Aaa/AA+) |
| 13825000 | 5.000 | 08/01/2024 | 14313530 |
| State of Washington Various Purpose GO Refunding Bonds Series R-2022C (AA+/Aaa) | State of Washington Various Purpose GO Refunding Bonds Series R-2022C (AA+/Aaa) | State of Washington Various Purpose GO Refunding Bonds Series R-2022C (AA+/Aaa) | State of Washington Various Purpose GO Refunding Bonds Series R-2022C (AA+/Aaa) |
| 17640000 | 4.000 | 07/01/2026 | 18457342 |
| State of Washington Various Purpose GORefunding Bonds Series R-2016B (Aaa/AA+) | State of Washington Various Purpose GORefunding Bonds Series R-2016B (Aaa/AA+) | State of Washington Various Purpose GORefunding Bonds Series R-2016B (Aaa/AA+) | State of Washington Various Purpose GORefunding Bonds Series R-2016B (Aaa/AA+) |
| 1075000 | 5.000 | 07/01/2025 | 1137216 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Washington – (continued)** | **Washington – (continued)** | **Washington – (continued)** | **Washington – (continued)** |
| Washington Economic Development Finance Authority Environmental Facilities Revenue Refunding Bonds for Mura Cascade ELP LLC Project Series 2022 (NR/NR)<sup>(a)(b)(e)</sup> | Washington Economic Development Finance Authority Environmental Facilities Revenue Refunding Bonds for Mura Cascade ELP LLC Project Series 2022 (NR/NR)<sup>(a)(b)(e)</sup> | Washington Economic Development Finance Authority Environmental Facilities Revenue Refunding Bonds for Mura Cascade ELP LLC Project Series 2022 (NR/NR)<sup>(a)(b)(e)</sup> | Washington Economic Development Finance Authority Environmental Facilities Revenue Refunding Bonds for Mura Cascade ELP LLC Project Series 2022 (NR/NR)<sup>(a)(b)(e)</sup> |
| 10000000 | 3.900% | 12/08/2023 | $9989331 |
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (Baa1/A-) |
| 1300000 | 5.000 | 08/01/2025 | 1351799 |
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-2 (Baa1/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-2 (Baa1/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-2 (Baa1/A-) | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-2 (Baa1/A-) |
| 3260000 | 5.000 | 08/01/2025 | 3389896 |
| Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019B-2 (Baa1/A-)<sup>(a)(b)</sup> | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019B-2 (Baa1/A-)<sup>(a)(b)</sup> | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019B-2 (Baa1/A-)<sup>(a)(b)</sup> | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019B-2 (Baa1/A-)<sup>(a)(b)</sup> |
| 5000000 | 4.891 | 08/01/2025 | 5148018 |
| Washington Healthcare Facilities Authority RB Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> | Washington Healthcare Facilities Authority RB Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> | Washington Healthcare Facilities Authority RB Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> | Washington Healthcare Facilities Authority RB Series 2019B-1 (A-/BBB+)<sup>(a)(b)</sup> |
| 7445000 | 5.000 | 08/01/2024 | 7548606 |
|  |  |  | 144494349 |
| **West Virginia – 0.3%** | **West Virginia – 0.3%** | **West Virginia – 0.3%** | **West Virginia – 0.3%** |
| West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 4645000 | 0.625 | 12/15/2025 | 4187548 |
| West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (A-/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 5650000 | 1.000 | 09/01/2025 | 5201724 |
| West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(c)</sup> | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 10350000 | 3.000 | 06/18/2027 | 9818747 |
| West Virginia Hospital Finance Authority Hospital Refunding & Improvement RB 2018 Series A (BBB+/NR) | West Virginia Hospital Finance Authority Hospital Refunding & Improvement RB 2018 Series A (BBB+/NR) | West Virginia Hospital Finance Authority Hospital Refunding & Improvement RB 2018 Series A (BBB+/NR) | West Virginia Hospital Finance Authority Hospital Refunding & Improvement RB 2018 Series A (BBB+/NR) |
| 550000 | 5.000 | 01/01/2023 | 550000 |
|  |  |  | 19758019 |
| **Wisconsin – 1.0%** | **Wisconsin – 1.0%** | **Wisconsin – 1.0%** | **Wisconsin – 1.0%** |
| County of Dane GO Bonds Series 2020 A (NR/AAA) | County of Dane GO Bonds Series 2020 A (NR/AAA) | County of Dane GO Bonds Series 2020 A (NR/AAA) | County of Dane GO Bonds Series 2020 A (NR/AAA) |
| 3290000 | 2.000 | 04/01/2026 | 3163919 |
| Public Finance Authority Healthcare Facilities Revenue & Refunding RB Series 2020A (A/NR) | Public Finance Authority Healthcare Facilities Revenue & Refunding RB Series 2020A (A/NR) | Public Finance Authority Healthcare Facilities Revenue & Refunding RB Series 2020A (A/NR) | Public Finance Authority Healthcare Facilities Revenue & Refunding RB Series 2020A (A/NR) |
| 300000 | 5.000 | 01/01/2023 | 300000 |
| 300000 | 5.000 | 01/01/2024 | 304967 |
| 300000 | 5.000 | 01/01/2025 | 310203 |
| Public Finance Authority Hospital RB Series 2020A (A+/A+) | Public Finance Authority Hospital RB Series 2020A (A+/A+) | Public Finance Authority Hospital RB Series 2020A (A+/A+) | Public Finance Authority Hospital RB Series 2020A (A+/A+) |
| 300000 | 5.000 | 06/01/2026 | 315093 |
| Public Finance Authority Pollution Control Revenue Refunding Bonds for Duke Energy Progress Project Series 2022A (NON-AMT) (NR/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Public Finance Authority Pollution Control Revenue Refunding Bonds for Duke Energy Progress Project Series 2022A (NON-AMT) (NR/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Public Finance Authority Pollution Control Revenue Refunding Bonds for Duke Energy Progress Project Series 2022A (NON-AMT) (NR/A) (PUTABLE)<sup>(a)(b)(c)</sup> | Public Finance Authority Pollution Control Revenue Refunding Bonds for Duke Energy Progress Project Series 2022A (NON-AMT) (NR/A) (PUTABLE)<sup>(a)(b)(c)</sup> |
| 5145000 | 3.265 | 10/01/2026 | 5154804 |
| Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) | Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) |
| 1925000 | 4.000 | 01/01/2026 | 1900978 |
| 2000000 | 4.000 | 01/01/2027 | 1960252 |
| 1720000 | 4.000 | 01/01/2028 | 1670697 |
| 1790000 | 4.000 | 01/01/2029 | 1720697 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** | **Wisconsin – (continued)** |
| Public Finance Authority Student Housing RB Series 2020A (AGM) (AA/NR) | Public Finance Authority Student Housing RB Series 2020A (AGM) (AA/NR) | Public Finance Authority Student Housing RB Series 2020A (AGM) (AA/NR) | Public Finance Authority Student Housing RB Series 2020A (AGM) (AA/NR) |
| 160000 | 4.000% | 07/01/2024 | $161720 |
| 265000 | 4.000 | 07/01/2025 | 269869 |
| Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)<sup>(f)</sup> | Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)<sup>(f)</sup> | Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)<sup>(f)</sup> | Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)<sup>(f)</sup> |
| 9579000 | 0.000 | 12/15/2027 | 6977374 |
| State of Wisconsin GO Bonds 2016 Series A (AA+/Aa1) | State of Wisconsin GO Bonds 2016 Series A (AA+/Aa1) | State of Wisconsin GO Bonds 2016 Series A (AA+/Aa1) | State of Wisconsin GO Bonds 2016 Series A (AA+/Aa1) |
| 5000000 | 5.000 | 05/01/2033 | 5236687 |
| 5000000 | 5.000 | 05/01/2034 | 5228644 |
| Waushara County Note Anticipation Notes Series 2022A (A+/NR) | Waushara County Note Anticipation Notes Series 2022A (A+/NR) | Waushara County Note Anticipation Notes Series 2022A (A+/NR) | Waushara County Note Anticipation Notes Series 2022A (A+/NR) |
| 5260000 | 4.500 | 06/01/2027 | 5421323 |
| Wisconsin Health & Educational Facilities Authority RB for Marshfield Clinic Health System Series 2020B-2 (NR/A-)<sup>(a)(b)</sup> | Wisconsin Health & Educational Facilities Authority RB for Marshfield Clinic Health System Series 2020B-2 (NR/A-)<sup>(a)(b)</sup> | Wisconsin Health & Educational Facilities Authority RB for Marshfield Clinic Health System Series 2020B-2 (NR/A-)<sup>(a)(b)</sup> | Wisconsin Health & Educational Facilities Authority RB for Marshfield Clinic Health System Series 2020B-2 (NR/A-)<sup>(a)(b)</sup> |
| 10690000 | 5.000 | 02/15/2027 | 11168963 |
| Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (AA/AA)<sup>(b)(d)</sup> | Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (AA/AA)<sup>(b)(d)</sup> | Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (AA/AA)<sup>(b)(d)</sup> | Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (AA/AA)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.65%) | (SIFMA Municipal Swap Index Yield + 0.65%) | (SIFMA Municipal Swap Index Yield + 0.65%) | (SIFMA Municipal Swap Index Yield + 0.65%) |
| 4000000 | 3.780 | 07/31/2024 | 4001176 |
| Wisconsin Health & Educational Facilities Authority RB Series 2020 for Hmong American Peace Academy (BBB/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2020 for Hmong American Peace Academy (BBB/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2020 for Hmong American Peace Academy (BBB/NR) | Wisconsin Health & Educational Facilities Authority RB Series 2020 for Hmong American Peace Academy (BBB/NR) |
| 115000 | 4.000 | 03/15/2023 | 114814 |
| 120000 | 4.000 | 03/15/2024 | 119089 |
| 125000 | 4.000 | 03/15/2025 | 124143 |
| Wisconsin Health & Educational Facilities RB Series 2020 (NR/NR) | Wisconsin Health & Educational Facilities RB Series 2020 (NR/NR) | Wisconsin Health & Educational Facilities RB Series 2020 (NR/NR) | Wisconsin Health & Educational Facilities RB Series 2020 (NR/NR) |
| 290000 | 4.000 | 02/01/2023 | 290010 |
| Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(d)</sup> | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(d)</sup> | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(d)</sup> | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3\AA)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.18%) | (SIFMA Municipal Swap Index Yield + 0.18%) | (SIFMA Municipal Swap Index Yield + 0.18%) | (SIFMA Municipal Swap Index Yield + 0.18%) |
| 3315000 | 3.310 | 07/01/2026 | 3204447 |
| Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)<sup>(b)(d)</sup> | Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)<sup>(b)(d)</sup> | Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)<sup>(b)(d)</sup> | Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)<sup>(b)(d)</sup> |
| (SIFMA Municipal Swap Index Yield + 0.15%) | (SIFMA Municipal Swap Index Yield + 0.15%) | (SIFMA Municipal Swap Index Yield + 0.15%) | (SIFMA Municipal Swap Index Yield + 0.15%) |
| 6755000 | 3.280 | 12/02/2024 | 6719382 |
|  |  |  | 65839251 |
| **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** | **TOTAL MUNICIPAL BONDS** |  |
| **(Cost $6,293,811,436)** | **(Cost $6,293,811,436)** |  | $6196819477 |
| **Corporate Bonds – 0.0%** | **Corporate Bonds – 0.0%** | **Corporate Bonds – 0.0%** | **Corporate Bonds – 0.0%** |
| **Commercial Services – 0.0%** | **Commercial Services – 0.0%** | **Commercial Services – 0.0%** | **Commercial Services – 0.0%** |
| Howard University Series (AA/NR) | Howard University Series (AA/NR) | Howard University Series (AA/NR) | Howard University Series (AA/NR) |
| 2030000 | 2.416% | 10/01/24 | $1916907 |
| Howard University Series (BBB-/NR) | Howard University Series (BBB-/NR) | Howard University Series (BBB-/NR) | Howard University Series (BBB-/NR) |
| 1500000 | 2.801 | 10/01/23 | 1470756 |
|  |  |  | 3387663 |
| **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |
| **(Cost $3,530,000)** | **(Cost $3,530,000)** |  | $3387663 |
| **TOTAL INVESTMENTS – 98.1%** | **TOTAL INVESTMENTS – 98.1%** | **TOTAL INVESTMENTS – 98.1%** | **TOTAL INVESTMENTS – 98.1%** |
| **(Cost $6,297,341,436)** | **(Cost $6,297,341,436)** |  | $6200207140 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.9%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.9%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.9%** | 119463624 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $6319670764 |

---

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

*September 30, 2022 (Unaudited)* 

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Security is currently in default and/or non-income producing. |
| (a) | Variable Rate Demand Instruments - rate shown is that which is in effect on December 31, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | Pre-refunded security. Maturity date disclosed is pre-refunding date. |
| (c) | Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on December 31, 2022. |
| (d) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (e) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (f) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (g) | Zero coupon bond until next reset date. |
| (h) | When-issued security. |
| (i) | Contingent value instrument that only pays out if a portion of the territory's Sales and Use Tax outperforms the projections in the Oversight Board's Certified Fiscal Plan. |
| 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. | 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:** | **Investment Abbreviations:** |
| ABS | — Asset-Backed Security |
| AGM | — Insured by Assured Guaranty Municipal Corp. |
| AMBAC | — Insured by American Municipal Bond Assurance Corp. |
| AMT | — Alternative Minimum Tax (subject to) |
| BAM | — Build America Mutual Assurance Co. |
| BHAC | — Berkshire Hathaway Assurance Corp. |
| BHAC-CR | — Insured by Berkshire Hathaway Assurance Corp. Insured Custodial Receipts |
| COPS | — Certificates of Participation |
| ETM | — Escrowed to Maturity |
| FGIC | — Insured by Financial Guaranty Insurance Co. |
| FHA | — Federal Housing Administration |
| FHLMC | — Insured by Federal Home Loan Mortgage Corp. |
| FNMA | — Insured by Federal National Mortgage Association |
| GNMA | — Insured by Government National Mortgage Association |
| GO | — General Obligation |
| HUD SECT 8 | — Hud Section 8 |
| IDA | — Industrial Development Agency |
| LIBOR | — London Interbank Offered Rates |
| LP | — Limited Partnership |
| LT | — Limited Tax |
| NR | — Not Rated |
| PCRB | — Pollution Control Revenue Bond |
| PSF-GTD | — Guaranteed by Permanent School Fund |
| RB | — Revenue Bond |
| RMKT | — Remarketed |
| 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 |
| UT | — Unlimited Tax |
| UPMC | — University of Pittsburgh Medical Center |
| WR | — Withdrawn Rating |

---

**SWAP CONTRACTS** — At December 31, 2022, the Fund had the following swap contracts:

**OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/<br>Index<sup>(a)</sup>** | **Financing Rate<br>Received (Paid) by<br>the Fund** | **Credit<br>Spread at<br>December 31,<br>2022<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000's)** | **Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |
| California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023 | 1.000% | 0.171% | JPMorgan Chase Bank NA | 03/20/2023 | USD 10,000 | $20466 | $(10603) | $31069 |
| California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023 | 1.000 | 0.171 | Bank of America NA | 03/20/2023 | 5000 | 10234 | (5301) | 15535 |
|  **TOTAL** |  |  |  |  |  | $30700 | $(15904) | $46604 |

---

(a) Payments received quarterly.

(b) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty
to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

GOLDMAN SACHS MUNICIPAL FUNDS

*December 31, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

------

**Investment Valuation** — The Funds' valuation policy is to value investments at fair value.

**Investments and Fair Value Measurements** — U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designees). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

**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.

GOLDMAN SACHS MUNICIPAL FUNDS

*December 31, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**Derivative Contracts —** A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Swap Contracts** — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

*A credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

GOLDMAN SACHS MUNICIPAL FUNDS

*December 31, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

**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 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 December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **DYNAMIC MUNICIPAL INCOME FUND** | **DYNAMIC MUNICIPAL INCOME FUND** | **DYNAMIC MUNICIPAL INCOME FUND** | **DYNAMIC MUNICIPAL INCOME FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income | Fixed Income | Fixed Income | Fixed Income |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $7454558908 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 13128731 | 31266022 |
| **Total** | $— | $7467687639 | $31266022 |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $5023045 | $— | $— |
|  Credit Default Swap Contracts |  | 6214 |  |
| **Total** | $5023045 | $6214 | $— |
| **HIGH YIELD MUNICIPAL FUND** | **HIGH YIELD MUNICIPAL FUND** | **HIGH YIELD MUNICIPAL FUND** | **HIGH YIELD MUNICIPAL FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $7681438965 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 25050550 | 59252989 |
| **Total** | $— | $7706489515 | $59252989 |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Credit Default Swap Contracts | $— | $342483 | $— |
| **MUNICIPAL INCOME COMPLETION FUND** | **MUNICIPAL INCOME COMPLETION FUND** | **MUNICIPAL INCOME COMPLETION FUND** | **MUNICIPAL INCOME COMPLETION FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income | Fixed Income | Fixed Income | Fixed Income |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $167508718 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 82892 | 1389659 |
| **Total** | $— | $167591610 | $1389659 |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $142411 | $— | $— |
| **SHORT DURATION TAX-FREE FUND** | **SHORT DURATION TAX-FREE FUND** | **SHORT DURATION TAX-FREE FUND** | **SHORT DURATION TAX-FREE FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income | Fixed Income | Fixed Income | Fixed Income |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $6196819477 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 3387663 |  |
| **Total** | $— | $6200207140 | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Credit Default Swap Contracts | $— | $46604 | $— |

---

(a) Amount shown represents unrealized gain at period end.

GOLDMAN SACHS MUNICIPAL FUNDS

*December 31, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

For further information regarding security characteristics, see the Schedules of Investments.

The Funds' risks include, but are not limited to, the following:

**Derivatives Risk —** The Funds' use of derivatives and other similar instruments (together, 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 instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. 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. The use of derivatives is also subject to operational and legal risks. Operational risks refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks refer to the risks of loss resulting from insufficient documentation, or legality or enforceability of a contract. 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.

**Floating and Variable Rate Obligations Risk —** Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate ("LIBOR"), the Prime Rate of a Designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation's interest rate payment not being immediately impacted by a decline in interest rates.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund's investments resulting from a substitute reference rate may also adversely affect a Fund's performance and/or NAV.

**Interest Rate Risk —** When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time

**Large Shareholder Transactions Risk —** Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

**Liquidity Risk —** A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

**Market and Credit Risks —** In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

**Municipal Securities Risk —** Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political 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).

**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 —** The Funds may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect a Fund's net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, these Funds would not be a suitable investment for IRAs, other tax-exempt or tax-deferred accounts or for other investors who are not sensitive to the federal, state or local income tax consequences of their investments.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Goldman Sachs Trust

- **b. Investment Company Act file number:** 811-05349

- **c. CIK number of Registrant:** 0000822977

- **d. LEI of Registrant:** S2FHCT8U6D2VORP0J605

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 71 South Wacker Drive

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs High Yield Municipal Fund

- **b. EDGAR series identifier (if any):** S000009255

- **c. LEI of Series:** EYFM7CKNLCQ7BV7G8J85

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $8064344504.30

**Total Liabilities:** $92542670.49

**Net Assets:** $7971801833.81

**Delayed Delivery Securities:** $16497388.90

**Cash Not Reported:** $170611857.01

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 783.59000000 | **1-Year:** 9497.88000000 | **5-Year:** 88352.02000000 | **10-Year:** 1101600.97000000 | **30-Year:** 1400991.47000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 882.94000000 | **1-Year:** 16438.66000000 | **5-Year:** 109572.81000000 | **10-Year:** 939919.76000000 | **30-Year:** 2836738.65000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025272 | -1.85%               | 5.67%                | -0.44%               |
| Class ID C000195492 | -1.82%               | 5.82%                | -0.52%               |
| Class ID C000202030 | -1.82%               | 5.82%                | -0.52%               |
| Class ID C000025270 | -1.82%               | 5.69%                | -0.41%               |
| Class ID C000090757 | -1.82%               | 5.68%                | -0.42%               |
| Class ID C000025274 | -1.91%               | 5.60%                | -0.50%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-92147220.92            | $-112137949.50                             |
| Month 2  | $-53476942.11            | $480362293.25                              |
| Month 3  | $-19302890.49            | $-42785686.88                              |

### Schedule of Portfolio Investments

| Name                                      | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WESTSIDE FL CDD SPL ASSMNT REV            | Westside Community Development District                                          | CUSIP: 96149TAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1406902.60   | 0.02%             | 2049-05-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YMU6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1552405.61   | 0.02%             | 2038-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUBREY TX INDEP SCH DIST                  | Aubrey Independent School District                                               | CUSIP: 050195XB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4679823.00   | 0.06%             | 2052-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167501XE0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    125000 | PA      | $93716.60     | 0.00%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRAND OAKS CDD FL SPL ASSMNT R            | Grand Oaks Community Development District                                        | CUSIP: 38611CAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $950911.28    | 0.01%             | 2040-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136WS6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1565000 | PA      | $816516.84    | 0.01%             | 2036-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN            | CSCDA Community Improvement Authority                                            | CUSIP: 126292BP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4675000 | PA      | $3665242.08   | 0.05%             | 2047-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MARSHALL CREEK FL CDD SPL ASSM            | Marshall Creek Community Development District                                    | CUSIP: 57231NAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1643177.09   | 0.02%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH            | Seminole County Industrial Development Authority                                 | CUSIP: 816686AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $782757.80    | 0.01%             | 2056-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANNON LAKES CDD FL SPL ASSMNT            | Bannon Lakes Community Development District                                      | CUSIP: 066697AL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $1615791.24   | 0.02%             | 2053-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SENAC SOUTH MET DIST #1 CO                | Senac South Metropolitan District No 1                                           | CUSIP: 81685AAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9375000 | PA      | $7792385.63   | 0.10%             | 2051-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MUSKINGUM CNTY OH HOSP FACS               | County of Muskingum OH                                                           | CUSIP: 628077CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $6877224.80   | 0.09%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA INDL DEV CORP             | Port of Seattle Industrial Development Corp                                      | CUSIP: 735385AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3880000 | PA      | $3879401.70   | 0.05%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT            | Delaware State Economic Development Authority                                    | CUSIP: 246372BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $805276.13    | 0.01%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WATERSET NORTH FL CDD                     | Waterset North Community Development District                                    | CUSIP: 941869AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1918151.41   | 0.02%             | 2045-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH SLOANS LAKE MET DIST #2             | South Sloan's Lake Metropolitan District No 2                                    | CUSIP: 84039TAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375082.76    | 0.00%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT            | Allentown Neighborhood Improvement Zone Development Authority                    | CUSIP: 018444AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6950000 | PA      | $6553692.24   | 0.08%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST                | San Diego Unified School District/CA                                             | CUSIP: 797355Q31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3005000 | PA      | $2274087.84   | 0.03%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &             | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  37500000 | PA      | $33781485.00  | 0.42%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SSH8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    935000 | PA      | $950554.38    | 0.01%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GROVE CMNTY DEV DIST             | Southern Groves Community Development District No 5                              | CUSIP: 843021AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $802192.46    | 0.01%             | 2041-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10225000 | PA      | $9839834.48   | 0.12%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POMPONIO TERRACE MET DIST CO              | Pomponio Terrace Metropolitan District                                           | CUSIP: 73225CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $716150.64    | 0.01%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447TH97<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   7225000 | PA      | $5992068.20   | 0.08%             | 2039-06-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| MUEGGE FARMS MET DIST #1 CO               | Muegge Farms Metropolitan District No 1                                          | CUSIP: 62477MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3225000 | PA      | $2577354.86   | 0.03%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TKL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1085874.57   | 0.01%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510935P1<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    450000 | PA      | $382488.48    | 0.00%             | 2029-04-01      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT             | City of North Las Vegas NV                                                       | CUSIP: 66041HGX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $408312.48    | 0.01%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAPE CORAL FL WTR & SWR REVENU            | City of Cape Coral FL Water & Sewer Revenue                                      | CUSIP: 139372QH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1779607.03   | 0.02%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN            | Arizona Industrial Development Authority                                         | CUSIP: 04052AAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $742681.20    | 0.01%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT            | Allentown Neighborhood Improvement Zone Development Authority                    | CUSIP: 018444CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6375000 | PA      | $6120337.24   | 0.08%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JOHNSTOWN VLG MET DIST #2 CO              | Johnstown Village Metropolitan District No 2                                     | CUSIP: 479710AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1687245.32   | 0.02%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAMAR CDD FL SPL ASSMNT                | Villamar Community Development District                                          | CUSIP: 92715KAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $438891.78    | 0.01%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EL DORADO CNTY CA SPL TAX                 | County of El Dorado CA                                                           | CUSIP: 283113KU1<br>LEI: 254900YWTZGSOPTH2R20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $176789.58    | 0.00%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CDK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    499000 | PA      | $396055.95    | 0.00%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L            | New York Liberty Development Corp                                                | CUSIP: 649519DH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1279632.21   | 0.02%             | 2069-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D            | Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $944770.72    | 0.01%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUFFALO HIGHLANDS MET DIST                | Buffalo Highlands Metropolitan District                                          | CUSIP: 119541AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2073164.18   | 0.03%             | 2048-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VIZCAYA IN KENDALL FL CDD SPLA            | Vizcaya in Kendall Community Development District                                | CUSIP: 92856EAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1136043.61   | 0.01%             | 2046-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1125098.33   | 0.01%             | 2027-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT             | City of North Las Vegas NV                                                       | CUSIP: 66041HGW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $310364.54    | 0.00%             | 2034-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AURORA CROSSROADS MET DIST NO             | Aurora Crossroads Metropolitan District No 2                                     | CUSIP: 05162QAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3583005.20   | 0.04%             | 2050-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OAK POINT TX SPL ASSMNT REVENU            | City of Oak Point TX                                                             | CUSIP: 67176TAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1133006.83   | 0.01%             | 2048-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CARBON CNTY UT SOL WST DISP RE            | County of Carbon UT                                                              | CUSIP: 140898AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3240000 | PA      | $3236579.53   | 0.04%             | 2023-08-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| WATERGRASS FL CDD II SPL ASSMN            | Watergrass Community Development District II                                     | CUSIP: 94154WAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4040000 | PA      | $3809083.30   | 0.05%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REUNION W FL CDD SPL ASSMNT               | Reunion West Community Development District                                      | CUSIP: 761316AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $423034.59    | 0.01%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RIVER LANDING CDD FL CAP IMPT             | River Landing Community Development District                                     | CUSIP: 76828JAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $885226.76    | 0.01%             | 2051-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV            | Colorado Health Facilities Authority                                             | CUSIP: 19648FVQ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3245000 | PA      | $3088276.24   | 0.04%             | 2036-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH FORK III CMNTY DEV DIST             | South Fork III Community Development District                                    | CUSIP: 83786TAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1277310.39   | 0.02%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE               | Oregon State Facilities Authority                                                | CUSIP: 68608JYY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1631699.60   | 0.02%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE            | City of Crandall TX                                                              | CUSIP: 224384AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456749.65    | 0.01%             | 2041-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE             | County of Cuyahoga OH                                                            | CUSIP: 2322655W4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1444305.00   | 0.02%             | 2057-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW PORT TAMPA BAY FL CDD                 | New Port Tampa Bay Community Development District                                | CUSIP: 648149AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1728618.08   | 0.02%             | 2052-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HARBOR BAY FL CDD CAPITAL IMPT            | Harbor Bay Community Development District                                        | CUSIP: 411466AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1104208.70   | 0.01%             | 2048-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| VIERA STEWARDSHIP DIST FL SPL             | Viera Stewardship District                                                       | CUSIP: 92670TAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1162391.96   | 0.01%             | 2041-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| STEEL POINT INFRASTRUCTURE IMP            | Steel Point Infrastructure Improvement District                                  | CUSIP: 85814YAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $830082.04    | 0.01%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROLLING OAKS FL CDD SPL ASSMNT            | Rolling Oaks Community Development District                                      | CUSIP: 77571RAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1359929.79   | 0.02%             | 2053-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP            | California Municipal Finance Authority                                           | CUSIP: 13051AEJ3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2714525.55   | 0.03%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486VV8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  14603000 | PA      | $15422115.86  | 0.19%             | 2033-01-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  56485000 | PA      | $10168152.92  | 0.13%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARBORWOOD FL CDD CAPITAL IMPTR            | Arborwood Community Development District                                         | CUSIP: 038926BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3970000 | PA      | $3990548.32   | 0.05%             | 2032-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SCENIC HWY CDD FL SPL ASSMNT              | Scenic Highway Community Development District                                    | CUSIP: 806193AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $487385.10    | 0.01%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COPPER RIDGE MET DIST CO TAX I            | Copper Ridge Metropolitan District                                               | CUSIP: 217558AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4240000 | PA      | $3804404.87   | 0.05%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDGEWATER EAST CDD FL SPL ASSM            | Edgewater East Community Development District                                    | CUSIP: 280286AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4720000 | PA      | $3543958.19   | 0.04%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU            | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UNR1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1553248.86   | 0.02%             | 2057-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EVERGREEN CDD FL SPL ASSMNT RE            | Evergreen Community Development District                                         | CUSIP: 30022DAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1203496.18   | 0.02%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    221000 | PA      | $208759.25    | 0.00%             | 2026-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &             | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160UD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3447368.79   | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N RANGE CO MET DIST #2                    | North Range Metropolitan District No 2                                           | CUSIP: 66176MAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3270000 | PA      | $3278054.01   | 0.04%             | 2037-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA            | Chicago O'Hare International Airport                                             | CUSIP: 167593X98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6900000 | PA      | $7238793.45   | 0.09%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR            | Florida Development Finance Corp                                                 | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1496221.69   | 0.02%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S VLG FL CDD CAPITAL IMPT REVE            | South Village Community Development District                                     | CUSIP: 84060HAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $463253.06    | 0.01%             | 2035-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO            | Arizona Industrial Development Authority                                         | CUSIP: 04052TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $1960347.27   | 0.02%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &             | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160TT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $801476.20    | 0.01%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH RICHLAND HILLS TX SPL AS            | City of North Richland Hills TX                                                  | CUSIP: 661846AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    361000 | PA      | $345383.43    | 0.00%             | 2040-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EEH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    430000 | PA      | $374929.43    | 0.00%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORTON GROVE IL TAX INCREMENT             | Village of Morton Grove IL Tax Increment Revenue                                 | CUSIP: 619295AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1782931.00   | 0.02%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYB2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2119000 | PA      | $1552167.50   | 0.02%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI            | Foothill-Eastern Transportation Corridor Agency                                  | CUSIP: 345105HZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $7520274.00   | 0.09%             | 2035-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH HO            | Bucks County Industrial Development Authority                                    | CUSIP: 11861MBN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4005000 | PA      | $3541044.78   | 0.04%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTERS RIDGE CDD #1 SPL ASSMN            | Hunters Ridge Community Development District No 1                                | CUSIP: 445789AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $399423.30    | 0.01%             | 2049-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| RED BRIDGE PUBLIC INFRASTRUCTU            | Red Bridge Public Infrastructure District No 1                                   | CUSIP: 756423AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $365170.20    | 0.00%             | 2051-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV AGY               | Riverside County Redevelopment Successor Agency                                  | CUSIP: 769123MA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7275000 | PA      | $3028236.94   | 0.04%             | 2041-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STONEYBROOK S AT CHAMPIONSGATE            | Stoneybrook South at Championsgate Community Development District                | CUSIP: 86203JAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $994859.25    | 0.01%             | 2039-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AVALON PARK WEST CDD FL SPL AS            | Avalon Park West Community Development District                                  | CUSIP: 05346TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $454534.34    | 0.01%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEXUS NORTH AT DIA MET DIST CO            | Nexus North at DIA Metropolitan District                                         | CUSIP: 65344KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $955724.24    | 0.01%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE             | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682RN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19850000 | PA      | $21275702.43  | 0.27%             | 2051-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GREEN GABLES MET DIST #2 CO               | Green Gables Metropolitan District No 2                                          | CUSIP: 39305PAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4392596.25   | 0.06%             | 2048-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DEER RUN FL CDD SPL ASSMNT                | Deer Run Community Development District                                          | CUSIP: 244188AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1543422.25   | 0.02%             | 2039-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &             | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160UE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1602952.40   | 0.02%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GEORGETOWN TX SPL ASSMNT REVEN            | City of Georgetown TX                                                            | CUSIP: 373057AC2<br>LEI: 549300BSO7ULYERIVM97 | Long             | DBT              | MUN               | US        |    961000 | PA      | $825502.17    | 0.01%             | 2042-09-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH SENI            | Glendale Industrial Development Authority                                        | CUSIP: 378287BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $5627478.78   | 0.07%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR            | George L Smith II Congress Center Authority                                      | CUSIP: 37255MAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $819514.00    | 0.01%             | 2031-01-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY             | New York City Industrial Development Agency                                      | CUSIP: 64971PKM6<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1402352.70   | 0.02%             | 2049-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE            | Oneida County Local Development Corp                                             | CUSIP: 682440BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $493564.83    | 0.01%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061ULB2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3283262.96   | 0.04%             | 2056-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CDP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $457507.82    | 0.01%             | 2050-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| S TIMNATH CO MET DIST #1                  | South Timnath Metropolitan District No 1                                         | CUSIP: 84056MAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2208000 | PA      | $2006743.45   | 0.03%             | 2048-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON KY EXEMPT FACS REVEN            | City of Henderson KY                                                             | CUSIP: 425099AE8<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $2981459.14   | 0.04%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                   | Florida Development Finance Corp                                                 | CUSIP: 340618DF1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  36250000 | PA      | $36141985.88  | 0.45%             | 2057-07-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| EAGLE POINTE CMNTY DEV DIST FL            | Eagle Pointe Community Development District                                      | CUSIP: 26982DAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3785000 | PA      | $2927682.36   | 0.04%             | 2051-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &            | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AG79<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    900000 | PA      | $669505.77    | 0.01%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS            | Guam Government Waterworks Authority                                             | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9675000 | PA      | $9519396.98   | 0.12%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SECOND CREEK FARM MET DIST #3             | Second Creek Farm Metropolitan District No 3                                     | CUSIP: 81321CAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3221137.01   | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOPLIN MO INDL DEV AUTH SALES             | Joplin Industrial Development Authority                                          | CUSIP: 48068CAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $911876.63    | 0.01%             | 2050-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                 | City of Venice FL                                                                | CUSIP: 922687AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1390373.85   | 0.02%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH HLTH             | Arkansas Development Finance Authority                                           | CUSIP: 04108VBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $505873.58    | 0.01%             | 2046-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   5178853 | PA      | $1741389.31   | 0.02%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SAT1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1880426.63   | 0.02%             | 2043-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA VA INDL DEV AUTH RE            | Alexandria Industrial Development Authority                                      | CUSIP: 015317AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2854995.12   | 0.04%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D            | City of Rancho Cordova CA                                                        | CUSIP: 75211RGW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $822723.03    | 0.01%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                | City of Kyle TX                                                                  | CUSIP: 50156CAS9<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    900000 | PA      | $719263.98    | 0.01%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA MUNI AUTH                   | Berks County Municipal Authority/The                                             | CUSIP: 084538GX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $3185467.34   | 0.04%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO            | Mississippi Business Finance Corp                                                | CUSIP: 60528DAA6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2413717.44   | 0.03%             | 2047-07-15      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV AGY               | Riverside County Redevelopment Successor Agency                                  | CUSIP: 769123LZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13395000 | PA      | $5940733.40   | 0.07%             | 2040-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL            | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $735244.94    | 0.01%             | 2034-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OROVILLE CA REVENUE                       | City of Oroville CA                                                              | CUSIP: 687241AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3565000 | PA      | $3603223.93   | 0.05%             | 2039-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONCORD STATION FL CDD CAPITAL            | Concord Station Community Development District                                   | CUSIP: 206494AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2849635.65   | 0.04%             | 2032-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH            | Minnesota Higher Education Facilities Authority                                  | CUSIP: 60416JCW8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    425000 | PA      | $412117.95    | 0.01%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE            | Chicago Board of Education                                                       | CUSIP: 167510AL0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1701743.18   | 0.02%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV            | City of Woodbury MN                                                              | CUSIP: 979134AP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $323496.25    | 0.00%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HICKORY CREEK TX SPL ASSMNT RE            | Town of Hickory Creek TX                                                         | CUSIP: 428870AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $811615.00    | 0.01%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST HGR EDU LOAN AUTH REVE            | Iowa Higher Education Loan Authority                                             | CUSIP: 46247DAF4<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |    975000 | PA      | $988514.57    | 0.01%             | 2052-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ERT5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    450000 | PA      | $320255.82    | 0.00%             | 2056-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD            | Maryland Economic Development Corp                                               | CUSIP: 57420VSN4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056358.60   | 0.01%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TPQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4190000 | PA      | $3552437.87   | 0.04%             | 2061-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                 | North Texas Tollway Authority                                                    | CUSIP: 66285WG75<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |  15475000 | PA      | $11395172.55  | 0.14%             | 2046-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CITY NJ                          | City of Atlantic City NJ                                                         | CUSIP: 048339VK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1254856.63   | 0.02%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER LANDING CDD FL CAP IMPT             | River Landing Community Development District                                     | CUSIP: 76828JAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $891271.99    | 0.01%             | 2035-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  10410000 | PA      | $10363195.60  | 0.13%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RED BRIDGE PUBLIC INFRASTRUCTU            | Red Bridge Public Infrastructure District No 1                                   | CUSIP: 756423AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $380492.05    | 0.00%             | 2041-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST FAC             | Port Beaumont Navigation District                                                | CUSIP: 73360DAA0<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   4125000 | PA      | $3871714.69   | 0.05%             | 2025-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HARBOR BAY FL CDD CAPITAL IMPT            | Harbor Bay Community Development District                                        | CUSIP: 411466AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $789456.60    | 0.01%             | 2034-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA            | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JDT7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    950000 | PA      | $630084.46    | 0.01%             | 2056-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R            | Arizona Industrial Development Authority                                         | CUSIP: 04052BPS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $343852.85    | 0.00%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YONKERS NY ECON DEV CORP EDUCT            | Yonkers Economic Development Corp                                                | CUSIP: 98608MAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $537246.28    | 0.01%             | 2049-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRAUNFELS TX SPL ASSMNT RE            | City of New Braunfels TX                                                         | CUSIP: 642573AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $288553.38    | 0.00%             | 2031-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PARKDALE CMNTY AUTH CO                    | Parkdale Community Authority                                                     | CUSIP: 700890AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $1950736.05   | 0.02%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JAMES CITY CNTY VA ECON DEV AU            | James City County Economic Development Authority                                 | CUSIP: 47029WDR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $672262.24    | 0.01%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTHS            | Chester County Industrial Development Authority                                  | CUSIP: 16559PAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486337.35    | 0.01%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NM             | Village of Los Ranchos de Albuquerque NM                                         | CUSIP: 545610BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $462170.70    | 0.01%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  12290000 | PA      | $9002425.00   | 0.11%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116DU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $603887.13    | 0.01%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTERNATIONAL ARPT AUTH              | Antonio B Won Pat International Airport Authority                                | CUSIP: 40064RER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1257089.40   | 0.02%             | 2043-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                           | Tolomato Community Development District                                          | CUSIP: 889560BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1604998.03   | 0.02%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON             | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $436509.32    | 0.01%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC            | Public Finance Authority                                                         | CUSIP: 74443DGD7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  12925000 | PA      | $10067481.55  | 0.13%             | 2050-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EAGLE HAMMOCK CDD FL SPL ASSMN            | Eagle Hammock Community Development District                                     | CUSIP: 26959AAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2435384.61   | 0.03%             | 2052-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MIROMAR LAKES FL CDD CAPITAL I            | Miromar Lakes Community Development District                                     | CUSIP: 604710AH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1186308.36   | 0.01%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WATERSET NORTH FL CDD                     | Waterset North Community Development District                                    | CUSIP: 941869AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1210640.70   | 0.02%             | 2035-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R            | Arizona Industrial Development Authority                                         | CUSIP: 04052BPT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $316110.07    | 0.00%             | 2056-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PVV4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1014557.46   | 0.01%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP ECON            | Maryland Economic Development Corp                                               | CUSIP: 57420NCV1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3073687.52   | 0.04%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH            | West Virginia Hospital Finance Authority                                         | CUSIP: 956622S54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $10908609.40  | 0.14%             | 2047-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALAVERAS CA UNIF SCH DIST                | Calaveras Unified School District                                                | CUSIP: 128244BR0<br>LEI: 549300HN1LFLSY82IF52 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $976129.15    | 0.01%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUNBRIDGE STEWARDSHIP DIST FL             | Sunbridge Stewardship District                                                   | CUSIP: 86709HAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1674358.20   | 0.02%             | 2052-05-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HENDERSON KY EXEMPT FACS REVEN            | City of Henderson KY                                                             | CUSIP: 425099AD0<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $2863493.33   | 0.04%             | 2042-01-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL             | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1720055.96   | 0.02%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS            | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |  26960000 | PA      | $24332136.01  | 0.31%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N ESTRN PA HOSP & EDU AUTH                | Northeastern Pennsylvania Hospital and Education Authority                       | CUSIP: 664551CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $929432.26    | 0.01%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDINBURG TX ECON DEV CORP SALE            | Edinburg Economic Development Corp                                               | CUSIP: 28078PAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $325852.45    | 0.00%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UPPER DAUPHIN PA INDL DEV AUTH            | Upper Dauphin Industrial Development Authority                                   | CUSIP: 915691AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4485000 | PA      | $4092279.95   | 0.05%             | 2057-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE            | Oneida County Local Development Corp                                             | CUSIP: 682440BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $485948.29    | 0.01%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TIPTON ACADEMY MI PUBLIC SCH A            | Tipton Academy                                                                   | CUSIP: 888014AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5155000 | PA      | $3479344.57   | 0.04%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STHRN OH PORT EXEMPT FAC REVEN            | Southern Ohio Port Authority                                                     | CUSIP: 84355AAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4725000 | PA      | $3551490.50   | 0.04%             | 2030-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH              | Cumberland County Municipal Authority                                            | CUSIP: 230614RZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $636265.62    | 0.01%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN            | Arizona Industrial Development Authority                                         | CUSIP: 04052AAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2780000 | PA      | $1953378.12   | 0.02%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH            | West Virginia Economic Development Authority                                     | CUSIP: 95648VBJ7<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4734006.43   | 0.06%             | 2045-07-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| NAPLES RESERVE CDD FL SPL ASSM            | Naples Reserve Community Development District                                    | CUSIP: 630606AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1227538.32   | 0.02%             | 2045-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG            | Michigan Finance Authority                                                       | CUSIP: 594479GU5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $940955.73    | 0.01%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400BP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $877007.77    | 0.01%             | 2052-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ETZ9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5006680.00   | 0.06%             | 2062-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW BRAUNFELS TX SPL ASSMNT RE            | City of New Braunfels TX                                                         | CUSIP: 642573AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $204026.37    | 0.00%             | 2026-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CTR MET DIST #7 CO                | Prairie Center Metropolitan District No 7                                        | CUSIP: 739491AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $638653.52    | 0.01%             | 2036-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK            | Port Beaumont Navigation District                                                | CUSIP: 73360CAN4<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |  11125000 | PA      | $6537686.35   | 0.08%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TKV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1214238.56   | 0.02%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486WR6<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   4180000 | PA      | $4238097.40   | 0.05%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GUAM INTERNATIONAL ARPT AUTH              | Antonio B Won Pat International Airport Authority                                | CUSIP: 40064REU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1290565.52   | 0.02%             | 2043-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT            | Denver Health & Hospital Authority                                               | CUSIP: 24918EEA4<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7485819.12   | 0.09%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HOSPS & HGR ED            | Hospitals & Higher Education Facilities Authority of Philadelphia/The            | CUSIP: 717903L89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2163481.99   | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1916000 | PA      | $1543768.14   | 0.02%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN            | City of Royse City TX                                                            | CUSIP: 780870AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1594163.47   | 0.02%             | 2049-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RRC MET DIST #2 CO                        | RRC Metropolitan District No 2                                                   | CUSIP: 78110PAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $4168718.05   | 0.05%             | 2051-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY            | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LCB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2308559.70   | 0.03%             | 2043-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT            | Utah Charter School Finance Authority                                            | CUSIP: 91754TS79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6365000 | PA      | $6086871.14   | 0.08%             | 2052-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486VQ9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3815503.86   | 0.05%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN DORAL SOUTH CDD FL SP            | Downtown Doral South Community Development District                              | CUSIP: 26115PAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943964.50    | 0.01%             | 2038-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &S            | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160TB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $495112.17    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX SPL ASSMNT REVENUE              | Town of Argyle TX                                                                | CUSIP: 04033EAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2294612.66   | 0.03%             | 2038-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ORANGE BLOSSOM RANCH CDD FL CA            | Orange Blossom Ranch Community Development District                              | CUSIP: 684071AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3323520.35   | 0.04%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                      | Stamford Housing Authority                                                       | CUSIP: 852640AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3925000 | PA      | $3947175.86   | 0.05%             | 2027-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| REUNION W FL CDD SPL ASSMNT               | Reunion West Community Development District                                      | CUSIP: 761316AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1287865.75   | 0.02%             | 2050-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA CMNTY FACS            | County of Los Angeles CA Community Facilities District No 2021-01                | CUSIP: 54531MAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2747596.32   | 0.03%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152XY2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2544461.94   | 0.03%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTSA            | Harris County-Houston Sports Authority                                           | CUSIP: 413890FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5525000 | PA      | $2495329.23   | 0.03%             | 2036-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RIVERVIEW MET DIST CO                     | Riverview Metropolitan District                                                  | CUSIP: 769432AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $413567.75    | 0.01%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE             | County of Cuyahoga OH                                                            | CUSIP: 2322655C8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |  29500000 | PA      | $33952594.30  | 0.43%             | 2040-02-15      | Fixed         | 8.22%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1011050.00   | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN            | City of Royse City TX                                                            | CUSIP: 780870AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $431752.30    | 0.01%             | 2040-09-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| S VLG FL CDD CAPITAL IMPT REVE            | South Village Community Development District                                     | CUSIP: 84060HAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1543777.86   | 0.02%             | 2038-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505RM0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5957952.00   | 0.07%             | 2046-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447TFE8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    355000 | PA      | $366344.81    | 0.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINE RIDGE PLANTATION FL CDD C            | Pine Ridge Plantation Community Development District                             | CUSIP: 722768AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $578177.08    | 0.01%             | 2030-05-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON             | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $235016.69    | 0.00%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEADOW POINTE FL IV CDD CAPITA            | Meadow Pointe IV Community Development District                                  | CUSIP: 58312PAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $80195.00     | 0.00%             | 2015-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11790000 | PA      | $11468781.45  | 0.14%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO            | Denver Convention Center Hotel Authority                                         | CUSIP: 249189DL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2547472.75   | 0.03%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                    | City of Baltimore MD                                                             | CUSIP: 05923TCR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $253406.37    | 0.00%             | 2035-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| VIRIDIAN TX MUNI MGMT DIST ASS            | Viridian Municipal Management District                                           | CUSIP: 92823UAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1517610.39   | 0.02%             | 2035-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE            | Oneida County Local Development Corp                                             | CUSIP: 682440BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $591890.36    | 0.01%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ESZ0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    670000 | PA      | $661420.32    | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCENIC HWY CDD FL SPL ASSMNT              | Scenic Highway Community Development District                                    | CUSIP: 806193AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $945164.75    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING A            | Virginia Small Business Financing Authority                                      | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21645000 | PA      | $20145014.49  | 0.25%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LITTLE ELM TX SPL ASSMNT REVEN            | Town of Little Elm TX                                                            | CUSIP: 537098BU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    429000 | PA      | $329113.36    | 0.00%             | 2042-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT             | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 162690000 | PA      | $18619577.66  | 0.23%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WILL CNTY IL                              | County of Will IL                                                                | CUSIP: 968657JD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2395572.50   | 0.03%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONSTITUTION HEIGHTS MET DIST             | Constitution Heights Metropolitan District                                       | CUSIP: 210402AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1564896.96   | 0.02%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTSIDE FL CDD SPL ASSMNT REV            | Westside Community Development District                                          | CUSIP: 96149TAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $704675.52    | 0.01%             | 2037-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE            | New Jersey Economic Development Authority                                        | CUSIP: 64577BG32<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $465787.55    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANDMARK AT DORAL FL CMNTY DIS            | Landmark at Doral Community Development District                                 | CUSIP: 51504NAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1990000 | PA      | $1604895.80   | 0.02%             | 2038-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ANNA TX SPL ASSMNT REVENUE                | City of Anna TX                                                                  | CUSIP: 035713AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1271000 | PA      | $1010571.59   | 0.01%             | 2051-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BEAUMONT FL CDD SPL ASSMNT                | Beaumont Community Development District                                          | CUSIP: 074463AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1292255.62   | 0.02%             | 2049-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PALM GLADES FL CDD                        | Palm Glades Community Development District                                       | CUSIP: 696638AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $582256.59    | 0.01%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STELLAR NORTH CMNTY DEV DIST F            | Stellar North Community Development District                                     | CUSIP: 85857KAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $1666151.07   | 0.02%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A            | River Islands Public Financing Authority                                         | CUSIP: 76827QFG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1166056.64   | 0.01%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERANDAH E CDD FL SPL ASSMNT R            | Verandah East Community Development District                                     | CUSIP: 92337YAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4355000 | PA      | $4091326.96   | 0.05%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FLA RETMNT FAC REVEN            | County of Lake FL                                                                | CUSIP: 50826FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1684999.40   | 0.02%             | 2055-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH HLTHCARE            | Arkansas Development Finance Authority                                           | CUSIP: 04084RBH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5370000 | PA      | $3891396.81   | 0.05%             | 2049-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY PA INDL DEV AUTH            | Franklin County Industrial Development Authority/PA                              | CUSIP: 353273BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1382665.38   | 0.02%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ETY2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3651413.56   | 0.05%             | 2057-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANNON LAKES CDD FL SPL ASSMNT            | Bannon Lakes Community Development District                                      | CUSIP: 066697AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $940009.27    | 0.01%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI            | Golden State Tobacco Securitization Corp                                         | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5518603.34   | 0.07%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    912000 | PA      | $870097.25    | 0.01%             | 2042-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY SD ECON DEV REVEN            | County of Lincoln SD                                                             | CUSIP: 53340EAD9<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1062697.03   | 0.01%             | 2061-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR ASHEVILLE REGL ARPT AUTH N            | Greater Asheville Regional Airport Authority                                     | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2112867.20   | 0.03%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT            | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $113549.63    | 0.00%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL HLTH FACS AUT            | Escambia County Health Facilities Authority                                      | CUSIP: 296110GE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1226201.03   | 0.02%             | 2050-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CONCORDE ESTATES FL CDD                   | Concorde Estates Community Development District                                  | CUSIP: 20651XAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $939337.55    | 0.01%             | 2035-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CORAL JUNCTION PUB INFRASTRUCT            | Coral Junction Public Infrastructure District No 1                               | CUSIP: 217894AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2200109.95   | 0.03%             | 2041-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FLA RETMNT FAC REVEN            | County of Lake FL                                                                | CUSIP: 50826FAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3444149.60   | 0.04%             | 2050-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QA77<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5210000 | PA      | $3907500.00   | 0.05%             | 2033-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE            | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KFJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898355.30    | 0.01%             | 2044-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870XV3<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1958596.14   | 0.02%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S VLG FL CDD CAPITAL IMPT REVE            | South Village Community Development District                                     | CUSIP: 84060HAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $461297.47    | 0.01%             | 2035-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DAYTON TX SPL ASSMNT REVENUE              | City of Dayton TX                                                                | CUSIP: 240094AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1413000 | PA      | $1316679.18   | 0.02%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH             | Louisiana Public Facilities Authority                                            | CUSIP: 546395V50<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1460647.60   | 0.02%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MITCHELL CNTY TX HOSP DIST                | Mitchell County Hospital District                                                | CUSIP: 606590AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1261790.74   | 0.02%             | 2045-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R            | Veranda Community Development District II                                        | CUSIP: 92338HAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1471287.26   | 0.02%             | 2049-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VIRGINIA CLG BLDG AUTH EDUCTNL            | Virginia College Building Authority                                              | CUSIP: 92778FKP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1085443.91   | 0.01%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |  12650000 | PA      | $12707358.90  | 0.16%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL             | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250CZ5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  70000000 | PA      | $12506424.00  | 0.16%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROLLING OAKS FL CDD SPL ASSMNT            | Rolling Oaks Community Development District                                      | CUSIP: 77571RAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3209754.57   | 0.04%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 1ST CREEK VLG MET DIST CO                 | First Creek Village Metropolitan District                                        | CUSIP: 319617AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $494603.27    | 0.01%             | 2049-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANNON LAKES CDD FL SPL ASSMNT            | Bannon Lakes Community Development District                                      | CUSIP: 066697AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $532661.27    | 0.01%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV             | Latrobe Industrial Development Authority                                         | CUSIP: 518324AK4<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308559.42    | 0.00%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO            | Arizona Industrial Development Authority                                         | CUSIP: 04052FCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4325000 | PA      | $3657915.89   | 0.05%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH AR-1 PASCO CDD FL CAPITA            | North AR-1 Pasco Community Development District                                  | CUSIP: 65725AAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1050985.88   | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE            | New Jersey Economic Development Authority                                        | CUSIP: 64577BG40<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1010057.31   | 0.01%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX FRESH WTR SPLY            | Kaufman County Fresh Water Supply District No 1-D                                | CUSIP: 48618TAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $137526.08    | 0.00%             | 2031-09-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EXEMPT FACS            | Public Finance Authority                                                         | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5660730.81   | 0.07%             | 2030-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE            | City of Crandall TX                                                              | CUSIP: 224384AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1620445.79   | 0.02%             | 2052-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3735960 | PA      | $3862863.84   | 0.05%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CONCORD STATION FL CDD CAPITAL            | Concord Station Community Development District                                   | CUSIP: 206494AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1408190.85   | 0.02%             | 2035-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO            | Development Authority of Burke County/The                                        | CUSIP: 121342QC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1542075.94   | 0.02%             | 2032-10-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH HLTH             | Arkansas Development Finance Authority                                           | CUSIP: 04108VBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5090000 | PA      | $5005919.31   | 0.06%             | 2038-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY PARK RECREATION DIS            | University Park Recreation District                                              | CUSIP: 914793BA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2343881.40   | 0.03%             | 2045-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL ASSMNT REVEN            | City of Fort Worth TX                                                            | CUSIP: 349506AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1072024.05   | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SVN1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9060410.70   | 0.11%             | 2058-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QA69<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2610000 | PA      | $1950975.00   | 0.02%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COVINGTON PARK FL CDD REVENUE             | Covington Park Community Development District                                    | CUSIP: 22348NAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1063834.54   | 0.01%             | 2048-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204E7A0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1734791.62   | 0.02%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FINLEY WOODS CMNTY DEV DIST FL            | Finley Woods Community Development District                                      | CUSIP: 318023AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $394503.20    | 0.00%             | 2050-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN            | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PFZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1228739.68   | 0.02%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CA UNIF SCH DIST                | New Haven Unified School District                                                | CUSIP: 645002XC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $797323.72    | 0.01%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC            | California County Tobacco Securitization Agency                                  | CUSIP: 13016NHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7375000 | PA      | $1446508.90   | 0.02%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN            | City of Royse City TX                                                            | CUSIP: 780870BC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1436247.29   | 0.02%             | 2050-09-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BENT GRASS MDD CO                         | Bent Grass Metropolitan District                                                 | CUSIP: 082623AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1074301.92   | 0.01%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WESBRIDGE CDD FL SPL ASSMNT               | Wesbridge Community Development District                                         | CUSIP: 950811AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $976476.91    | 0.01%             | 2049-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT            | New Jersey Educational Facilities Authority                                      | CUSIP: 6460666L9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2338786.76   | 0.03%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TISONS LANDING FL CDD                     | Tisons Landing Community Development District                                    | CUSIP: 88825RAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $655380.70    | 0.01%             | 2032-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81            | City of Las Vegas NV Special Improvement District No 816                         | CUSIP: 51779AAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $429937.86    | 0.01%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152TC5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5061602.38   | 0.06%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    398000 | PA      | $315204.94    | 0.00%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL STUDENT H            | Capital Trust Agency Inc                                                         | CUSIP: 140536AD5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |  61455000 | PA      | $54052222.88  | 0.68%             | 2058-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4745000 | PA      | $4837185.39   | 0.06%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FINLEY WOODS CMNTY DEV DIST FL            | Finley Woods Community Development District                                      | CUSIP: 318023AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $154817.07    | 0.00%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN VLY UNIF SCH DIST FING             | Golden Valley Unified School District Financing Authority                        | CUSIP: 38131AAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $569818.51    | 0.01%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA            | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XDX0<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5281121.00   | 0.07%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT            | Triple Creek Community Development District                                      | CUSIP: 89677RBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $531848.10    | 0.01%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT            | Utah Charter School Finance Authority                                            | CUSIP: 91754TN82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3630000 | PA      | $2693162.34   | 0.03%             | 2050-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WINDWARD AT LAKEWOOD RANCH CDD            | Windward at Lakewood Ranch Community Development District                        | CUSIP: 97382EAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $990164.83    | 0.01%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WINDLER PUB IMPT AUTH CO LTD T            | Windler Public Improvement Authority                                             | CUSIP: 973405AH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9400000 | PA      | $4850321.04   | 0.06%             | 2051-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    952000 | PA      | $755266.06    | 0.01%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI SWR DISP SYS REVENU            | City of Detroit MI Sewage Disposal System Revenue                                | CUSIP: 251237W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4675000 | PA      | $4572266.88   | 0.06%             | 2032-07-01      | Variable      | 3.11%                 | No            |                  2 | On Loan: No      |
| EDEN HILLS CMNTY DEV DIST FL S            | Eden Hills Community Development District                                        | CUSIP: 279449AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $659777.60    | 0.01%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934P2<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1376931.73   | 0.02%             | 2045-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDEN VLY UNIF SCH DIST FING             | Golden Valley Unified School District Financing Authority                        | CUSIP: 38131AAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $191757.76    | 0.00%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN             | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UGC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2154467.99   | 0.03%             | 2052-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                           | Tolomato Community Development District                                          | CUSIP: 889560CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $294173.67    | 0.00%             | 2039-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FORT BEND CNTY TX INDL DEV COR            | Fort Bend County Industrial Development Corp                                     | CUSIP: 346786AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1545552.03   | 0.02%             | 2038-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN             | Colorado High Performance Transportation Enterprise                              | CUSIP: 19648DAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $954136.03    | 0.01%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD MI ECON DEV CORP                 | Kentwood Economic Development Corp                                               | CUSIP: 491740EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $373520.76    | 0.00%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTERVILLE OH HLTH CARE REVEN            | City of Centerville OH                                                           | CUSIP: 152241BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2032081.97   | 0.03%             | 2050-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRD OF MANAGERS TX JT GUADALUP            | Board of Managers Joint Guadalupe County-City of Seguin Hospital                 | CUSIP: 09659MAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1890603.39   | 0.02%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAWYERS LANDING CDD FL SPL ASS            | Sawyers Landing Community Development District                                   | CUSIP: 805517AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2004657.85   | 0.03%             | 2053-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CREEKWALK MARKETPLACE BUSINESS            | Creekwalk Marketplace Business Improvement District                              | CUSIP: 225515AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5490000 | PA      | $4756913.16   | 0.06%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI WORLD CENTER CDD FL SPL             | Miami World Center Community Development District                                | CUSIP: 593856AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $159672.30    | 0.00%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N GLENN CO URBAN RENEWAL AUTH             | Northglenn Urban Renewal Authority                                               | CUSIP: 66644KAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $514388.33    | 0.01%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CNTY VA ECON DEV AUT            | Albemarle County Economic Development Authority                                  | CUSIP: 01266TAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3044236.80   | 0.04%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN             | Alameda Corridor Transportation Authority                                        | CUSIP: 010869JN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $883229.59    | 0.01%             | 2048-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWT5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    190000 | PA      | $137987.50    | 0.00%             | 2023-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                          | Commonwealth of Massachusetts                                                    | CUSIP: 57582RJM9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2130000 | PA      | $1693007.07   | 0.02%             | 2044-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN MATHEMATICS & SCIENCE            | Michigan Mathematics & Science Initiative                                        | CUSIP: 59457QAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $923234.16    | 0.01%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI            | Golden State Tobacco Securitization Corp                                         | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  50390000 | PA      | $5844403.53   | 0.07%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS            | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCL9<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2203068.00   | 0.03%             | 2052-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ABC CA UNIF SCH DIST                      | ABC Unified School District                                                      | CUSIP: 000416K71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1440273.12   | 0.02%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN            | CSCDA Community Improvement Authority                                            | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13500000 | PA      | $8900516.25   | 0.11%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HTA CL 6 TRUST                            | HTA CL 6 Trust                                                                   | CUSIP: 40440SAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22395387 | PA      | $22056233.50  | 0.28%             | 2038-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                    | City of Baltimore MD                                                             | CUSIP: 05923TCX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $160984.98    | 0.00%             | 2039-06-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS FL CDD SPL ASSMNT               | Highlands Community Development District                                         | CUSIP: 431009AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2048095.38   | 0.03%             | 2036-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   9271482 | PA      | $7584685.12   | 0.10%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST TOBACCO SETTLEMENT            | Michigan Tobacco Settlement Finance Authority                                    | CUSIP: 594751AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  42935000 | PA      | $4649109.14   | 0.06%             | 2052-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY TOBACCO SETTLEM            | Nassau County Tobacco Settlement Corp                                            | CUSIP: 63166MCE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 202665000 | PA      | $10483313.25  | 0.13%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152Q53<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4910000 | PA      | $4760065.79   | 0.06%             | 2026-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BUENA LAGO CDD FL CAPITAL IMPT            | Buena Lago Community Development District                                        | CUSIP: 119126AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1026490.61   | 0.01%             | 2052-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CODDINGTON CDD FL CAPITAL IMPT            | Coddington Community Development District                                        | CUSIP: 19189EAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900180.27    | 0.01%             | 2052-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136EX5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  25400000 | PA      | $15526009.08  | 0.19%             | 2034-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                | City of Kyle TX                                                                  | CUSIP: 50156CAD2<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    900000 | PA      | $820872.27    | 0.01%             | 2044-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N GLENN CO URBAN RENEWAL AUTH             | Northglenn Urban Renewal Authority                                               | CUSIP: 66644KAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $181680.19    | 0.00%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZR6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $854812.50    | 0.01%             | 2030-07-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE            | City of Fate TX                                                                  | CUSIP: 31189RCA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $735980.32    | 0.01%             | 2041-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SADDLE CREEK PRESERVE OF POLK             | Saddle Creek Preserve of Polk County Community Development District              | CUSIP: 786230AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $269650.27    | 0.00%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MESQUITE TX SPL ASSMNT REVENUE            | City of Mesquite TX                                                              | CUSIP: 590771AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1133039.06   | 0.01%             | 2039-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS FL CDD SPL ASSMNT               | Highlands Community Development District                                         | CUSIP: 431009BE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916575.80    | 0.01%             | 2048-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRESERVE AT S BRANCH CDD FL SP            | Preserve at South Branch Community Development District                          | CUSIP: 74082PAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $918745.50    | 0.01%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510935R7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    475000 | PA      | $388134.14    | 0.00%             | 2034-04-01      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| JOHNSTOWN FARMS EAST MET DIST             | Johnstown Farms East Metropolitan District                                       | CUSIP: 47953AAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $809763.40    | 0.01%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N E OHIO MED UNIV GEN RECPTS              | Northeast Ohio Medical University                                                | CUSIP: 66433RBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $175143.64    | 0.00%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX FRESH WTR SPLY            | Kaufman County Fresh Water Supply District No 1-D                                | CUSIP: 48618TAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $134940.28    | 0.00%             | 2032-09-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH MTGER            | Vermont Economic Development Authority                                           | CUSIP: 92415TBQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $863662.90    | 0.01%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSR CDD FL SPL ASSMNT REVENUE             | TSR Community Development District                                               | CUSIP: 89854CAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2422218.41   | 0.03%             | 2045-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA INDL DEV AUT            | Allegheny County Industrial Development Authority                                | CUSIP: 01730PAA7<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3909524.58   | 0.05%             | 2024-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PALM DESERT CA SPL TAX                    | City of Palm Desert CA                                                           | CUSIP: 696627ES3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $469103.20    | 0.01%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12610000 | PA      | $11771175.23  | 0.15%             | 2046-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KINGMAN GATE CDD FL SPL ASSMNT            | Kingman Gate Community Development District                                      | CUSIP: 495742AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1111609.19   | 0.01%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AEX1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    545000 | PA      | $566133.96    | 0.01%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTRELLA MOUNTAIN RANCH AZ CMN            | Estrella Mountain Ranch Community Facilities District                            | CUSIP: 29758RBX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $557247.81    | 0.01%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TUCKERS POINTE CDD FL SPL ASSM            | Tuckers Pointe Community Development District                                    | CUSIP: 898691AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $3690223.74   | 0.05%             | 2032-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BROOKLYN ARENA NY LOCAL DEV CO            | Brooklyn Arena Local Development Corp                                            | CUSIP: 113807BQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $929754.73    | 0.01%             | 2043-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FAIRFIELD CA CMNTY FACS DIST S            | Fairfield Community Facilities District                                          | CUSIP: 304194EC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2885819.94   | 0.04%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CYPRESS PARK ESTATES CDD FL SP            | Cypress Park Estates Community Development District                              | CUSIP: 23280FAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $529887.96    | 0.01%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5990000 | PA      | $5907506.92   | 0.07%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                | City of Kyle TX                                                                  | CUSIP: 50156CAN0<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $321709.20    | 0.00%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWKS POINT FL CDD SPL ASSMNT             | Hawks Point Community Development District                                       | CUSIP: 420332AP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1726384.66   | 0.02%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOWNE PARK CMNTY DEV DIST FL S            | Towne Park Community Development District                                        | CUSIP: 89215RAX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $423170.32    | 0.01%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| KAREGNONDI WTR AUTH MI                    | Karegnondi Water Authority                                                       | CUSIP: 48563UCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1464255.47   | 0.02%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM            | Arkansas Development Finance Authority                                           | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2659566.25   | 0.03%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY             | New York City Industrial Development Agency                                      | CUSIP: 64971PKK0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $1851525.93   | 0.02%             | 2049-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZF2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    155000 | PA      | $109275.00    | 0.00%             | 2021-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510935Q9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    125000 | PA      | $104494.20    | 0.00%             | 2030-04-01      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152VK4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3435000 | PA      | $3452837.96   | 0.04%             | 2033-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6820000 | PA      | $6585792.33   | 0.08%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP PKG             | Maryland Economic Development Corp                                               | CUSIP: 57422KAA3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2173395.04   | 0.03%             | 2058-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTICO FL CDD SPL ASSMNT REVE            | Portico Community Development District                                           | CUSIP: 73641TAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1538229.50   | 0.02%             | 2037-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN            | M-S-R Energy Authority                                                           | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2392862.20   | 0.03%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH EN            | New Jersey Economic Development Authority                                        | CUSIP: 64577QAG6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000064.00   | 0.01%             | 2043-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OAK POINT TX SPL ASSMNT REVENU            | City of Oak Point TX                                                             | CUSIP: 67176TAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1273084.27   | 0.02%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PALM DESERT CA SPL TAX                    | City of Palm Desert CA                                                           | CUSIP: 696627ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $408430.80    | 0.01%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW BRAUNFELS TX SPL ASSMNT RE            | City of New Braunfels TX                                                         | CUSIP: 642573AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    782000 | PA      | $661918.27    | 0.01%             | 2041-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LAWSON DUNES CDD FL SPL ASSMNT            | Lawson Dunes Community Development District                                      | CUSIP: 520719AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1280217.26   | 0.02%             | 2052-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MEDINA CNTY TX SPL ASSMNT REVE            | County of Medina TX                                                              | CUSIP: 584735AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $637295.34    | 0.01%             | 2050-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU            | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UEW0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    900000 | PA      | $761334.48    | 0.01%             | 2051-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD            | Michigan Strategic Fund                                                          | CUSIP: 594698RR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1793372.06   | 0.02%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934G2<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    280000 | PA      | $296057.22    | 0.00%             | 2034-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2281136.35   | 0.03%             | 2048-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &S            | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160TH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23435000 | PA      | $18782594.75  | 0.24%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F            | Capital Trust Agency Inc                                                         | CUSIP: 14054CEN5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    595000 | PA      | $413075.48    | 0.01%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870N77<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    325000 | PA      | $311509.09    | 0.00%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG            | Michigan Finance Authority                                                       | CUSIP: 594479FP7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    475000 | PA      | $428870.99    | 0.01%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DARKE CNTY OH HOSP FACS REVENU            | County of Darke OH                                                               | CUSIP: 237242AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $684514.38    | 0.01%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYE6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3420000 | PA      | $2505150.00   | 0.03%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIROMAR LAKES FL CDD CAPITAL I            | Miromar Lakes Community Development District                                     | CUSIP: 604710AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1550928.30   | 0.02%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON             | Metropolitan Government Nashville & Davidson County Industrial Development Board | CUSIP: 59211SAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $857176.47    | 0.01%             | 2043-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST BUSINESS FINA            | New Hampshire Business Finance Authority                                         | CUSIP: 64468VAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1574965.80   | 0.02%             | 2029-04-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15366855.00  | 0.19%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR            | George L Smith II Congress Center Authority                                      | CUSIP: 37255MAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $859323.18    | 0.01%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A            | California Community College Financing Authority                                 | CUSIP: 13012RAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2741157.36   | 0.03%             | 2053-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JUSTIN TX SPL ASSMNT REVENUE              | City of Justin TX                                                                | CUSIP: 482184AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1161961.40   | 0.01%             | 2038-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| STONEGATE FL CDD                          | Stonegate Community Development District                                         | CUSIP: 861816AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2135335.41   | 0.03%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH PARKWAY MUNI MGMT DIST #            | North Parkway Municipal Management District No 1                                 | CUSIP: 66144PAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1178470.47   | 0.01%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TROY NY CAPITAL RESOURCE CORP             | Troy Capital Resource Corp                                                       | CUSIP: 897579BY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $864994.13    | 0.01%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO CNTY WV CNTY COMMISSION S            | County of Ohio WV Special District Excise Tax Revenue                            | CUSIP: 67732PEF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2160904.11   | 0.03%             | 2037-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PARKWAY CTR FL CDD SPL ASSMNT             | Parkway Center Community Development District                                    | CUSIP: 701542BS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2170141.96   | 0.03%             | 2049-05-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HOSPS & HGR ED            | Hospitals & Higher Education Facilities Authority of Philadelphia/The            | CUSIP: 717903L71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035830.70   | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLGS AT JOHNSTOWN MET DIST #3             | Villages at Johnstown Metropolitan District No 3                                 | CUSIP: 927133AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $862859.11    | 0.01%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CFM FL CDD REVENUE                        | CFM Community Development District                                               | CUSIP: 15721RAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $601831.21    | 0.01%             | 2041-05-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| UPPER IL RIVER VLY DEV AUTH               | Upper Illinois River Valley Development Authority                                | CUSIP: 91588XAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $324037.21    | 0.00%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH            | Military Installation Development Authority                                      | CUSIP: 599772AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2093991.25   | 0.03%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204FSQ9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3560068.05   | 0.04%             | 2058-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59259Y5U9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1667837.01   | 0.02%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STERLING HILLS CO W MET DIST              | Sterling Hills West Metropolitan District                                        | CUSIP: 85933MBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $681161.98    | 0.01%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STOREY PARK FL CDD SPL ASSMNT             | Storey Park Community Development District                                       | CUSIP: 86216RAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917886.60    | 0.01%             | 2052-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204FHV0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    765000 | PA      | $617166.58    | 0.01%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE            | City of Pilot Point TX                                                           | CUSIP: 721614AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $530724.87    | 0.01%             | 2042-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ORANGE BLOSSOM RANCH CDD FL CA            | Orange Blossom Ranch Community Development District                              | CUSIP: 684071AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2066982.50   | 0.03%             | 2039-05-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T            | Grand Parkway Transportation Corp                                                | CUSIP: 38611TAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11100000 | PA      | $11601002.94  | 0.15%             | 2047-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA            | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JDS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    950000 | PA      | $655133.87    | 0.01%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE            | Public Finance Authority                                                         | CUSIP: 744396GG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $276775.98    | 0.00%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DE            | Cape Girardeau County Industrial Development Authority                           | CUSIP: 139404GT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1968295.95   | 0.02%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EKM1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $590714.64    | 0.01%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR            | George L Smith II Congress Center Authority                                      | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3130000 | PA      | $2488326.84   | 0.03%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204EEJ3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3499784.05   | 0.04%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD             | Sterling Ranch Community Authority Board                                         | CUSIP: 85950NAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    717000 | PA      | $663978.57    | 0.01%             | 2050-12-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY AZ INDL DEV AUTH E            | La Paz County Industrial Development Authority                                   | CUSIP: 50376FBS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $456375.90    | 0.01%             | 2051-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MCLENDON-CHISHOLM TX SPL ASSMN            | City of Mclendon-Chisholm TX                                                     | CUSIP: 582153AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2532171.74   | 0.03%             | 2049-09-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY AZ INDL DEV AUTH R            | La Paz County Industrial Development Authority                                   | CUSIP: 50376JAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16130000 | PA      | $9678000.00   | 0.12%             | 2040-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT            | Triple Creek Community Development District                                      | CUSIP: 89677RBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $526239.84    | 0.01%             | 2041-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CENTRE LAKE FL CDD SPL ASSMNT             | Centre Lake Community Development District                                       | CUSIP: 156309AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $313184.48    | 0.00%             | 2027-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C            | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $778992.73    | 0.01%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1207892.66   | 0.02%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE            | City of Crandall TX                                                              | CUSIP: 224384AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1158769.78   | 0.01%             | 2051-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARBORWOOD FL CDD CAPITAL IMPTR            | Arborwood Community Development District                                         | CUSIP: 038926BD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1759660.40   | 0.02%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136EZ0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  94365000 | PA      | $49705537.01  | 0.62%             | 2036-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE CNTY FL INDL DEV AUT            | Charlotte County Industrial Development Authority/FL                             | CUSIP: 16080TAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $703039.54    | 0.01%             | 2036-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KCN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $471273.85    | 0.01%             | 2039-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CHARLESTON WV SPL DIST E            | City of South Charleston WV                                                      | CUSIP: 837323AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1040887.83   | 0.01%             | 2042-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TOHOQUA CDD FL SPL ASSMNT REVE            | Tohoqua Community Development District                                           | CUSIP: 88907RAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $465021.06    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDITERRANEA FL CDD                       | Mediterranea Community Development District                                      | CUSIP: 58502CAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945519.60    | 0.01%             | 2037-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP            | New Jersey Economic Development Authority                                        | CUSIP: 64578CBV2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5022468.50   | 0.06%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE            | City of Crandall TX                                                              | CUSIP: 224384AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $590996.90    | 0.01%             | 2051-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4620000 | PA      | $3361050.00   | 0.04%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVD1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3765000 | PA      | $2757862.50   | 0.03%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R            | Veranda Community Development District II                                        | CUSIP: 92338HAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1573074.43   | 0.02%             | 2049-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SAN MARCOS TX SPL ASSMNT REVEN            | City of San Marcos TX                                                            | CUSIP: 798801AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $644751.95    | 0.01%             | 2040-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT            | Triple Creek Community Development District                                      | CUSIP: 89677RAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2764320.02   | 0.03%             | 2046-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHAPEL CROSSINGS CDD FL CAPITA            | Chapel Crossings Community Development District                                  | CUSIP: 15942YAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3010000 | PA      | $2275956.72   | 0.03%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU            | Miami-Dade County Industrial Development Authority                               | CUSIP: 59334GAM9<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1364169.08   | 0.02%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486XF1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  14455000 | PA      | $14558611.99  | 0.18%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136XM8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1120043.54   | 0.01%             | 2034-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ETA4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    505000 | PA      | $487174.46    | 0.01%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA            | Uptown Development Authority                                                     | CUSIP: 916856HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $452956.32    | 0.01%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MIRADA II CMNTY DEV DIST FL CA            | Mirada II Community Development District                                         | CUSIP: 60463WAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1707309.26   | 0.02%             | 2053-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW RIVER FL CDD CAPITAL IMPT             | New River Community Development District                                         | CUSIP: 648466AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $86010.70     | 0.00%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YNV3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1397685.26   | 0.02%             | 2039-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI            | Indiana Finance Authority                                                        | CUSIP: 45470CAF6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2210951.50   | 0.03%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZH8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    730000 | PA      | $518300.00    | 0.01%             | 2023-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH               | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $633537.60    | 0.01%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486ST7<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   8375000 | PA      | $8398210.48   | 0.11%             | 2033-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CORTLAND IL SPL SVC AREA #9 SP            | Town of Cortland IL Special Service Areas No 9                                   | CUSIP: 22061MAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1818000 | PA      | $1548379.87   | 0.02%             | 2037-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO            | Denver Convention Center Hotel Authority                                         | CUSIP: 249189DJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $681343.77    | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QLY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  52372000 | PA      | $47119811.13  | 0.59%             | 2029-07-01      | Variable      | 3.03%                 | No            |                  2 | On Loan: No      |
| EDEN HILLS CMNTY DEV DIST FL S            | Eden Hills Community Development District                                        | CUSIP: 279449AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $158985.88    | 0.00%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HERITAGE LAKE PARK FL CDD                 | Heritage Lake Park Community Development District                                | CUSIP: 42726DAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1718288.17   | 0.02%             | 2036-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81            | City of Las Vegas NV Special Improvement District No 816                         | CUSIP: 51779AAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $810656.73    | 0.01%             | 2051-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN            | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542QCH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2162151.08   | 0.03%             | 2046-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESTANCIA AT WIREGRASS CDD FL C            | Estancia at Wiregrass Community Development District                             | CUSIP: 297321AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1271880.41   | 0.02%             | 2046-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LUCAS CNTY OH HOSP REVENUE                | County of Lucas OH                                                               | CUSIP: 549310WE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14360000 | PA      | $12508677.21  | 0.16%             | 2048-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT            | New Jersey Educational Facilities Authority                                      | CUSIP: 6460667A2<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $850407.41    | 0.01%             | 2049-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTUR            | Black Desert Public Infrastructure District                                      | CUSIP: 09204PAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7125000 | PA      | $5289547.28   | 0.07%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GZS4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8480000 | PA      | $6239017.54   | 0.08%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON TX REDEV AUTH TAX            | Lake Houston Redevelopment Authority                                             | CUSIP: 51001QAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $325420.99    | 0.00%             | 2041-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MULBERRY MET DIST #2 CO                   | Mulberry Metropolitan District No 2                                              | CUSIP: 62517NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2572834.74   | 0.03%             | 2052-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ERV0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    850000 | PA      | $709728.92    | 0.01%             | 2031-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1673247.24   | 0.02%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PRAIRIE VLG KS SPL OBLIG TAX I            | City of Prairie Village KS                                                       | CUSIP: 73971FAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $616332.64    | 0.01%             | 2030-04-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870XX9<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2338682.85   | 0.03%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN             | Colorado High Performance Transportation Enterprise                              | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $943607.98    | 0.01%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE            | Oneida County Local Development Corp                                             | CUSIP: 682440BK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $780391.15    | 0.01%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DW BAYVIEW CMNTY DEV DIST FL S            | DW Bayview Community Development District                                        | CUSIP: 23342SAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $778078.43    | 0.01%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A            | River Islands Public Financing Authority                                         | CUSIP: 76827QFF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $519344.71    | 0.01%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE            | California Municipal Finance Authority                                           | CUSIP: 13048VDU9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256066.68    | 0.00%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DW BAYVIEW CMNTY DEV DIST FL S            | DW Bayview Community Development District                                        | CUSIP: 23342SAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $698191.58    | 0.01%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTUR            | Black Desert Public Infrastructure District                                      | CUSIP: 09204PAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4028565.50   | 0.05%             | 2051-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC    | CDS STATE OF CALIFORNIA                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $75693.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL SPL SVC AREA #            | Du Page County Special Service Area No 31                                        | CUSIP: 26350TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1166000 | PA      | $1125923.53   | 0.01%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT             | City of North Las Vegas NV                                                       | CUSIP: 66041HGY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $301638.88    | 0.00%             | 2043-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WICHITA KS HLTH CARE FACS REVE            | City of Wichita KS                                                               | CUSIP: 967249QS5<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2661968.69   | 0.03%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COPPERLEAF MET DIST #9 CO                 | Copperleaf Metropolitan District No 9                                            | CUSIP: 21765TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $2736640.80   | 0.03%             | 2051-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA INDL DEV AUT            | Allegheny County Industrial Development Authority                                | CUSIP: 017292XX6<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $724009.72    | 0.01%             | 2056-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUMMERSTONE CMNTY DEV DIST FL             | Summerstone Community Development District                                       | CUSIP: 865711AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $661615.33    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS            | Guam Government Waterworks Authority                                             | CUSIP: 40065FDB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $979200.67    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YNX9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    945000 | PA      | $959789.44    | 0.01%             | 2048-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                           | Tolomato Community Development District                                          | CUSIP: 889560BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $378958.58    | 0.00%             | 2040-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP            | New Jersey Economic Development Authority                                        | CUSIP: 64578CAH4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8444751.70   | 0.11%             | 2029-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SPRING RIDGE FL CMNTY DEV DIST            | Spring Ridge Community Development District                                      | CUSIP: 849860AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $984962.53    | 0.01%             | 2035-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204FQP3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $4911994.45   | 0.06%             | 2057-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1021000 | PA      | $908751.46    | 0.01%             | 2051-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST            | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9510000 | PA      | $1700964.31   | 0.02%             | 2054-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $698946.93    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IRVING TX HOTEL OCCUPANCY TAXR            | City of Irving TX                                                                | CUSIP: 463805DK4<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511848.80   | 0.02%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COPPER CREEK FL CDD SPL ASSMNT            | Copper Creek Community Development District                                      | CUSIP: 21749LAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904618.80    | 0.01%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CDB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1428427.44   | 0.02%             | 2050-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT            | Delaware State Economic Development Authority                                    | CUSIP: 246372AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $741992.66    | 0.01%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH            | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NGX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3381504.00   | 0.04%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST            | Tulsa Airports Improvement Trust                                                 | CUSIP: 899661EJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4680000 | PA      | $4666904.89   | 0.06%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AG35<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   7950000 | PA      | $7433934.50   | 0.09%             | 2045-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HIGHLAND MEADOWS WEST CDD FL S            | Highland Meadows West Community Development District                             | CUSIP: 43038HAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $277534.39    | 0.00%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH ILD            | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592248FG8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    530000 | PA      | $420061.31    | 0.01%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTERNATIONAL ARPT AUTH              | Antonio B Won Pat International Airport Authority                                | CUSIP: 40064RFG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $934002.13    | 0.01%             | 2043-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65820YRR9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    950000 | PA      | $865747.83    | 0.01%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45203H8Y1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2702013.91   | 0.03%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QKW1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4795000 | PA      | $3500350.00   | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH HIGHWAY & T            | Puerto Rico Highway & Transportation Authority                                   | CUSIP: 745197AC7<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   3122747 | PA      | $1725318.18   | 0.02%             | 2053-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARBORWOOD FL CDD CAPITAL IMPTR            | Arborwood Community Development District                                         | CUSIP: 038926BC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6695000 | PA      | $6705070.62   | 0.08%             | 2036-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6510000 | PA      | $5935719.05   | 0.07%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BUCKHEAD TRAILS CDD FL SPL ASS            | Buckhead Trails Community Development District                                   | CUSIP: 11836UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1244559.19   | 0.02%             | 2052-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV AGY               | Riverside County Redevelopment Successor Agency                                  | CUSIP: 769123LX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $2555136.72   | 0.03%             | 2038-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MIRADA CDD FL CAPITAL IMPT REV            | Mirada Community Development District                                            | CUSIP: 60463TAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2472792.09   | 0.03%             | 2032-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R            | Veranda Community Development District II                                        | CUSIP: 92338HAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $672957.30    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN GORGONIO CA MEMORIAL HLTHC            | San Gorgonio Memorial Health Care District                                       | CUSIP: 79781RGK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1635053.36   | 0.02%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEXLEY CDD FL SPL ASSMNT REVEN            | Bexley Community Development District                                            | CUSIP: 088570AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1596097.27   | 0.02%             | 2036-05-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI            | Golden State Tobacco Securitization Corp                                         | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22000000 | PA      | $19450976.60  | 0.24%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399NH5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2070000 | PA      | $1487179.49   | 0.02%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COCO PALMS FL CDD SPL ASSMNT              | Coco Palms Community Development District                                        | CUSIP: 191653AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $463311.10    | 0.01%             | 2039-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SPARKS NV TOURISM IMPT DIST #1            | City of Sparks NV                                                                | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1557445.13   | 0.02%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GZR6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $1871056.31   | 0.02%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A            | California Health Facilities Financing Authority                                 | CUSIP: 13032UMH8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1529777.85   | 0.02%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870N85<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    375000 | PA      | $339710.25    | 0.00%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DAVENPORT ROAD SOUTH CDD FL SP            | Davenport Road South Community Development District                              | CUSIP: 23848RAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3170000 | PA      | $2953592.03   | 0.04%             | 2048-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE            | Public Finance Authority                                                         | CUSIP: 744396FN7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1128530.52   | 0.01%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWV0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     90000 | PA      | $65362.50     | 0.00%             | 2025-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE               | City of Houston TX Airport System Revenue                                        | CUSIP: 4423487V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7470000 | PA      | $7574488.12   | 0.10%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $604947.30    | 0.01%             | 2040-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV             | Latrobe Industrial Development Authority                                         | CUSIP: 518324AM0<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    450000 | PA      | $411416.01    | 0.01%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV AGY               | Riverside County Redevelopment Successor Agency                                  | CUSIP: 769123LW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $975485.75    | 0.01%             | 2037-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GV33<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    845000 | PA      | $811752.38    | 0.01%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R            | Veranda Community Development District II                                        | CUSIP: 92338HAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $947336.70    | 0.01%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIALTO CA UNIF SCH DIST                   | Rialto Unified School District                                                   | CUSIP: 762494PW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6200000 | PA      | $3433325.02   | 0.04%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TSR CDD FL SPL ASSMNT REVENUE             | TSR Community Development District                                               | CUSIP: 89854CAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1159707.24   | 0.01%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH CHRT SCHR            | Illinois Finance Authority                                                       | CUSIP: 452022BV7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1605304.35   | 0.02%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY PA INDL DEV AUTH            | Franklin County Industrial Development Authority/PA                              | CUSIP: 353273BX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $911634.02    | 0.01%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461362E0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1404954.00   | 0.02%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUTTO TX SPL ASSMNT REVENUE               | City of Hutto TX                                                                 | CUSIP: 448529AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2491000 | PA      | $1949170.38   | 0.02%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                | City of Kyle TX                                                                  | CUSIP: 50156CAM2<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1025856.42   | 0.01%             | 2040-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BRD OF MANAGERS TX JT GUADALUP            | Board of Managers Joint Guadalupe County-City of Seguin Hospital                 | CUSIP: 09659MAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2399318.24   | 0.03%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SINTON TX SPL ASSMNT REVENUE              | City of Sinton TX                                                                | CUSIP: 829366AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $835500.51    | 0.01%             | 2042-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP FED             | Maryland Economic Development Corp                                               | CUSIP: 57422LAA1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   6190000 | PA      | $4883195.67   | 0.06%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN            | State of Hawaii Department of Budget & Finance                                   | CUSIP: 419800LY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4881261.00   | 0.06%             | 2039-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ROMEOVILLE IL REVENUE                     | Village of Romeoville IL                                                         | CUSIP: 77615NBA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $847140.01    | 0.01%             | 2046-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEVA            | California Statewide Communities Development Authority                           | CUSIP: 13078RHE3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3757051.88   | 0.05%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY HILL TX SPL ASSMNT REV            | City of Liberty Hill TX                                                          | CUSIP: 530575AS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1671509.91   | 0.02%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKHEAD TRAILS CDD FL SPL ASS            | Buckhead Trails Community Development District                                   | CUSIP: 11836UAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $862729.20    | 0.01%             | 2042-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $209222.14    | 0.00%             | 2031-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH              | E-470 Public Highway Authority                                                   | CUSIP: 26822LEN0<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $12488523.00  | 0.16%             | 2028-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CREEKWALK MARKETPLACE BUSINESS            | Creekwalk Marketplace Business Improvement District                              | CUSIP: 225515AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2045000 | PA      | $1753636.38   | 0.02%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA            | Pennsylvania Higher Educational Facilities Authority                             | CUSIP: 70917RKC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7210000 | PA      | $7073622.13   | 0.09%             | 2027-07-01      | Variable      | 3.11%                 | No            |                  2 | On Loan: No      |
| AMBER CREEK MET DIST CO                   | Amber Creek Metropolitan District                                                | CUSIP: 02320AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    603000 | PA      | $566362.38    | 0.01%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRESERVE AT S BRANCH CDD FL SP            | Preserve at South Branch Community Development District                          | CUSIP: 74082PAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $998860.32    | 0.01%             | 2049-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RED OAK TX SPL ASSMNT REVENUE             | City of Red Oak TX                                                               | CUSIP: 756848AC1<br>LEI: 549300VOCS0JLIVKWD34 | Long             | DBT              | MUN               | US        |    809000 | PA      | $599951.33    | 0.01%             | 2041-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399CN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |  12150000 | PA      | $12479217.62  | 0.16%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NY LOCAL DEV CORP R            | Huntington Local Development Corp                                                | CUSIP: 446490AR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5060000 | PA      | $3858512.61   | 0.05%             | 2056-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV AGY               | Riverside County Redevelopment Successor Agency                                  | CUSIP: 769123LS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $1472741.12   | 0.02%             | 2033-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE            | Tempe Industrial Development Authority                                           | CUSIP: 87972MBD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1261805.50   | 0.02%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH MF REVENU            | Illinois Finance Authority                                                       | CUSIP: 45202LCC6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    653503 | PA      | $6.54         | 0.00%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE            | Industrial Development Authority of the City of Phoenix/The                      | CUSIP: 71885DDC3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    850000 | PA      | $854451.54    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COCO PALMS FL CDD SPL ASSMNT              | Coco Palms Community Development District                                        | CUSIP: 191653AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906663.60    | 0.01%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH             | Chester County Industrial Development Authority                                  | CUSIP: 165588FN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2735357.90   | 0.03%             | 2052-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TOPEKA KS HLTH CARE FACS REVEN            | City of Topeka KS                                                                | CUSIP: 890585BU5<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1763283.05   | 0.02%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CRYSTAL CAY CMNTY DEV DIST FL             | Crystal Cay Community Development District                                       | CUSIP: 229092AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $756131.80    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK CREEK FL CDD SPL ASSMNT             | Black Creek Community Development District                                       | CUSIP: 09186FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $727922.30    | 0.01%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV NEW CONVENTION &             | Las Vegas Convention & Visitors Authority                                        | CUSIP: 517704FG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $755996.43    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDINBURG TX ECON DEV CORP SALE            | Edinburg Economic Development Corp                                               | CUSIP: 28078PAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $797995.98    | 0.01%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORONADO FL CDD SPL ASSMNT                | Coronado Community Development District                                          | CUSIP: 219782AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1407000 | PA      | $1312177.77   | 0.02%             | 2038-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EL DORADO CNTY CA SPL TAX                 | County of El Dorado CA                                                           | CUSIP: 283113KT4<br>LEI: 254900YWTZGSOPTH2R20 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1249865.91   | 0.02%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204E4Q8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    920000 | PA      | $937926.20    | 0.01%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486MK2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3145000 | PA      | $3313651.88   | 0.04%             | 2040-01-01      | Fixed         | 7.52%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D            | City of Rancho Cordova CA                                                        | CUSIP: 75211RGV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $651164.87    | 0.01%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANNING LEWIS RANCH MET DIST #            | Banning Lewis Ranch Metropolitan District No 8                                   | CUSIP: 06663CAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3025837.20   | 0.04%             | 2051-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT             | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5200000 | PA      | $3660066.28   | 0.05%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486VM8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1826725.14   | 0.02%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MURPHY CREEK MET DIST #5 CO               | Murphy Creek Metropolitan District No 5                                          | CUSIP: 626657AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2004864.99   | 0.03%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMBER CREEK MET DIST CO                   | Amber Creek Metropolitan District                                                | CUSIP: 02320AAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    613000 | PA      | $544794.98    | 0.01%             | 2047-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY PA INDL DEV A            | Northampton County Industrial Development Authority                              | CUSIP: 663549NV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1666134.13   | 0.02%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM GLADES FL CDD                        | Palm Glades Community Development District                                       | CUSIP: 696638AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2089499.21   | 0.03%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESPLANADE LAKE CLUB CMNTY DEV             | Esplanade Lake Club Community Development District                               | CUSIP: 29665MAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3560000 | PA      | $2768673.94   | 0.03%             | 2050-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW RIVER FL CDD CAPITAL IMPT             | New River Community Development District                                         | CUSIP: 648466AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3260000 | PA      | $32.60        | 0.00%             | 2013-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STONEYBROOK FL N CDD CAPITAL I            | Stoneybrook North Community Development District                                 | CUSIP: 86202UAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $887735.01    | 0.01%             | 2052-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE                | City of Lavon TX                                                                 | CUSIP: 51946PBT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $756298.53    | 0.01%             | 2042-09-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GUAM INTERNATIONAL ARPT AUTH              | Antonio B Won Pat International Airport Authority                                | CUSIP: 40064RFF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $289185.57    | 0.00%             | 2040-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TOSCANA ISLES CMNTY DEV DIST F            | Toscana Isles Community Development District                                     | CUSIP: 89149CAA6<br>LEI: 549300KT0ZEEJZO5TM34 | Long             | DBT              | MUN               | US        |    225000 | PA      | $231705.50    | 0.00%             | 2027-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MIRABELLE MET DIST #2 CO                  | Mirabelle Metropolitan District No 2                                             | CUSIP: 60458HAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2316239.98   | 0.03%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALM GROVE CMNTY DEV DIST FL S            | Balm Grove Community Development District                                        | CUSIP: 05874FAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1213001.21   | 0.02%             | 2051-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KDJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1482658.82   | 0.02%             | 2033-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD SPL OBLG                | County of Frederick MD                                                           | CUSIP: 35571LCE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3765000 | PA      | $3112722.41   | 0.04%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EDEN HILLS CMNTY DEV DIST FL S            | Eden Hills Community Development District                                        | CUSIP: 279449AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $386748.00    | 0.00%             | 2051-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2817800.38   | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RITORO MET DIST CO                        | Ritoro Metropolitan District                                                     | CUSIP: 76778TAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1032569.13   | 0.01%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GARY CHICAGO INTERNATIONAL ARP            | Gary Chicago International Airport Authority                                     | CUSIP: 367066AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1266761.13   | 0.02%             | 2034-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L            | New York Liberty Development Corp                                                | CUSIP: 649519DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11450000 | PA      | $11501760.87  | 0.14%             | 2044-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MEADOWLARK MET DIST CO                    | Meadowlark Metropolitan District                                                 | CUSIP: 583213AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $444423.89    | 0.01%             | 2040-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO            | Denver Convention Center Hotel Authority                                         | CUSIP: 249189DK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $331737.80    | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $459155.84    | 0.01%             | 2041-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN            | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72178AAH5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4588186.50   | 0.06%             | 2052-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HACKBERRY TX SPL ASSMNT REVENU            | City of Hackberry TX                                                             | CUSIP: 404521AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1297102.41   | 0.02%             | 2037-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OLD HICKORY CDD FL SPL ASSMNT             | Old Hickory Community Development District                                       | CUSIP: 679792AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $286269.46    | 0.00%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST #6 CO                    | Canyons Metropolitan District No 6                                               | CUSIP: 139070AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1898489.40   | 0.02%             | 2047-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX INDL DEV AUTH            | Port of Beaumont Industrial Development Authority                                | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  29500000 | PA      | $23990529.85  | 0.30%             | 2028-01-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R            | Massachusetts Development Finance Agency                                         | CUSIP: 57584YF53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956053.20    | 0.01%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN            | Arizona Industrial Development Authority                                         | CUSIP: 04052AAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1320566.00   | 0.02%             | 2051-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                    | City of Baltimore MD                                                             | CUSIP: 05923TCS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $434787.49    | 0.01%             | 2039-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON TX REDEV AUTH TAX            | Lake Houston Redevelopment Authority                                             | CUSIP: 51001QAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $446649.06    | 0.01%             | 2047-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SWN0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    475000 | PA      | $451492.39    | 0.01%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136Y47<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1780476.63   | 0.02%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU            | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5079438.00   | 0.06%             | 2043-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD CONVENTION CENTER            | City of Baltimore MD                                                             | CUSIP: 05921PCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6135000 | PA      | $5507267.41   | 0.07%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXF4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     65000 | PA      | $46800.00     | 0.00%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EJQ4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2554850.97   | 0.03%             | 2062-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX SPL ASSMNT REVENUE              | Town of Argyle TX                                                                | CUSIP: 04033EAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499893.70    | 0.01%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| RIVER HALL FL CDD CAPITAL IMPT            | River Hall Community Development District                                        | CUSIP: 768247AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $743799.50    | 0.01%             | 2051-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE            | Oneida County Local Development Corp                                             | CUSIP: 682440BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $583014.03    | 0.01%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TWO RIVERS WEST CDD FL SPL ASS            | Two Rivers West Community Development District                                   | CUSIP: 90207HAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2524197.93   | 0.03%             | 2053-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH HIGHWAY & T            | Puerto Rico Highway & Transportation Authority                                   | CUSIP: 745197AB9<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   1825536 | PA      | $1083912.19   | 0.01%             | 2032-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MIDCITY IMPT DIST AL SPL ASSMN            | MidCity Improvement District                                                     | CUSIP: 59564KAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $848035.78    | 0.01%             | 2042-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHINO CA PUBLIC FING AUTH REVE            | Chino Public Financing Authority                                                 | CUSIP: 169548EN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $159628.29    | 0.00%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                | City of Kyle TX                                                                  | CUSIP: 50156CBB5<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1831868.81   | 0.02%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH CHRT SCHR            | Illinois Finance Authority                                                       | CUSIP: 452022BU9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1654110.68   | 0.02%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX REGL MOBILITY             | Hidalgo County Regional Mobility Authority                                       | CUSIP: 42934ACG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7155000 | PA      | $1033189.16   | 0.01%             | 2053-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ERW8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   4965000 | PA      | $4439971.11   | 0.06%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD             | Sterling Ranch Community Authority Board                                         | CUSIP: 85950NAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1905253.75   | 0.02%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ESTRELLA MOUNTAIN RANCH AZ CMN            | Estrella Mountain Ranch Community Facilities District                            | CUSIP: 29758RBZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1854000 | PA      | $1569961.08   | 0.02%             | 2043-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PLN3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     41995 | PA      | $13018.43     | 0.00%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STONEYBROOK FL S CDD SPL ASSMN            | Stoneybrook South Community Development District                                 | CUSIP: 86202RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2445946.54   | 0.03%             | 2039-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZE5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     80000 | PA      | $56400.00     | 0.00%             | 2020-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYW6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     90000 | PA      | $65362.50     | 0.00%             | 2023-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1452000 | PA      | $1308016.92   | 0.02%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| WICHITA KS HLTH CARE FACS REVE            | City of Wichita KS                                                               | CUSIP: 967249QQ9<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1125275.50   | 0.01%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD CONVENTION CENTER            | City of Baltimore MD                                                             | CUSIP: 05921PCE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $791728.90    | 0.01%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T            | Chino Community Facilities District                                              | CUSIP: 169511VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1303543.35   | 0.02%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTERVILLE OH HLTH CARE REVEN            | City of Centerville OH                                                           | CUSIP: 152241AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2253815.76   | 0.03%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG            | Public Finance Authority                                                         | CUSIP: 74439YDT5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1263563.54   | 0.02%             | 2059-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204FRE7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1784770.10   | 0.02%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AH91<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   8185000 | PA      | $6656448.79   | 0.08%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TIMNATH RANCH MET DIST NO 4               | Timnath Ranch Metropolitan District No 4                                         | CUSIP: 887431AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2218069.20   | 0.03%             | 2047-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV AGY               | Riverside County Redevelopment Successor Agency                                  | CUSIP: 769123LY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8425000 | PA      | $3975990.87   | 0.05%             | 2039-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD            | Maryland Economic Development Corp                                               | CUSIP: 57420VRL9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1152615.66   | 0.01%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TWO CREEKS FL CDD CAPITAL IMPT            | Two Creeks Community Development District                                        | CUSIP: 90187AAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1640539.95   | 0.02%             | 2032-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYA4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1489000 | PA      | $1090692.50   | 0.01%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN ARPT AUTH                 | Indianapolis Airport Authority                                                   | CUSIP: 455254DA7<br>LEI: 549300M4VTQEVESQSD44 | Long             | DBT              | MUN               | US        |   7520823 | PA      | $75.21        | 0.00%             | 2031-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA            | Uptown Development Authority                                                     | CUSIP: 916856HP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1331602.42   | 0.02%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN            | City of St Cloud MN                                                              | CUSIP: 78916VDV9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020996.10   | 0.01%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE            | California Municipal Finance Authority                                           | CUSIP: 13048VPY8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1514102.59   | 0.02%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS            | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DWU6<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   7810000 | PA      | $7662276.19   | 0.10%             | 2050-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY LAUREL CENTER FL CDD                  | Bay Laurel Center Community Development District                                 | CUSIP: 07244PAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $950793.50    | 0.01%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HERITAGE HARBOUR FL S CDD REVE            | Heritage Harbour South Community Development District                            | CUSIP: 42724BAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502827.80    | 0.01%             | 2031-05-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| VERANDAH E CDD FL SPL ASSMNT R            | Verandah East Community Development District                                     | CUSIP: 92337YAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895769.40    | 0.01%             | 2037-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD            | Maryland Economic Development Corp                                               | CUSIP: 57420VRK1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    925000 | PA      | $841143.39    | 0.01%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA            | Commonwealth Financing Authority                                                 | CUSIP: 20282EAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5903259.00   | 0.07%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK            | Port Beaumont Navigation District                                                | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   9995000 | PA      | $7181979.21   | 0.09%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                  | Iowa Finance Authority                                                           | CUSIP: 46246K6X5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2167528.68   | 0.03%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YQV0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    945000 | PA      | $950858.34    | 0.01%             | 2050-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE            | City of Pilot Point TX                                                           | CUSIP: 721614AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1928000 | PA      | $1931032.74   | 0.02%             | 2052-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE            | Chicago Board of Education                                                       | CUSIP: 167510AM8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1598671.10   | 0.02%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE             | Parish of St James LA                                                            | CUSIP: 790103AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1486287.18   | 0.02%             | 2038-06-01      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| KAUFMAN TX SPL ASSMNT REVENUE             | City of Kaufman TX                                                               | CUSIP: 486238AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $439232.50    | 0.01%             | 2041-09-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX                            | County of Harris TX                                                              | CUSIP: 414004Z46<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |  13855000 | PA      | $12628245.05  | 0.16%             | 2035-08-15      | Variable      | 3.76%                 | No            |                  2 | On Loan: No      |
| ALHAMBRA CA UNIF SCH DIST ELEM            | Alhambra Unified School District                                                 | CUSIP: 016066BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4995000 | PA      | $2811880.80   | 0.04%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL            | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466413.85    | 0.01%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERANO #2 CDD FL SPL ASSMNT               | Verano No 2 Community Development District                                       | CUSIP: 92337JAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $221743.47    | 0.00%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWKSTONE CMNTY DEV DIST FL SP            | Hawkstone Community Development District                                         | CUSIP: 42034RAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $872939.36    | 0.01%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY HILL TX SPL ASSMNT REV            | City of Liberty Hill TX                                                          | CUSIP: 530575AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1472262.18   | 0.02%             | 2054-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505UG9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1074824.53   | 0.01%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL             | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250DA9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  18400000 | PA      | $3324580.08   | 0.04%             | 2056-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OSCEOLA CHAIN LAKES CDD FL CAP            | Osceola Chain Lakes Community Development District                               | CUSIP: 688017AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $689233.07    | 0.01%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PANTHER TRACE FL II CDD REVENU            | Panther Trace II Community Development District                                  | CUSIP: 69866CAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $540536.67    | 0.01%             | 2035-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AVALON GROVES CDD FL SPL ASSMN            | Avalon Groves Community Development District                                     | CUSIP: 05344CAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $188656.05    | 0.00%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYQ9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    900000 | PA      | $657000.00    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC            | California County Tobacco Securitization Agency                                  | CUSIP: 13016NCV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 145220000 | PA      | $15719556.73  | 0.20%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JOHNSTOWN PLAZA MET DIST CO               | Johnstown Plaza Metropolitan District                                            | CUSIP: 479706AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9486000 | PA      | $7456679.94   | 0.09%             | 2046-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN             | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UGL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4656484.11   | 0.06%             | 2026-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WINDWARD CDD FL SPL ASSMNT REV            | Windward Community Development District                                          | CUSIP: 97382FAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1283014.32   | 0.02%             | 2035-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| TEJON RANCH CA PUBLIC FACS FIN            | Tejon Ranch Public Facilities Finance Authority                                  | CUSIP: 879083EH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4004139.20   | 0.05%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN SIMEON CMNTY DEV DIST FL S            | San Simeon Community Development District                                        | CUSIP: 799528AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1192359.31   | 0.01%             | 2039-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AVALON GROVES CDD FL SPL ASSMN            | Avalon Groves Community Development District                                     | CUSIP: 05344CAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $359162.61    | 0.00%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAXAHACHIE TX SPL ASSMNT                  | City of Waxahachie TX                                                            | CUSIP: 94411PAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1171000 | PA      | $1126289.93   | 0.01%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH HO            | Bucks County Industrial Development Authority                                    | CUSIP: 11861MBM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11200000 | PA      | $8138356.80   | 0.10%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAWYERS LANDING CDD FL SPL ASS            | Sawyers Landing Community Development District                                   | CUSIP: 805517AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2419353.50   | 0.03%             | 2041-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VIERA STEWARDSHIP DIST FL SPL             | Viera Stewardship District                                                       | CUSIP: 92670TAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1188528.98   | 0.01%             | 2053-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN            | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11100000 | PA      | $7999632.36   | 0.10%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONROE TX LOCAL GOVT CORP HOTE            | Conroe Local Government Corp                                                     | CUSIP: 208419AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $886588.78    | 0.01%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CA UNIF SCH DIST                | New Haven Unified School District                                                | CUSIP: 645002XM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $4564230.30   | 0.06%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE             | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682RA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5898338.50   | 0.07%             | 2038-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SACHSE TX SPL ASSMNT REVENUE              | City of Sachse TX                                                                | CUSIP: 785756AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $845253.03    | 0.01%             | 2040-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VLGS GLEN CREEK FL CDD CAPITAL            | Villages of Glen Creek Community Development District                            | CUSIP: 92716AAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $848666.61    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D            | Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | CUSIP: 592643BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $28325125.00  | 0.36%             | 2041-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                      | State of Ohio                                                                    | CUSIP: 67756CFD5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  22915000 | PA      | $20437828.92  | 0.26%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTSIDE CA UNION SCH DIST                | Westside Union School District                                                   | CUSIP: 961488NU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  49925000 | PA      | $13614657.34  | 0.17%             | 2050-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1743261.38   | 0.02%             | 2033-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| S TIMNATH CO MET DIST #1                  | South Timnath Metropolitan District No 1                                         | CUSIP: 84056MAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $448619.55    | 0.01%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E            | Ohio Air Quality Development Authority                                           | CUSIP: 67754AAC8<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1538256.51   | 0.02%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2365121.95   | 0.03%             | 2048-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| COVINGTON PARK FL CDD REVENUE             | Covington Park Community Development District                                    | CUSIP: 22348NAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466769.35    | 0.01%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON             | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $323665.49    | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM DESERT CA IMPT BOND ACT 1            | City of Palm Desert CA                                                           | CUSIP: 696618JG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1130947.80   | 0.01%             | 2037-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERRY BAY CDD FL SPL ASSMNT RE            | Berry Bay Community Development District                                         | CUSIP: 08577CAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1134197.70   | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PEAK MET DIST #1 CO                       | Peak Metropolitan District No 1                                                  | CUSIP: 704676AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $973585.29    | 0.01%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH                         | Finance Authority of Maine                                                       | CUSIP: 56042BBU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4050000 | PA      | $2764287.41   | 0.03%             | 2051-12-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE            | California Municipal Finance Authority                                           | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   7395000 | PA      | $7441486.45   | 0.09%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY HILL TX SPL ASSMNT REV            | City of Liberty Hill TX                                                          | CUSIP: 530575AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $463044.23    | 0.01%             | 2042-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MARBLE FALLS TX SPL ASSMNT REV            | City of Marble Falls TX                                                          | CUSIP: 566035AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1115885.00   | 0.01%             | 2051-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PLACER CA UNION HIGH SCH DIST             | Placer Union High School District/CA                                             | CUSIP: 726008BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1693833.16   | 0.02%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MEADOW VIEW AT TWIN CREEKS CDD            | Meadow View at Twin Creeks Community Development District                        | CUSIP: 583188AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $374785.42    | 0.00%             | 2052-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PALMETTO FL EDUCTNL FACS REVEN            | City of Palmetto FL                                                              | CUSIP: 697074AF9<br>LEI: 549300O5DRDBXPBU6I08 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1378282.68   | 0.02%             | 2062-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D            | City of Rancho Cordova CA                                                        | CUSIP: 75211RGX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $741210.71    | 0.01%             | 2033-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP             | Arlington Higher Education Finance Corp                                          | CUSIP: 0418067X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1332841.54   | 0.02%             | 2052-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR            | Inland Empire Tobacco Securitization Corp                                        | CUSIP: 45734TAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  51235000 | PA      | $10136035.24  | 0.13%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MEADOWLARK MET DIST CO                    | Meadowlark Metropolitan District                                                 | CUSIP: 583213AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $633638.10    | 0.01%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA            | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XFV2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5176461.00   | 0.06%             | 2059-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANDARIN GROVE CMNTY DEV DIST             | Mandarin Grove Community Development District                                    | CUSIP: 56259FAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026194.80   | 0.03%             | 2053-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NM             | Village of Los Ranchos de Albuquerque NM                                         | CUSIP: 545610BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1078639.09   | 0.01%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXW7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    130000 | PA      | $95225.00     | 0.00%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FALLSCHASE CMNTY DEV DIST FL S            | Fallschase Community Development District                                        | CUSIP: 306748AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1086302.74   | 0.01%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| N GLENN CO URBAN RENEWAL AUTH             | Northglenn Urban Renewal Authority                                               | CUSIP: 66644KAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $197832.08    | 0.00%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GROVE RESORT CDD FL SPL ASSMNT            | Grove Resort Community Development District                                      | CUSIP: 399618AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $439161.96    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C            | Duluth Economic Development Authority                                            | CUSIP: 26444CHB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1229838.93   | 0.02%             | 2048-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH              | Cumberland County Municipal Authority                                            | CUSIP: 230614QR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $151243.47    | 0.00%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                    | Regional Transportation Authority                                                | CUSIP: 7599112J8<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   7730000 | PA      | $7448606.36   | 0.09%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YNJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2535217.75   | 0.03%             | 2048-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANNA TX SPL ASSMNT REVENUE                | City of Anna TX                                                                  | CUSIP: 035713AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1931000 | PA      | $1888949.58   | 0.02%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HAMMOCK RESERVE CDD FL SPL ASS            | Hammock Reserve Community Development District                                   | CUSIP: 408348AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $452752.96    | 0.01%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA            | California School Finance Authority                                              | CUSIP: 13059TGQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $769484.04    | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTERVILLE OH HLTH CARE REVEN            | City of Centerville OH                                                           | CUSIP: 152241AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884942.80    | 0.01%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MANOR TX SPL ASSMNT REVENUE               | City of Manor TX                                                                 | CUSIP: 564099AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $266208.74    | 0.00%             | 2040-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANNING LEWIS RANCH REGIONAL M            | Banning Lewis Ranch Regional Metropolitan District No 2                          | CUSIP: 066640AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4690000 | PA      | $3973230.58   | 0.05%             | 2051-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399CP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3169279.73   | 0.04%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                      | State of Ohio                                                                    | CUSIP: 67756CEG9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   5745000 | PA      | $5004397.11   | 0.06%             | 2050-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HLTH            | Lee County Industrial Development Authority/FL                                   | CUSIP: 52349EEK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $826605.03    | 0.01%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TSR CDD FL SPL ASSMNT REVENUE             | TSR Community Development District                                               | CUSIP: 89854CAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1110478.33   | 0.01%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIX MILE CREEK FL CDD CAPITAL             | Six Mile Creek Community Development District                                    | CUSIP: 83005TAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $754604.57    | 0.01%             | 2050-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE            | Village Community Development District No 13                                     | CUSIP: 92708HAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4425000 | PA      | $2849511.94   | 0.04%             | 2052-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WINDWARD CDD FL SPL ASSMNT REV            | Windward Community Development District                                          | CUSIP: 97382FAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $412794.35    | 0.01%             | 2051-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO            | Hempstead Town Local Development Corp                                            | CUSIP: 424682HX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $655088.64    | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCE GEORGES CNTY MD SPL OBL            | County of Prince George's MD                                                     | CUSIP: 74172RBQ9<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1804128.03   | 0.02%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI            | Foothill-Eastern Transportation Corridor Agency                                  | CUSIP: 345105GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22010000 | PA      | $19515776.18  | 0.24%             | 2053-01-15      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWA6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     20000 | PA      | $14525.00     | 0.00%             | 2027-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE                | City of Lavon TX                                                                 | CUSIP: 51946PBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4978000 | PA      | $3887596.98   | 0.05%             | 2052-09-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SOUTH SLOANS LAKE MET DIST #2             | South Sloan's Lake Metropolitan District No 2                                    | CUSIP: 84039TAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2210000 | PA      | $1580147.35   | 0.02%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT            | New Jersey Educational Facilities Authority                                      | CUSIP: 646066Z86<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $2614243.02   | 0.03%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE                | City of Lavon TX                                                                 | CUSIP: 51946PBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1396000 | PA      | $1134288.95   | 0.01%             | 2052-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| V-DANA CDD FL SPL ASSMNT                  | V-Dana Community Development District                                            | CUSIP: 91822RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1058584.52   | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934F4<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    370000 | PA      | $392845.50    | 0.00%             | 2033-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAYS CNTY TX SPL ASSMNT REVENU            | County of Hays TX                                                                | CUSIP: 420894AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1789000 | PA      | $1759276.66   | 0.02%             | 2042-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COPPERLEAF CO MET DIST #6                 | Copperleaf Metropolitan District No 6                                            | CUSIP: 21765PAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $875862.50    | 0.01%             | 2048-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BERRY BAY CDD FL SPL ASSMNT RE            | Berry Bay Community Development District                                         | CUSIP: 08577CAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $956165.75    | 0.01%             | 2041-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2641454.24   | 0.03%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA            | Uptown Development Authority                                                     | CUSIP: 916856HQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $687289.81    | 0.01%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NASHVILLE MET DEV & HSG AGY TN            | Nashville Metropolitan Development & Housing Agency                              | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $855340.81    | 0.01%             | 2036-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204FHU2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    950000 | PA      | $781182.15    | 0.01%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDTOWN MIAMI FL CDD SPL ASSMN            | Midtown Miami Community Development District                                     | CUSIP: 59807PAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $3427135.55   | 0.04%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG              | Mississippi Development Bank                                                     | CUSIP: 60534XLR5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1481400.64   | 0.02%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE DEER CDD FL SPL ASSMNT               | Lake Deer Community Development District                                         | CUSIP: 509580AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2509371.30   | 0.03%             | 2053-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH HLTH             | Arkansas Development Finance Authority                                           | CUSIP: 04108VBW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1144308.10   | 0.01%             | 2041-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505UK0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1290695.25   | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP REVEN            | Mission Economic Development Corp                                                | CUSIP: 605156AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14675000 | PA      | $14117091.72  | 0.18%             | 2031-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LIBERTY HILL TX SPL ASSMNT REV            | City of Liberty Hill TX                                                          | CUSIP: 530575AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $244036.79    | 0.00%             | 2032-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TOLEDO-LUCAS CNTY OH PORT AUTH            | Toledo-Lucas County Port Authority                                               | CUSIP: 889259AJ6<br>LEI: 549300H1LURZO4MT2Q75 | Long             | DBT              | MUN               | US        |    950000 | PA      | $749620.40    | 0.01%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                 | Municipal Electric Authority of Georgia                                          | CUSIP: 626207W83<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055892.50   | 0.01%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE            | Public Finance Authority                                                         | CUSIP: 744396GJ5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $872289.40    | 0.01%             | 2061-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE            | Village Community Development District No 13                                     | CUSIP: 92708HAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9185000 | PA      | $6427146.80   | 0.08%             | 2051-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COPPERLEAF CO MET DIST #6                 | Copperleaf Metropolitan District No 6                                            | CUSIP: 21765PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094810.80   | 0.03%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT            | Allentown Neighborhood Improvement Zone Development Authority                    | CUSIP: 018444AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1391102.86   | 0.02%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST VRAIN LAKES MET DIST NO 2              | St Vrain Lakes Metropolitan District No 2                                        | CUSIP: 85236GAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2337007.68   | 0.03%             | 2047-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HERITAGE HARBOUR FL S CDD REVE            | Heritage Harbour South Community Development District                            | CUSIP: 42724BAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502649.75    | 0.01%             | 2034-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5015000 | PA      | $4979515.36   | 0.06%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARBLE FALLS TX SPL ASSMNT REV            | City of Marble Falls TX                                                          | CUSIP: 566035AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $388821.87    | 0.00%             | 2041-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV             | Latrobe Industrial Development Authority                                         | CUSIP: 518324AL2<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    315000 | PA      | $322175.57    | 0.00%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TWO LAKES CDD FL SPL ASSMNT               | Two Lakes Community Development District                                         | CUSIP: 90207EAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1870933.16   | 0.02%             | 2039-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &             | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160UC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4250152.72   | 0.05%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364X6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7271843.60   | 0.09%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ETE6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1067548.25   | 0.01%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV             | Latrobe Industrial Development Authority                                         | CUSIP: 518324AN8<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    465000 | PA      | $417179.77    | 0.01%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709             | Duluth Independent School District No 709                                        | CUSIP: 264474JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1169125.15   | 0.01%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA            | Iowa Finance Authority                                                           | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2212914.41   | 0.03%             | 2050-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH POWERLINE ROAD CDD FL SP            | North Powerline Road Community Development District                              | CUSIP: 66173PAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $361356.38    | 0.00%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364C2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6120000 | PA      | $6221331.29   | 0.08%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| I-470 WESTERN GATEWAY TRANSPRT            | I-470 Western Gateway Transportation Development District                        | CUSIP: 44952RAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4644506.30   | 0.06%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH PARKWAY MUNI MGMT DIST #            | North Parkway Municipal Management District No 1                                 | CUSIP: 661441AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1553000 | PA      | $1465274.14   | 0.02%             | 2031-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TWO LAKES CDD FL SPL ASSMNT               | Two Lakes Community Development District                                         | CUSIP: 90207EAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1663767.81   | 0.02%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                     | City of Sacramento CA                                                            | CUSIP: 786071MA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $723690.03    | 0.01%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486ZY8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054618.30   | 0.01%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 4521525X5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2530712.10   | 0.03%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL ETOWAH CNTY SOL WST DIS            | Central Etowah County Solid Waste Disposal Authority                             | CUSIP: 15343TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5720000 | PA      | $6145530.82   | 0.08%             | 2045-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136WU1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  16175000 | PA      | $6974181.22   | 0.09%             | 2039-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                 | City of Venice FL                                                                | CUSIP: 922687AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $448778.69    | 0.01%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND OAKS CDD FL SPL ASSMNT R            | Grand Oaks Community Development District                                        | CUSIP: 38611CAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $833636.31    | 0.01%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERANO #2 CDD FL SPL ASSMNT               | Verano No 2 Community Development District                                       | CUSIP: 92337JAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1293760.86   | 0.02%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HIDDEN CREEK MET DIST CO                  | Hidden Creek Metropolitan District                                               | CUSIP: 42951RAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $875062.75    | 0.01%             | 2045-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC            | Public Finance Authority                                                         | CUSIP: 74443DGB1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5650000 | PA      | $4893255.39   | 0.06%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CENTER CO MET DIST #            | Jefferson Center Metropolitan District No 1                                      | CUSIP: 47248EAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $712996.83    | 0.01%             | 2047-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WILLIAM S HART CA UNION HIGH S            | William S Hart Union High School District                                        | CUSIP: 969281HQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1413684.58   | 0.02%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CBZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400419.92    | 0.01%             | 2046-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DARKE CNTY OH HOSP FACS REVENU            | County of Darke OH                                                               | CUSIP: 237242AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $967432.38    | 0.01%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW PORT TAMPA BAY FL CDD                 | New Port Tampa Bay Community Development District                                | CUSIP: 648149AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $988965.13    | 0.01%             | 2041-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MEADOW POINTE FL IV CDD CAPITA            | Meadow Pointe IV Community Development District                                  | CUSIP: 58312PAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $60236.00     | 0.00%             | 2015-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH            | California Municipal Finance Authority                                           | CUSIP: 130486BE2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $669578.25    | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A            | Greater Orlando Aviation Authority                                               | CUSIP: 392274F84<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5001514.50   | 0.06%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $462932.40    | 0.01%             | 2030-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN            | California Pollution Control Financing Authority                                 | CUSIP: 13054WAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15850000 | PA      | $14962279.54  | 0.19%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU            | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UEX8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $1932972.78   | 0.02%             | 2061-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT            | Denver Health & Hospital Authority                                               | CUSIP: 24918EEJ5<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    950000 | PA      | $812147.12    | 0.01%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MESQUITE TX SPL ASSMNT REVENUE            | City of Mesquite TX                                                              | CUSIP: 590771AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2041255.95   | 0.03%             | 2049-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHAPEL CREEK FL CDD                       | Chapel Creek Community Development District                                      | CUSIP: 15942MAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $544647.82    | 0.01%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG            | Michigan Finance Authority                                                       | CUSIP: 594479FV4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894940.60    | 0.01%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALTA LAKES CMNTY DEV DIST FL S            | Alta Lakes Community Development District                                        | CUSIP: 021304AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468726.00    | 0.01%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1134000 | PA      | $913662.78    | 0.01%             | 2041-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                    | City of Baltimore MD                                                             | CUSIP: 05923TBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2842989.34   | 0.04%             | 2033-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CFK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1184943.69   | 0.01%             | 2052-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1625530.25   | 0.02%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLOVERLEAF MET DIST CO                    | Cloverleaf Metropolitan District                                                 | CUSIP: 189243AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1767307.37   | 0.02%             | 2051-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SEW0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2700959.85   | 0.03%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC            | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ARA2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1088782.83   | 0.01%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI DOWNTOWN DEV AUTH T            | Detroit Downtown Development Authority                                           | CUSIP: 251135GP8<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   3495000 | PA      | $3542282.11   | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK AUTH ECON OPPTY TAX A            | Tulsa Authority for Economic Opportunity                                         | CUSIP: 899650AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $1984482.76   | 0.02%             | 2041-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DOYLESTOWN PA HOSP AUTH                   | Doylestown Hospital Authority                                                    | CUSIP: 261333FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1383393.99   | 0.02%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA CLG BLDG AUTH EDUCTNL            | Virginia College Building Authority                                              | CUSIP: 92778FKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $864459.65    | 0.01%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH               | New Jersey Economic Development Authority                                        | CUSIP: 64578EKY2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5089489.00   | 0.06%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ETF3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    950000 | PA      | $844929.34    | 0.01%             | 2057-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CYPRESS PARK ESTATES CDD FL SP            | Cypress Park Estates Community Development District                              | CUSIP: 23280FAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $970865.61    | 0.01%             | 2040-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ARBORWOOD FL CDD CAPITAL IMPTR            | Arborwood Community Development District                                         | CUSIP: 038926BF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $725065.78    | 0.01%             | 2028-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA            | Main Street Natural Gas Inc                                                      | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6650000 | PA      | $6650319.87   | 0.08%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10379000 | PA      | $9004718.69   | 0.11%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061ULK2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2201846.09   | 0.03%             | 2057-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FOREST BROOKE FL CMNTY DEV DIS            | Forest Brooke Community Development District                                     | CUSIP: 345533AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1411303.03   | 0.02%             | 2049-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD               | New Orleans Aviation Board                                                       | CUSIP: 64763HFL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16395000 | PA      | $16245290.70  | 0.20%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL            | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $564146.90    | 0.01%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A            | California Enterprise Development Authority                                      | CUSIP: 13069AAK4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    595000 | PA      | $412476.07    | 0.01%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA SPL TAX                 | County of San Diego CA                                                           | CUSIP: 79743ABV4<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |    695000 | PA      | $466053.93    | 0.01%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REUNION E FL CDD SPL ASSMNT               | Reunion East Community Development District                                      | CUSIP: 761311AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2170000 | PA      | $21.70        | 0.00%             | 2022-05-01      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD               | New Orleans Aviation Board                                                       | CUSIP: 64763HHK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1826001.99   | 0.02%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V            | Tobacco Settlement Financing Corp/VA                                             | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10940000 | PA      | $9855199.45   | 0.12%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1675567.16   | 0.02%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR            | Florida Development Finance Corp                                                 | CUSIP: 34061WBP8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    735000 | PA      | $654382.41    | 0.01%             | 2027-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE             | County of Cuyahoga OH                                                            | CUSIP: 2322655V6<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1029853.00   | 0.01%             | 2057-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARKLAND PRESERVE CDD FL SPL A            | Parkland Preserve Community Development District                                 | CUSIP: 701403AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1825112.98   | 0.02%             | 2039-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP            | California Municipal Finance Authority                                           | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7107430.38   | 0.09%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1331215.47   | 0.02%             | 2049-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN            | California Community Housing Agency                                              | CUSIP: 13013FAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6450000 | PA      | $5321635.07   | 0.07%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX HGR EDU FIN CORP UN            | Houston Higher Education Finance Corp                                            | CUSIP: 44237QAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $823663.25    | 0.01%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE            | California Municipal Finance Authority                                           | CUSIP: 13048TS38<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5753160.56   | 0.07%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIGHLAND MEADOWS WEST CDD FL S            | Highland Meadows West Community Development District                             | CUSIP: 43038HAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $361752.16    | 0.00%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT            | New Jersey Educational Facilities Authority                                      | CUSIP: 6460666D7<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1146825.80   | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA            | Chicago O'Hare International Airport                                             | CUSIP: 167593X72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2265046.56   | 0.03%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65821DXJ5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3325000 | PA      | $2496012.66   | 0.03%             | 2045-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL             | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602RHT5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8465083.50   | 0.11%             | 2057-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL             | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DTS1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |  26460000 | PA      | $26460000.00  | 0.33%             | 2042-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| TOLEDO HOSPITAL/THE                       | Toledo Hospital/The                                                              | CUSIP: 889184AC1<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |   4988000 | PA      | $3874747.83   | 0.05%             | 2028-11-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13081CAE8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1233465.41   | 0.02%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TWO RIVERS NORTH CDD FL SPL AS            | Two Rivers North Community Development District                                  | CUSIP: 90207GAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1721958.54   | 0.02%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG            | Public Finance Authority                                                         | CUSIP: 74439YDS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $998337.02    | 0.01%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWN8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    145000 | PA      | $102768.75    | 0.00%             | 2018-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DG FARMS FL CMNTY DEV DIST CAP            | DG Farms Community Development District                                          | CUSIP: 23290TAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $582221.49    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINSOME MET DIST #3 CO                    | Winsome Metropolitan District No 3                                               | CUSIP: 97550SAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2184000 | PA      | $1746877.86   | 0.02%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WILLOWS CMNTY DEV DIST FL SPL             | Willows Community Development District                                           | CUSIP: 971264AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1160462.04   | 0.01%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND OAKS CDD FL SPL ASSMNT R            | Grand Oaks Community Development District                                        | CUSIP: 38611CAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1128855.75   | 0.01%             | 2052-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HAYS CNTY TX SPL ASSMNT REVENU            | County of Hays TX                                                                | CUSIP: 420894AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3204000 | PA      | $3141108.04   | 0.04%             | 2052-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE            | Oneida County Local Development Corp                                             | CUSIP: 682440CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4835000 | PA      | $3171705.36   | 0.04%             | 2044-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YQW8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1030157.84   | 0.01%             | 2050-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH            | California Municipal Finance Authority                                           | CUSIP: 13048DDF2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1238859.42   | 0.02%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CA UNIF SCH DIST                | New Haven Unified School District                                                | CUSIP: 645002XD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $992938.30    | 0.01%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486VS5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2526823.75   | 0.03%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PRH0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   9950000 | PA      | $7807663.51   | 0.10%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VILLA PORTOFINO FL E DEV DIST             | Villa Portofino East Community Development District                              | CUSIP: 92703PAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $827805.60    | 0.01%             | 2037-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486SX8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10404132.90  | 0.13%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENETIAN PARC CDD FL SPL ASSMN            | Venetian Parc Community Development District                                     | CUSIP: 92265AAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $461705.94    | 0.01%             | 2027-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BRANSON MO REGL ARPT TRANSPRTN            | Branson Regional Airport Transportation Development District                     | CUSIP: 105459AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545266 | PA      | $16357.98     | 0.00%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| STOREY PARK FL CDD SPL ASSMNT             | Storey Park Community Development District                                       | CUSIP: 86216RAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $240210.43    | 0.00%             | 2041-06-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ESTANCIA AT WIREGRASS CDD FL C            | Estancia at Wiregrass Community Development District                             | CUSIP: 297321AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $582363.98    | 0.01%             | 2026-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RIVER GLEN FL CDD CAPITAL IMPT            | River Glen Community Development District                                        | CUSIP: 76830AAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $1814716.32   | 0.02%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QC59<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    747235 | PA      | $571634.78    | 0.01%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TAPESTRY CDD SPL ASSMNT REVENU            | Tapestry Community Development District                                          | CUSIP: 876029AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1585967.34   | 0.02%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2180375.28   | 0.03%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKLYN ARENA NY LOCAL DEV CO            | Brooklyn Arena Local Development Corp                                            | CUSIP: 113807AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9610000 | PA      | $2598462.32   | 0.03%             | 2045-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LONGLEAF FL CDD SPL ASSMNT REV            | Longleaf Community Development District                                          | CUSIP: 543065AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2930000 | PA      | $2891478.41   | 0.04%             | 2030-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE            | New Jersey Economic Development Authority                                        | CUSIP: 64577BTL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4572027.90   | 0.06%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUEBLO CO URBAN RENEWAL AUTH T            | Pueblo Urban Renewal Authority                                                   | CUSIP: 744826AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $126488.79    | 0.00%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH FORK III CMNTY DEV DIST             | South Fork III Community Development District                                    | CUSIP: 83786TAN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3480000 | PA      | $3270348.79   | 0.04%             | 2049-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP EDUCTNL            | Kentucky Bond Development Corp                                                   | CUSIP: 49120AAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $178952.60    | 0.00%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AD95<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  14715000 | PA      | $13137902.22  | 0.16%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO            | Arizona Industrial Development Authority                                         | CUSIP: 04052TAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $666452.00    | 0.01%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTSIDE FL CDD SPL ASSMNT REV            | Westside Community Development District                                          | CUSIP: 96149TAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $565270.38    | 0.01%             | 2048-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH REVEN            | Maryland Stadium Authority                                                       | CUSIP: 574296DT3<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |  13800000 | PA      | $3319496.16   | 0.04%             | 2053-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BEE CAVE TX SPL ASSMNT REVENUE            | City of Bee Cave TX                                                              | CUSIP: 076561AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    563000 | PA      | $508023.28    | 0.01%             | 2031-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COUNTRY WALK FL CDD                       | Country Walk Community Development District                                      | CUSIP: 22239PAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $941239.39    | 0.01%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BEE CAVE TX SPL ASSMNT REVENUE            | City of Bee Cave TX                                                              | CUSIP: 076561AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1907000 | PA      | $1705524.50   | 0.02%             | 2051-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EAGLE POINTE CMNTY DEV DIST FL            | Eagle Pointe Community Development District                                      | CUSIP: 26982DAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $808388.06    | 0.01%             | 2040-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING             | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6825000 | PA      | $7202724.85   | 0.09%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TAHOE-DOUGLAS VISITORS AUTH NV            | Tahoe-Douglas Visitors Authority                                                 | CUSIP: 873816AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2593274.25   | 0.03%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER GLEN FL CDD CAPITAL IMPT            | River Glen Community Development District                                        | CUSIP: 76830AAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $746092.90    | 0.01%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TWO CREEKS FL CDD CAPITAL IMPT            | Two Creeks Community Development District                                        | CUSIP: 90187AAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2327559.27   | 0.03%             | 2037-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS MET DIST #1 CO                  | Highlands Metropolitan District No 1                                             | CUSIP: 43103RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $465571.67    | 0.01%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CCC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1139843.36   | 0.01%             | 2038-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SPENCER CREEK CMNTY DEV DIST F            | Spencer Creek Community Development District                                     | CUSIP: 847880AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967051.70    | 0.01%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN            | Arizona Industrial Development Authority                                         | CUSIP: 04052AAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $2325353.13   | 0.03%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870N93<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    425000 | PA      | $368294.55    | 0.00%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI WORLD CENTER CDD FL SPL             | Miami World Center Community Development District                                | CUSIP: 593856AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4135000 | PA      | $3947210.63   | 0.05%             | 2049-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MURPHY CREEK MET DIST #4 CO               | Murphy Creek Metropolitan District No 4                                          | CUSIP: 626656AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12788000 | PA      | $10341197.79  | 0.13%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANDMINE ROAD CDD FL SPL ASSMN            | Sandmine Road Community Development District                                     | CUSIP: 800063AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $329598.94    | 0.00%             | 2030-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TIMBER CREEK SOUTHWEST CDD FL             | Timber Creek Southwest Community Development District                            | CUSIP: 88707RAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $841460.90    | 0.01%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE            | Public Finance Authority                                                         | CUSIP: 744396GY2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $923826.00    | 0.01%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP            | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MNZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1195235.93   | 0.01%             | 2049-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SACHSE TX SPL ASSMNT REVENUE              | City of Sachse TX                                                                | CUSIP: 785756AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1366846.38   | 0.02%             | 2052-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65820YRM0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $790961.90    | 0.01%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANNA TX SPL ASSMNT REVENUE                | City of Anna TX                                                                  | CUSIP: 035713AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    867000 | PA      | $710931.68    | 0.01%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH                       | Atlanta Development Authority/The                                                | CUSIP: 04780NJK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549233.15   | 0.02%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHINO CA PUBLIC FING AUTH REVE            | Chino Public Financing Authority                                                 | CUSIP: 169548EL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $154642.82    | 0.00%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A            | River Islands Public Financing Authority                                         | CUSIP: 76827QHA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3875000 | PA      | $3755789.89   | 0.05%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOYLESTOWN PA HOSP AUTH                   | Doylestown Hospital Authority                                                    | CUSIP: 261333EC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3380000 | PA      | $3315761.07   | 0.04%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4313000 | PA      | $2809582.65   | 0.04%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SIX MILE CREEK FL CDD CAPITAL             | Six Mile Creek Community Development District                                    | CUSIP: 83005TBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $850648.28    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN            | California Pollution Control Financing Authority                                 | CUSIP: 130536RG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  45930000 | PA      | $30017868.42  | 0.38%             | 2040-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A            | Greater Orlando Aviation Authority                                               | CUSIP: 392274F76<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3167578.53   | 0.04%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL             | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $856617.64    | 0.01%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUBLIN CA CMNTY FACS DIST IMPT            | Dublin Community Facilities District No 2015-1                                   | CUSIP: 26362PAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6680000 | PA      | $6733601.66   | 0.08%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV             | Latrobe Industrial Development Authority                                         | CUSIP: 518324AS7<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $212508.60    | 0.00%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT            | New Jersey Educational Facilities Authority                                      | CUSIP: 6460666F2<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2052681.84   | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDU RE            | Florida Development Finance Corp                                                 | CUSIP: 34061VAA4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1935200.80   | 0.02%             | 2029-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOLEDO-LUCAS CNTY OH PORT AUTH            | Toledo-Lucas County Port Authority                                               | CUSIP: 889259AL1<br>LEI: 549300H1LURZO4MT2Q75 | Long             | DBT              | MUN               | US        |   2520000 | PA      | $1846335.20   | 0.02%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONROE TX LOCAL GOVT CORP HOTE            | Conroe Local Government Corp                                                     | CUSIP: 208419AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $925470.07    | 0.01%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH-DADE FL VENTURE CDD SPLA            | South-Dade Venture Community Development District                                | CUSIP: 837536AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2024378.54   | 0.03%             | 2034-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QKT8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    700000 | PA      | $511000.00    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE               | City of Houston TX Airport System Revenue                                        | CUSIP: 4423487H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9269690.48   | 0.12%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALG            | Black Belt Energy Gas District                                                   | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1260948.23   | 0.02%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YMW2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1811917.44   | 0.02%             | 2048-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE               | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $887636.23    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136WQ0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3355000 | PA      | $2092715.14   | 0.03%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYR7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     25000 | PA      | $18250.00     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARLTON LAKES CMNTY DEV DIST              | Carlton Lakes Community Development District                                     | CUSIP: 143024AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950608.00    | 0.01%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE            | City of Fate TX                                                                  | CUSIP: 31189RAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1655419.01   | 0.02%             | 2048-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE             | County of Cuyahoga OH                                                            | CUSIP: 2322655R5<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7234376.25   | 0.09%             | 2047-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HOOVER AL INDL DEV BRD ENVNMNT            | Hoover Industrial Development Board                                              | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19250000 | PA      | $19854686.78  | 0.25%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU            | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UGG3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    475000 | PA      | $376295.76    | 0.00%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS            | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $959568.54    | 0.01%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH            | Minnesota Higher Education Facilities Authority                                  | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2080988.64   | 0.03%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CTR MET DIST #7 CO                | Prairie Center Metropolitan District No 7                                        | CUSIP: 739491AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $608541.95    | 0.01%             | 2044-12-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CYPRESS BLUFF CDD FL SPL ASSMN            | Cypress Bluff Community Development District                                     | CUSIP: 232677AM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $858728.64    | 0.01%             | 2050-05-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BANNON LAKES CDD FL SPL ASSMNT            | Bannon Lakes Community Development District                                      | CUSIP: 066697AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $962414.68    | 0.01%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                      | State of Ohio                                                                    | CUSIP: 67756CDL9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $1906467.29   | 0.02%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE               | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2821561.28   | 0.04%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAK POINT TX SPL ASSMNT REVENU            | City of Oak Point TX                                                             | CUSIP: 67176TAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $960391.42    | 0.01%             | 2040-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061UFC7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $1775097.69   | 0.02%             | 2050-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIGH PLAINS CO MET DIST                   | High Plains Metropolitan District                                                | CUSIP: 42970NAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3413654.48   | 0.04%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CYPRESS PARK ESTATES CDD FL SP            | Cypress Park Estates Community Development District                              | CUSIP: 23280FAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1051607.04   | 0.01%             | 2052-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO            | Arizona Industrial Development Authority                                         | CUSIP: 04052TBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $126525.44    | 0.00%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AGZ4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    595000 | PA      | $617906.49    | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TMH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $864962.19    | 0.01%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505WC6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2174224.27   | 0.03%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHERRY CREEK CO SOUTH MET DIST            | Cherry Creek South Metropolitan District No 5                                    | CUSIP: 16456CAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9400000 | PA      | $7972211.44   | 0.10%             | 2051-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SUNBRIDGE STEWARDSHIP DIST FL             | Sunbridge Stewardship District                                                   | CUSIP: 86709HAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1499460.24   | 0.02%             | 2052-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STHRN HILLS PLANTATION FL I CD            | Southern Hills Plantation I Community Development District                       | CUSIP: 843054AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3230000 | PA      | $2900652.08   | 0.04%             | 2035-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE            | New Jersey Economic Development Authority                                        | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001425.80   | 0.01%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EGV6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4115000 | PA      | $3046770.69   | 0.04%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SKY RANCH CMNTY AUTH BRD CO               | Sky Ranch Community Authority Board                                              | CUSIP: 83086SAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4345000 | PA      | $3943779.22   | 0.05%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MITCHELL CNTY TX HOSP DIST                | Mitchell County Hospital District                                                | CUSIP: 606590AY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $696063.77    | 0.01%             | 2040-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO            | Hempstead Town Local Development Corp                                            | CUSIP: 424682HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $672175.53    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMMOCK RESERVE CDD FL SPL ASS            | Hammock Reserve Community Development District                                   | CUSIP: 408348AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2130000 | PA      | $1910162.70   | 0.02%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MCLENDON-CHISHOLM TX SPL ASSMN            | City of Mclendon-Chisholm TX                                                     | CUSIP: 582153BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $640491.50    | 0.01%             | 2051-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG              | Mississippi Development Bank                                                     | CUSIP: 60534XLQ7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1486603.12   | 0.02%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SINTON TX SPL ASSMNT REVENUE              | City of Sinton TX                                                                | CUSIP: 829366AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1048916.84   | 0.01%             | 2051-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC            | California County Tobacco Securitization Agency                                  | CUSIP: 13016NHA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $732331.47    | 0.01%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERIDIAN RANCH MET DIST 2018 S            | Meridian Ranch Metropolitan District                                             | CUSIP: 58977PAC5<br>LEI: 549300VMPUF7R81DY714 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $2815948.10   | 0.04%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204EJ33<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  12425000 | PA      | $11929708.44  | 0.15%             | 2049-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R            | Massachusetts Development Finance Agency                                         | CUSIP: 57584YQJ1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2057721.44   | 0.03%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIX MILE CREEK FL CDD CAPITAL             | Six Mile Creek Community Development District                                    | CUSIP: 83005TBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $491711.25    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MESQUITE TX SPL ASSMNT REVENUE            | City of Mesquite TX                                                              | CUSIP: 590771AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3830000 | PA      | $3830275.76   | 0.05%             | 2048-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL            | Berks County Industrial Development Authority                                    | CUSIP: 08451PAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7850000 | PA      | $4398686.27   | 0.06%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2090801.25   | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EJH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1197281.82   | 0.02%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY CA CMNTY FACS DIST            | Orange County Community Facilities District                                      | CUSIP: 68423PXP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215114.02    | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CA UNIF SCH DIST                | New Haven Unified School District                                                | CUSIP: 645002XK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7855000 | PA      | $5618083.73   | 0.07%             | 2032-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLACK CREEK FL CDD SPL ASSMNT             | Black Creek Community Development District                                       | CUSIP: 09186FAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $254902.64    | 0.00%             | 2040-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DAUPHIN CNTY PA GEN AUTH UNIV             | Dauphin County General Authority                                                 | CUSIP: 23825JAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5041317.36   | 0.06%             | 2040-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRADITION CDD #9 FL SPL ASSMNT            | Tradition Community Development District No 9                                    | CUSIP: 89269NAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $975674.05    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI            | Florida Higher Educational Facilities Financial Authority                        | CUSIP: 34073TKX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2515434.00   | 0.03%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981943.40    | 0.01%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS            | Guam Government Waterworks Authority                                             | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1526265.20   | 0.02%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX SPL ASSMNT REVENUE              | Town of Argyle TX                                                                | CUSIP: 04033EAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2497106.92   | 0.03%             | 2047-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GMN9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $273580.38    | 0.00%             | 2029-07-01      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| RIVERS EDGE III CDD FL CAPITAL            | Rivers Edge III Community Development District                                   | CUSIP: 76882NAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $581905.11    | 0.01%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LUCERNE PARK CMNTY DEV DIST FL            | Lucerne Park Community Development District                                      | CUSIP: 549469AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1159669.50   | 0.01%             | 2050-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH ILD            | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592248FM5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3704854.50   | 0.05%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH              | E-470 Public Highway Authority                                                   | CUSIP: 26822LLS1<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $9074712.00   | 0.11%             | 2040-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 4521522L4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8230000 | PA      | $8507125.50   | 0.11%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL             | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KBS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3890983.80   | 0.05%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOUNTAINBLEAU LAKES FL CDD ASS            | Fontainbleau Lakes Community Development District                                | CUSIP: 34460KAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $685278.37    | 0.01%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO URBAN RENE            | Colorado Springs Urban Renewal Authority                                         | CUSIP: 196629AA7<br>LEI: 549300B7LAZ8X9S5NZ55 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2531707.80   | 0.03%             | 2047-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RUSTIC OAKS CMNTY DEV DIST FL             | Rustic Oaks Community Development District                                       | CUSIP: 783089AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2435000 | PA      | $1843531.93   | 0.02%             | 2042-05-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| DALLAS CNTY TX FLOOD CONTROL D            | Dallas County Flood Control District No 1                                        | CUSIP: 234662DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3242998.53   | 0.04%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANDMARK AT DORAL FL CMNTY DIS            | Landmark at Doral Community Development District                                 | CUSIP: 51504NAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1652648.39   | 0.02%             | 2035-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WATERFORD LANDING FL CDD CAPIT            | Waterford Landing Community Development District                                 | CUSIP: 941408AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2572108.29   | 0.03%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D            | City of Rancho Cordova CA                                                        | CUSIP: 75211RLF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405929.36    | 0.01%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY HILL TX SPL ASSMNT REV            | City of Liberty Hill TX                                                          | CUSIP: 530575AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $738198.99    | 0.01%             | 2052-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE            | Public Finance Authority                                                         | CUSIP: 744396HT2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1333177.86   | 0.02%             | 2062-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU            | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72177MTF4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    950000 | PA      | $868393.39    | 0.01%             | 2050-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TWO CREEKS FL CDD CAPITAL IMPT            | Two Creeks Community Development District                                        | CUSIP: 90187AAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $581468.54    | 0.01%             | 2037-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| S VLG FL CDD CAPITAL IMPT REVE            | South Village Community Development District                                     | CUSIP: 84060HAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $92607.90     | 0.00%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKDALE CNTY GA DEV AUTH                 | Development Authority of Rockdale County                                         | CUSIP: 773008AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3164789.25   | 0.04%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TQB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2022242.68   | 0.03%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELFORD NORTH MET DIST CO                 | Belford North Metropolitan District                                              | CUSIP: 077690AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2812958.85   | 0.04%             | 2050-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT            | Denver Health & Hospital Authority                                               | CUSIP: 24918EDZ0<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   4155000 | PA      | $4377046.94   | 0.05%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MCJUNKIN PARKLAND CMNTY DEV DI            | McJunkin Parkland Community Development District                                 | CUSIP: 581240AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2765442.68   | 0.03%             | 2038-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| STERLING HILL FL CDD CAPITAL I            | Sterling Hill Community Development District                                     | CUSIP: 85933TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    418112 | PA      | $225780.62    | 0.00%             | 2010-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R            | Massachusetts Development Finance Agency                                         | CUSIP: 57584Y4J5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2008414.08   | 0.03%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA            | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XDY8<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   8055000 | PA      | $8462431.57   | 0.11%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA MUNI AUTH UNIV R            | Berks County Municipal Authority/The                                             | CUSIP: 08454AAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $982722.49    | 0.01%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 251093S92<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   3401333 | PA      | $2439537.73   | 0.03%             | 2044-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870P26<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    950000 | PA      | $802031.80    | 0.01%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CREEKWALK MARKETPLACE BUSINESS            | Creekwalk Marketplace Business Improvement District                              | CUSIP: 225515AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2092957.19   | 0.03%             | 2049-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| EL RANCHO CA UNIF SCH DIST                | El Rancho Unified School District                                                | CUSIP: 283839UG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $3737199.60   | 0.05%             | 2032-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY CA CMNTY FACS DIST            | Orange County Community Facilities District                                      | CUSIP: 68423PXN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266387.63    | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH SLOANS LAKE MET DIST #2             | South Sloan's Lake Metropolitan District No 2                                    | CUSIP: 84039TAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $716315.48    | 0.01%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT            | Allentown Neighborhood Improvement Zone Development Authority                    | CUSIP: 018444BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250767.25    | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261ACF2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    645000 | PA      | $667084.93    | 0.01%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AH42<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  23200000 | PA      | $22371739.12  | 0.28%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL STUDENT H            | Capital Trust Agency Inc                                                         | CUSIP: 140536AC7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $1874802.92   | 0.02%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400AS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1183623.03   | 0.01%             | 2039-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR            | Florida Development Finance Corp                                                 | CUSIP: 34061WAP9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2005000 | PA      | $1791517.02   | 0.02%             | 2050-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH            | Seminole County Industrial Development Authority                                 | CUSIP: 816686AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $341097.14    | 0.00%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CITY CA UNIF SC            | San Bernardino City Unified School District                                      | CUSIP: 796711QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1301251.22   | 0.02%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T            | Chino Community Facilities District                                              | CUSIP: 169511VJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $468254.43    | 0.01%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ISLES BARTRAM PARK FL CDD SPL             | Isles Bartram Park Community Development District                                | CUSIP: 464665AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $895761.55    | 0.01%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD            | Maryland Economic Development Corp                                               | CUSIP: 57420VRM7<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2194146.04   | 0.03%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK MD SPL OBLIG                    | City of Brunswick MD                                                             | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1453761.59   | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV            | Illinois Finance Authority                                                       | CUSIP: 452031AP2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    950000 | PA      | $868104.59    | 0.01%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CREEKSIDE VLG MET DIST CO                 | Creekside Village Metropolitan District                                          | CUSIP: 225513AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3261000 | PA      | $2876146.56   | 0.04%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANDMARK AT DORAL FL CMNTY DIS            | Landmark at Doral Community Development District                                 | CUSIP: 51504NAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $771699.97    | 0.01%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HACKBERRY TX SPL ASSMNT CONTRA            | City of Hackberry TX                                                             | CUSIP: 404518AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2790000 | PA      | $2616785.36   | 0.03%             | 2038-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU            | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UNS9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1888139.98   | 0.02%             | 2062-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH EN            | New Jersey Economic Development Authority                                        | CUSIP: 64577QAE1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000234.40   | 0.01%             | 2032-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EAST 547 CMNTY DEV DIST FL SPL            | East 547 Community Development District                                          | CUSIP: 27042KAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $593563.46    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI CMNTY FACS DISTS            | Kauai County Community Facilities District                                       | CUSIP: 486121BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2686813.80   | 0.03%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE              | New Hampshire Business Finance Authority                                         | CUSIP: 63607YAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4890000 | PA      | $3889244.87   | 0.05%             | 2045-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TRANSBAY JT POWERS AUTH CA                | Transbay Joint Powers Authority                                                  | CUSIP: 89356CBP0<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    215000 | PA      | $202954.60    | 0.00%             | 2049-10-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136WH0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  52985000 | PA      | $27644181.96  | 0.35%             | 2036-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SHINGLE CREEK FL CDD                      | Shingle Creek Community Development District                                     | CUSIP: 824587AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3667332.80   | 0.05%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIDDLERS CO BUSINESS IMPT DIST            | Fiddlers Business Improvement District                                           | CUSIP: 315730AX9<br>LEI: 549300WOAV7DR3N7QL76 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2924887.83   | 0.04%             | 2047-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452153AV1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4520000 | PA      | $3877783.48   | 0.05%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION            | City of Chicago IL Wastewater Transmission Revenue                               | CUSIP: 167727YL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5460000 | PA      | $5119457.07   | 0.06%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204E5A2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3935000 | PA      | $3688303.83   | 0.05%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAINE HLTH & HGR EDUCTNL FACS             | Maine Health & Higher Educational Facilities Authority                           | CUSIP: 56042RQZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7594283.90   | 0.10%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPARKS NV TOURISM IMPT DIST #1            | City of Sparks NV                                                                | CUSIP: 846562AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242455.38    | 0.00%             | 2024-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST            | California Municipal Finance Authority                                           | CUSIP: 13049YER8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $987341.15    | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOUNTAINBLEAU LAKES FL CDD ASS            | Fontainbleau Lakes Community Development District                                | CUSIP: 34460KAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928425.10    | 0.01%             | 2038-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| STHRN OH PORT EXEMPT FAC REVEN            | Southern Ohio Port Authority                                                     | CUSIP: 84355AAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $8591112.50   | 0.11%             | 2042-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH                       | Atlanta Development Authority/The                                                | CUSIP: 04780NKC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983230.10    | 0.01%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG            | Michigan Finance Authority                                                       | CUSIP: 594479GX9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    800000 | PA      | $623539.60    | 0.01%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL             | Philadelphia Authority for Industrial Development                                | CUSIP: 71780CAK6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    975000 | PA      | $957647.73    | 0.01%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FISHHAWK RANCH CDD FL SPL ASSM            | Fishhawk Ranch Community Development District                                    | CUSIP: 33804YAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $957299.00    | 0.01%             | 2041-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13077EEL0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    800000 | PA      | $816473.28    | 0.01%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA            | California School Finance Authority                                              | CUSIP: 13059TGP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2140882.77   | 0.03%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204E7B8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1759321.80   | 0.02%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD CONVENTION CENTER            | City of Baltimore MD                                                             | CUSIP: 05921PBU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1391417.30   | 0.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934L1<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    395000 | PA      | $408077.90    | 0.01%             | 2038-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH            | California Municipal Finance Authority                                           | CUSIP: 130486BF9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3208912.80   | 0.04%             | 2062-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WIREGRASS FL CDD CAPITAL IMPTR            | Wiregrass Community Development District                                         | CUSIP: 97654RAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3020000 | PA      | $3027281.82   | 0.04%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG            | Public Finance Authority                                                         | CUSIP: 74439YAK7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3107707.53   | 0.04%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DUBLIN CA SPL TAX                         | City of Dublin CA                                                                | CUSIP: 26362DAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $608647.34    | 0.01%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG            | Public Finance Authority                                                         | CUSIP: 74439YEA5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1396748.44   | 0.02%             | 2061-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SURFACE T            | Florida Development Finance Corp                                                 | CUSIP: 34061YAB6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1114880.87   | 0.01%             | 2049-01-01      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| PARKDALE CMNTY AUTH CO                    | Parkdale Community Authority                                                     | CUSIP: 700890AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1924000 | PA      | $1712267.84   | 0.02%             | 2050-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PARKLAND PRESERVE CDD FL SPL A            | Parkland Preserve Community Development District                                 | CUSIP: 701403AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5095000 | PA      | $4870463.86   | 0.06%             | 2050-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| V-DANA CDD FL SPL ASSMNT                  | V-Dana Community Development District                                            | CUSIP: 91822RAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2760000 | PA      | $2071943.59   | 0.03%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $110956.40    | 0.00%             | 2026-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| SALTMEADOWS CDD FL SPL ASSMNT             | Saltmeadows Community Development District                                       | CUSIP: 79575GAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $867803.22    | 0.01%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152YG0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10064269.00  | 0.13%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION            | City of Chicago IL Wastewater Transmission Revenue                               | CUSIP: 167727WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506585.45   | 0.02%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JUSTIN TX SPL ASSMNT REVENUE              | City of Justin TX                                                                | CUSIP: 482184AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1468179.90   | 0.02%             | 2047-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASTONIA CMNTY DEV DIST FL SPL             | Astonia Community Development District                                           | CUSIP: 04625DAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $769471.81    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2790656.83   | 0.04%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL PUBLIC HOSP D            | Sarasota County Public Hospital District                                         | CUSIP: 803301DK3<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   4350000 | PA      | $3887085.62   | 0.05%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN            | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2802584.13   | 0.04%             | 2057-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX REGL MOBILITY             | Hidalgo County Regional Mobility Authority                                       | CUSIP: 42934ACF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6925000 | PA      | $1067676.42   | 0.01%             | 2052-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GU75<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    715000 | PA      | $707433.01    | 0.01%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HACIENDA LAKES CDD FL SPL ASSM            | Hacienda Lakes Community Development District                                    | CUSIP: 40450UAG9<br>LEI: 5493004FIGRL2HHJIT44 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $1974637.89   | 0.02%             | 2046-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061UGR3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    600000 | PA      | $498945.00    | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SERENITY RIDGE CO MET DIST #2             | Serenity Ridge Metropolitan District No 2                                        | CUSIP: 817504AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $676490.96    | 0.01%             | 2035-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE            | City of Fate TX                                                                  | CUSIP: 31189RBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    994000 | PA      | $796724.00    | 0.01%             | 2050-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TKR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1045633.82   | 0.01%             | 2061-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLS MINNEOLA CMNTY DEV DIST             | Hills of Minneola Community Development District                                 | CUSIP: 431688AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $1808760.81   | 0.02%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE                | City of Lavon TX                                                                 | CUSIP: 51946PAY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $774095.51    | 0.01%             | 2049-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A            | South Carolina Public Service Authority                                          | CUSIP: 837151K40<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   7790000 | PA      | $7830387.26   | 0.10%             | 2055-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LANTERNS MET DIST #1 CO                   | Lanterns Metropolitan District No 1                                              | CUSIP: 51654AAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4190000 | PA      | $3730721.11   | 0.05%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  16955158 | PA      | $13275861.59  | 0.17%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SURFACE T            | Florida Development Finance Corp                                                 | CUSIP: 34061YAH3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  19305000 | PA      | $16838458.07  | 0.21%             | 2049-01-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZD7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    215000 | PA      | $151575.00    | 0.00%             | 2019-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| EDEN HILLS CMNTY DEV DIST FL S            | Eden Hills Community Development District                                        | CUSIP: 279449AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1144729.30   | 0.01%             | 2052-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| RIVERS EDGE II CMNTY DEV DIST             | Rivers Edge II Community Development District                                    | CUSIP: 76882LAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $688079.94    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &             | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160SH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19062158.00  | 0.24%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE             | County of Cuyahoga OH                                                            | CUSIP: 2322655Q7<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   7520000 | PA      | $7614094.75   | 0.10%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OSCEOLA VLG CTR CMNTY DEV DIST            | Osceola Village Center Community Development District                            | CUSIP: 688100AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $310014.04    | 0.00%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS CHRT TWP MI                  | Grand Rapids Charter Township Economic Development Corp                          | CUSIP: 386211BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1287824.30   | 0.02%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870G91<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    700000 | PA      | $711575.55    | 0.01%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AUW5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1944846.60   | 0.02%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CREEKWALK MARKETPLACE BUSINESS            | Creekwalk Marketplace Business Improvement District                              | CUSIP: 225515AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2054561.06   | 0.03%             | 2049-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE               | City of Houston TX Airport System Revenue                                        | CUSIP: 4423485T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10002810.00  | 0.13%             | 2038-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE            | City of Crandall TX                                                              | CUSIP: 224384AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    242000 | PA      | $230747.85    | 0.00%             | 2026-09-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HOSPS & HGR ED            | Hospitals & Higher Education Facilities Authority of Philadelphia/The            | CUSIP: 717903L63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2715092.26   | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG            | Public Finance Authority                                                         | CUSIP: 74439YDR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    950000 | PA      | $812683.68    | 0.01%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH              | E-470 Public Highway Authority                                                   | CUSIP: 26822LEP5<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $2640903.07   | 0.03%             | 2034-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LONGLEAF FL CDD SPL ASSMNT REV            | Longleaf Community Development District                                          | CUSIP: 543065AG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1104000 | PA      | $1089800.35   | 0.01%             | 2030-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC            | Public Finance Authority                                                         | CUSIP: 74443DGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  14840000 | PA      | $11297413.01  | 0.14%             | 2045-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH HIGHWAY & T            | Puerto Rico Highway & Transportation Authority                                   | CUSIP: 745197AA1<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   2809104 | PA      | $2587886.67   | 0.03%             | 2062-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC            | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60636AQK2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2528180.36   | 0.03%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLISON VLY MET DIST #2 CO                | Allison Valley Metropolitan District No 2                                        | CUSIP: 01973MAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1255215.31   | 0.02%             | 2047-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CAMPO BELLO CDD FL                        | Campo Bello Community Development District                                       | CUSIP: 134623AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $845165.80    | 0.01%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP             | Arlington Higher Education Finance Corp                                          | CUSIP: 0418067Y0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1585806.63   | 0.02%             | 2057-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE            | Oneida County Local Development Corp                                             | CUSIP: 682440BG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $702600.62    | 0.01%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ABBOTT SQUARE CDD FL SPL ASSMN            | Abbott Square Community Development District                                     | CUSIP: 00284AAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1339838.75   | 0.02%             | 2052-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YNT8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    895000 | PA      | $915936.11    | 0.01%             | 2044-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486UP2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2724865.00   | 0.03%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HLTH CARE & I            | County of Cuyahoga OH                                                            | CUSIP: 23226MAK7<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   3910000 | PA      | $3726252.68   | 0.05%             | 2042-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BEXLEY CDD FL SPL ASSMNT REVEN            | Bexley Community Development District                                            | CUSIP: 088570AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2867311.36   | 0.04%             | 2047-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LAWSON DUNES CDD FL SPL ASSMNT            | Lawson Dunes Community Development District                                      | CUSIP: 520719AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $418834.98    | 0.01%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN            | City of Royse City TX                                                            | CUSIP: 780870AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1273550.09   | 0.02%             | 2050-09-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V            | Tobacco Settlement Financing Corp/VA                                             | CUSIP: 88880NAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 236845000 | PA      | $56596410.15  | 0.71%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROWLETT TX SPL ASSMNT REVENUE             | City of Rowlett TX                                                               | CUSIP: 779719AB9<br>LEI: 549300XN25SMDVQJM820 | Long             | DBT              | MUN               | US        |    460000 | PA      | $450520.55    | 0.01%             | 2046-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH COP            | Denver Health & Hospital Authority                                               | CUSIP: 24918TAQ0<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1593166.42   | 0.02%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARTISAN LAKES EAST CDD FL CAPI            | Artisan Lakes East Community Development District                                | CUSIP: 04316FAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3080000 | PA      | $2879045.09   | 0.04%             | 2049-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447TGA5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2162565.30   | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR            | Cleveland-Cuyahoga County Port Authority                                         | CUSIP: 18611HAB1<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1040737.60   | 0.01%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204EJ41<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1320150.30   | 0.02%             | 2058-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC            | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ARC8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1353054.35   | 0.02%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO            | Hempstead Town Local Development Corp                                            | CUSIP: 424682HZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $462695.23    | 0.01%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOUCHSTONE CMNTY DEV DIST FL S            | Touchstone Community Development District                                        | CUSIP: 89154GAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $904184.29    | 0.01%             | 2049-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL            | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CDY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1232495.67   | 0.02%             | 2052-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX FRESH WTR SPLY            | Kaufman County Fresh Water Supply District No 1-D                                | CUSIP: 48618TAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $140452.73    | 0.00%             | 2033-09-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH COP            | Denver Health & Hospital Authority                                               | CUSIP: 24918TAN7<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    425000 | PA      | $447518.50    | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROMEOVILLE IL REVENUE                     | Village of Romeoville IL                                                         | CUSIP: 77615NAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $445964.62    | 0.01%             | 2041-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CREEKVIEW CDD FL SPL ASSMNT RE            | Creekview Community Development District                                         | CUSIP: 225514AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3845000 | PA      | $3276396.40   | 0.04%             | 2053-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GMM1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     60000 | PA      | $55680.12     | 0.00%             | 2028-07-01      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEVA            | California Statewide Communities Development Authority                           | CUSIP: 13078RHF0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   7825000 | PA      | $7705334.62   | 0.10%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANOR TX SPL ASSMNT REVENUE               | City of Manor TX                                                                 | CUSIP: 564099AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $521527.93    | 0.01%             | 2041-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS            | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCM7<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1854356.60   | 0.02%             | 2057-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                    | City of Baltimore MD                                                             | CUSIP: 05923TCQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $238609.85    | 0.00%             | 2034-06-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT            | Allentown Neighborhood Improvement Zone Development Authority                    | CUSIP: 018444BC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2593187.58   | 0.03%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CT                              | City of New Haven CT                                                             | CUSIP: 6450206E3<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    410000 | PA      | $439832.54    | 0.01%             | 2038-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERANO #1 CDD FL SPL ASSMMT               | Verano No 1 Community Development District                                       | CUSIP: 92337HAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $730017.51    | 0.01%             | 2035-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $142318.63    | 0.00%             | 2050-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| RHODINE ROAD NORTH CDD FL SPL             | Rhodine Road North Community Development District                                | CUSIP: 762402AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $715342.73    | 0.01%             | 2050-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1180480.20   | 0.01%             | 2051-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEJON RANCH CA PUBLIC FACS FIN            | Tejon Ranch Public Facilities Finance Authority                                  | CUSIP: 879083FA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4650000 | PA      | $3987547.98   | 0.05%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRANSON MO REGL ARPT TRANSPRTN            | Branson Regional Airport Transportation Development District                     | CUSIP: 105459AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2752991 | PA      | $82589.73     | 0.00%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                      | State of Ohio                                                                    | CUSIP: 67756CEF1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1485031.40   | 0.02%             | 2045-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PARKWAY CTR FL CDD SPL ASSMNT             | Parkway Center Community Development District                                    | CUSIP: 701542BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1041845.62   | 0.01%             | 2034-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX FRESH WTR SPLY            | Kaufman County Fresh Water Supply District No 1-D                                | CUSIP: 48618TBB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $274436.89    | 0.00%             | 2038-09-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| VERANO #1 CDD FL SPL ASSMMT               | Verano No 1 Community Development District                                       | CUSIP: 92337HAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2940000 | PA      | $2764702.50   | 0.03%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV             | Latrobe Industrial Development Authority                                         | CUSIP: 518324AT5<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $210272.03    | 0.00%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TQC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3139618.95   | 0.04%             | 2061-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX REGL MOBILITY             | Hidalgo County Regional Mobility Authority                                       | CUSIP: 42934ACD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6365000 | PA      | $1118061.90   | 0.01%             | 2050-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BENLOCH RANCH IMPROV                      | Benloch Ranch Improvement Association No 2                                       | CUSIP: 082149AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  29700000 | PA      | $26826822.00  | 0.34%             | 2051-12-01      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| HASLET TX SPL ASSMNT REVENUE              | City of Haslet TX                                                                | CUSIP: 418304AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2081676.56   | 0.03%             | 2049-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447PD24<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2660157.24   | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL             | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KBR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3293533.25   | 0.04%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELFORD NORTH MET DIST CO                 | Belford North Metropolitan District                                              | CUSIP: 077690AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5453338.20   | 0.07%             | 2050-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N ESTRN PA HOSP & EDU AUTH                | Northeastern Pennsylvania Hospital and Education Authority                       | CUSIP: 664551DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1204793.60   | 0.02%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81            | City of Las Vegas NV Special Improvement District No 815                         | CUSIP: 51778VAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $888729.75    | 0.01%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMMER WOODS CDD FL SPL ASSMNT            | Summer Woods Community Development District                                      | CUSIP: 865657AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $324597.77    | 0.00%             | 2041-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| FREMONT CA CMNTY FACS DIST #1             | Fremont Community Facilities District No 1                                       | CUSIP: 357129CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3028078.50   | 0.04%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81            | City of Las Vegas NV Special Improvement District No 813                         | CUSIP: 51778EAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $274348.27    | 0.00%             | 2037-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CARROLL CNTY KY ENVRNMNTL FACS            | County of Carroll KY                                                             | CUSIP: 14483RAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2418902.70   | 0.03%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HUTTO TX SPL ASSMNT REVENUE               | City of Hutto TX                                                                 | CUSIP: 448529AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $765511.80    | 0.01%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG              | Mississippi Development Bank                                                     | CUSIP: 60534XLU8<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    750000 | PA      | $660713.40    | 0.01%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CHARLESTON WV SPL DIST E            | City of South Charleston WV                                                      | CUSIP: 837323AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $1764046.77   | 0.02%             | 2050-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL            | Berks County Industrial Development Authority                                    | CUSIP: 08451PAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1447517.29   | 0.02%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINDING CYPRESS FL CDD SPL ASS            | Winding Cypress Community Development District                                   | CUSIP: 973386AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $877480.24    | 0.01%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA            | Main Street Natural Gas Inc                                                      | CUSIP: 56035DBW1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  24850000 | PA      | $24290599.17  | 0.30%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN            | City of Royse City TX                                                            | CUSIP: 780870AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $103651.23    | 0.00%             | 2030-09-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP            | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MQB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2024019.60   | 0.03%             | 2049-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WILDGRASS AT ROCKRIMMON MET DI            | Wildgrass at Rockrimmon Metropolitan District                                    | CUSIP: 96811KAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    181000 | PA      | $164690.09    | 0.00%             | 2050-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG              | Mississippi Development Bank                                                     | CUSIP: 60534XLP9<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1358032.26   | 0.02%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENSPIRE MET DIST #1 CO                 | Greenspire Metropolitan District No 1                                            | CUSIP: 39572QAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1230383.30   | 0.02%             | 2051-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA DEPT TRANSN                | North Carolina Department of Transportation                                      | CUSIP: 65820FAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1382056.27   | 0.02%             | 2037-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R            | Veranda Community Development District II                                        | CUSIP: 92338HAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $419163.31    | 0.01%             | 2041-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG            | Michigan Finance Authority                                                       | CUSIP: 594479GY7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $874586.83    | 0.01%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $746055.77    | 0.01%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR HOSP AUTH                 | Yamhill County Hospital Authority                                                | CUSIP: 98464UAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1400644.98   | 0.02%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DURBIN CROSSING FL CDD SPL ASS            | Durbin Crossing Community Development District                                   | CUSIP: 266601AW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4260000 | PA      | $4280199.64   | 0.05%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN            | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PFY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1337435.70   | 0.02%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLOW WAY FL CMNTY DEV DIST SPL            | Flow Way Community Development District                                          | CUSIP: 34347VAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $760670.69    | 0.01%             | 2039-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WIREGRASS FL CDD CAPITAL IMPT             | Wiregrass Community Development District                                         | CUSIP: 97654RAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $754029.28    | 0.01%             | 2036-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| STHRN HILLS PLANTATION FL I CD            | Southern Hills Plantation I Community Development District                       | CUSIP: 843054AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2640000 | PA      | $1772474.09   | 0.02%             | 2035-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TAMARINDO CDD FL SPL ASSMNT RE            | Tamarindo Community Development District                                         | CUSIP: 875056AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $533456.42    | 0.01%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH            | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537847.25   | 0.02%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STOREY CREEK CDD FL                       | Storey Creek Community Development District                                      | CUSIP: 86216CAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $674345.95    | 0.01%             | 2049-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HOLLY HILL ROAD EAST CDD FL SP            | Holly Hill Road East Community Development District                              | CUSIP: 43584FAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $170184.69    | 0.00%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486SU4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   6295000 | PA      | $6296046.86   | 0.08%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODMEN HEIGHTS MET DIST #2 CO            | Woodmen Heights Metropolitan District No 2                                       | CUSIP: 979841AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1799000 | PA      | $1662756.33   | 0.02%             | 2040-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLEAR CREEK STATION MET DIST N            | Clear Creek Station Metropolitan District No 2                                   | CUSIP: 184539AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $455691.75    | 0.01%             | 2047-12-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXK3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     25000 | PA      | $18062.50     | 0.00%             | 2020-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY INDL DEV AUTH EX            | Maricopa County Industrial Development Authority                                 | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $5175891.84   | 0.06%             | 2047-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE            | Oneida County Local Development Corp                                             | CUSIP: 682440BH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $462526.97    | 0.01%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE            | Oneida County Local Development Corp                                             | CUSIP: 682440BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1187472.03   | 0.01%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN            | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PGE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2303158.33   | 0.03%             | 2057-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OHIO CNTY WV CNTY COMMISSION S            | County of Ohio WV Special District Excise Tax Revenue                            | CUSIP: 67732PEH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $1566318.71   | 0.02%             | 2041-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447PZQ7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1795628.80   | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MCJUNKIN PARKLAND CMNTY DEV DI            | McJunkin Parkland Community Development District                                 | CUSIP: 581240AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4488763.30   | 0.06%             | 2049-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 229970000 | PA      | $56662699.25  | 0.71%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LYNWOOD CMNTY DEV DIST FL SP A            | Lynwood Community Development District                                           | CUSIP: 55180PAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2394065.66   | 0.03%             | 2049-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT             | Lakes of Sarasota Community Development District                                 | CUSIP: 51206YAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $203935.65    | 0.00%             | 2051-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261ACW5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999228.90    | 0.01%             | 2056-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVER HALL FL CDD CAPITAL IMPT            | River Hall Community Development District                                        | CUSIP: 768247AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $800423.82    | 0.01%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SHENANDOAH TX SPL ASSMNT REVEN            | City of Shenandoah TX                                                            | CUSIP: 82313QAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $783490.97    | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE            | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MCF1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5615000 | PA      | $4880762.95   | 0.06%             | 2057-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU            | New Jersey Turnpike Authority                                                    | CUSIP: 646140ET6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519448.25   | 0.02%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LITTLE ELM TX SPL ASSMNT REVEN            | Town of Little Elm TX                                                            | CUSIP: 537098BY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065243.00   | 0.03%             | 2052-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY WV COMMISSION             | Monongalia County Commission Excise Tax District                                 | CUSIP: 61022CAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2365340.06   | 0.03%             | 2043-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LAGO VISTA TEX SPL ASSMT REV              | City of Lago Vista TX                                                            | CUSIP: 507081AW7<br>LEI: 5493004GT2GICXFJPF35 | Long             | DBT              | MUN               | US        |    990000 | PA      | $799171.26    | 0.01%             | 2042-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST            | California Municipal Finance Authority                                           | CUSIP: 13049YEB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1358022.82   | 0.02%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE            | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MCE4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   6160000 | PA      | $5470660.27   | 0.07%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709             | Duluth Independent School District No 709                                        | CUSIP: 264474JG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $723863.80    | 0.01%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOSCANA ISLES CMNTY DEV DIST F            | Toscana Isles Community Development District                                     | CUSIP: 89149CAE8<br>LEI: 549300KT0ZEEJZO5TM34 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2634642.71   | 0.03%             | 2039-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE            | City of Pilot Point TX                                                           | CUSIP: 721614AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1156336.92   | 0.01%             | 2052-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &S            | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160TF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1308853.85   | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SUF9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513288.85    | 0.01%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505KG0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  13525000 | PA      | $12678767.80  | 0.16%             | 2029-12-01      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH REVEN            | Maryland Stadium Authority                                                       | CUSIP: 574296DV8<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   8750000 | PA      | $1903913.38   | 0.02%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                 | Municipal Electric Authority of Georgia                                          | CUSIP: 626207W91<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5097023.00   | 0.06%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI            | Florida Higher Educational Facilities Financial Authority                        | CUSIP: 34073TLP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5805000 | PA      | $4981852.74   | 0.06%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS-SHELBY CNTY TN INDL DE            | Memphis-Shelby County Industrial Development Board                               | CUSIP: 58611YAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $2586383.32   | 0.03%             | 2046-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV LOCAL IMPT DISTS             | Henderson Local Improvement Districts                                            | CUSIP: 425208UM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1971774.64   | 0.02%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE            | California Municipal Finance Authority                                           | CUSIP: 13048VDW5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $305231.31    | 0.00%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARTRAM PARK FL CDD SPL ASSMNT            | Bartram Park Community Development District                                      | CUSIP: 069686AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1883363.83   | 0.02%             | 2029-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CENTER CO MET DIST #            | Jefferson Center Metropolitan District No 1                                      | CUSIP: 47248EAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $475783.69    | 0.01%             | 2040-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE             | Parish of St James LA                                                            | CUSIP: 790103AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2527510.63   | 0.03%             | 2040-07-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870K62<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    475000 | PA      | $421072.21    | 0.01%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4889113 | PA      | $4114622.25   | 0.05%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SUG7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2577466.20   | 0.03%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RED OAK TX SPL ASSMNT REVENUE             | City of Red Oak TX                                                               | CUSIP: 756848AD9<br>LEI: 549300VOCS0JLIVKWD34 | Long             | DBT              | MUN               | US        |    565000 | PA      | $444893.71    | 0.01%             | 2051-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R            | Arizona Industrial Development Authority                                         | CUSIP: 04052BMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $749767.45    | 0.01%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR            | Florida Development Finance Corp                                                 | CUSIP: 34061WAQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3560000 | PA      | $3134488.86   | 0.04%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L4D6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    162047 | PA      | $21066.11     | 0.00%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870G34<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015394.10   | 0.01%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T            | Grand Parkway Transportation Corp                                                | CUSIP: 38611TAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15140000 | PA      | $15810005.56  | 0.20%             | 2046-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CHARLESTON WV SPL DIST E            | City of South Charleston WV                                                      | CUSIP: 837323AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2235419.69   | 0.03%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT            | Delaware State Economic Development Authority                                    | CUSIP: 246372AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $810843.53    | 0.01%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTMORELAND CNTY PA INDL DEV             | Westmoreland County Industrial Development Authority/PA                          | CUSIP: 960875AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1201247.65   | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAGLE BROOK MEADOWS MET DIST #            | Eagle Brook Meadows Metropolitan District No 3                                   | CUSIP: 26943TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1328102.56   | 0.02%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIX MILE CREEK FL CDD CAPITAL             | Six Mile Creek Community Development District                                    | CUSIP: 83005TBF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1351267.56   | 0.02%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA MUNI AUTH UNIV R            | Berks County Municipal Authority/The                                             | CUSIP: 08454AAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $444253.92    | 0.01%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWQ1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    260000 | PA      | $184275.00    | 0.00%             | 2020-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PALM GLADES FL CDD                        | Palm Glades Community Development District                                       | CUSIP: 696638AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2322718.16   | 0.03%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STOREY CREEK CDD FL                       | Storey Creek Community Development District                                      | CUSIP: 86216CAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $878483.51    | 0.01%             | 2052-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO            | Mississippi Business Finance Corp                                                | CUSIP: 605279MK1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   6400000 | PA      | $4228120.32   | 0.05%             | 2044-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| EDINBURG TX ECON DEV CORP SALE            | Edinburg Economic Development Corp                                               | CUSIP: 28078PAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97673.20     | 0.00%             | 2024-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR            | Inland Empire Tobacco Securitization Corp                                        | CUSIP: 45734TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 100945000 | PA      | $42128275.26  | 0.53%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709             | Duluth Independent School District No 709                                        | CUSIP: 264474JJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $633544.51    | 0.01%             | 2034-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN            | California Community Housing Agency                                              | CUSIP: 13013FBF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1566013.65   | 0.02%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE            | City of Crandall TX                                                              | CUSIP: 224384AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4561876.80   | 0.06%             | 2052-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VERANO #2 CDD FL SPL ASSMNT               | Verano No 2 Community Development District                                       | CUSIP: 92337JAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $221743.47    | 0.00%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV             | Westchester County Local Development Corp                                        | CUSIP: 95737TCD6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   4375000 | PA      | $4350709.13   | 0.05%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH               | New Jersey Economic Development Authority                                        | CUSIP: 645779CG2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1493863.60   | 0.02%             | 2041-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WATERS EDGE FL CDD PASCO CNTYC            | Water's Edge Community Development District/Pasco County                         | CUSIP: 94184TAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3230000 | PA      | $3082615.75   | 0.04%             | 2036-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ARTISAN LAKES EAST CDD FL CAPI            | Artisan Lakes East Community Development District                                | CUSIP: 04316FAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $367258.81    | 0.00%             | 2041-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY SD ECON DEV REVEN            | County of Lincoln SD                                                             | CUSIP: 53340EAC1<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $793827.51    | 0.01%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F            | Capital Trust Agency Inc                                                         | CUSIP: 14054CDX4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   3030000 | PA      | $2505005.84   | 0.03%             | 2056-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE CNTY FL INDL DEV AUT            | Charlotte County Industrial Development Authority/FL                             | CUSIP: 16080TAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $2741469.75   | 0.03%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHENANDOAH TX SPL ASSMNT REVEN            | City of Shenandoah TX                                                            | CUSIP: 82313QAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2050149.56   | 0.03%             | 2038-09-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN SAMOA AS ECON DEV AUT            | American Samoa Economic Development Authority                                    | CUSIP: 02936TAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1516411.22   | 0.02%             | 2027-09-01      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6295000 | PA      | $6248429.59   | 0.08%             | 2044-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136WK3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  46515000 | PA      | $21397239.56  | 0.27%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                    | City of Baltimore MD                                                             | CUSIP: 05923TCW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $272017.27    | 0.00%             | 2034-06-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZB1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     90000 | PA      | $65250.00     | 0.00%             | 2028-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CITADEL ON COLFAX BUSINESS IMP            | Citadel on Colfax Business Improvement District                                  | CUSIP: 17288AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2252270.10   | 0.03%             | 2050-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ABERDEEN FL CDD SPL ASSMNT                | Aberdeen Community Development District                                          | CUSIP: 00301PAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3595000 | PA      | $3430888.61   | 0.04%             | 2036-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HAWKS POINT FL CDD SPL ASSMNT             | Hawks Point Community Development District                                       | CUSIP: 420332AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1335151.39   | 0.02%             | 2035-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VILLAMAR CDD FL SPL ASSMNT                | Villamar Community Development District                                          | CUSIP: 92715KAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $810562.12    | 0.01%             | 2039-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PMV4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3205000 | PA      | $2850901.02   | 0.04%             | 2049-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| YONKERS NY ECON DEV CORP EDUCT            | Yonkers Economic Development Corp                                                | CUSIP: 98608MAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $459808.55    | 0.01%             | 2054-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136WG2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  47575000 | PA      | $26357910.65  | 0.33%             | 2035-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UPLAND IN ECON DEV REVENUE                | Town of Upland IN                                                                | CUSIP: 915395FF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2012760.09   | 0.03%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MCLENDON-CHISHOLM TX SPL ASSMN            | City of Mclendon-Chisholm TX                                                     | CUSIP: 582153AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $703579.89    | 0.01%             | 2039-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4590000 | PA      | $4589668.14   | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON             | Metropolitan Government Nashville & Davidson County Industrial Development Board | CUSIP: 59211SAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $887273.42    | 0.01%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WICHITA KS HLTH CARE FACS REVE            | City of Wichita KS                                                               | CUSIP: 967249QU0<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $983978.16    | 0.01%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLES COVE CDD SPL ASSMNT DI            | Charles Cove Community Development District                                      | CUSIP: 15987CAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $791797.02    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOWNE PARK CMNTY DEV DIST FL S            | Towne Park Community Development District                                        | CUSIP: 89215RAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $920823.66    | 0.01%             | 2050-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SURFACE T            | Florida Development Finance Corp                                                 | CUSIP: 34061YAC4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  14940000 | PA      | $13643760.78  | 0.17%             | 2049-01-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| DOYLESTOWN PA HOSP AUTH                   | Doylestown Hospital Authority                                                    | CUSIP: 261333FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1305493.20   | 0.02%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BENLOCH RANCH IMPROV                      | Benloch Ranch Improvement Association No 1                                       | CUSIP: 082148AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3874089 | PA      | $3616849.60   | 0.05%             | 2039-12-01      | Fixed         | 9.75%                 | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG            | Public Finance Authority                                                         | CUSIP: 74439YBV2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    900000 | PA      | $920035.80    | 0.01%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SWP5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1201781.14   | 0.02%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS            | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCH8<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1822398.75   | 0.02%             | 2048-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PRESERVE AT S BRANCH CDD FL SP            | Preserve at South Branch Community Development District                          | CUSIP: 74082PAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $574520.93    | 0.01%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13081CAD0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $2690536.56   | 0.03%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST            | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3245000 | PA      | $3226614.80   | 0.04%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO INDL DEV AUTH F            | Industrial Development Authority of the City of St Louis Missouri/The            | CUSIP: 85236BAC6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1418725.25   | 0.02%             | 2047-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BELLAGIO CDD FL SPL ASSMNT                | Bellagio Community Development District                                          | CUSIP: 07821BAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $420461.38    | 0.01%             | 2027-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VERANDAH E CDD FL SPL ASSMNT R            | Verandah East Community Development District                                     | CUSIP: 92337YAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1564011.90   | 0.02%             | 2034-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PLAZA AT NOAHS ARK CMNTY IMPT             | Plaza at Noah's Ark Community Improvement District                               | CUSIP: 72813LAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $386073.26    | 0.00%             | 2035-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CORONADO FL CDD SPL ASSMNT                | Coronado Community Development District                                          | CUSIP: 219782AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    782000 | PA      | $765018.32    | 0.01%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R            | Massachusetts Development Finance Agency                                         | CUSIP: 57584YWG0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    260000 | PA      | $236911.79    | 0.00%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL             | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   6455000 | PA      | $2267746.07   | 0.03%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TUSTIN CA CMNTY FACS DIST SPLT            | Tustin Community Facilities District                                             | CUSIP: 901047FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008363.90   | 0.01%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CT                              | City of New Haven CT                                                             | CUSIP: 6450206B9<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542529.55    | 0.01%             | 2035-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &             | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160TS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $425018.07    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE                 | County of Baltimore MD                                                           | CUSIP: 059151CM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2017574.36   | 0.03%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARMSTRONG CDD FL SPL ASSMNT RE            | Armstrong Community Development District                                         | CUSIP: 04232CAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $418424.40    | 0.01%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KCA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1077356.73   | 0.01%             | 2039-05-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SAN MARCOS TX SPL ASSMNT REVEN            | City of San Marcos TX                                                            | CUSIP: 798801AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1522000 | PA      | $1254359.50   | 0.02%             | 2051-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SERENITY RIDGE CO MET DIST #2             | Serenity Ridge Metropolitan District No 2                                        | CUSIP: 817504AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047223.50   | 0.01%             | 2043-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DAUPHIN CNTY PA GEN AUTH UNIV             | Dauphin County General Authority                                                 | CUSIP: 23825JAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $990049.20    | 0.01%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT            | New Jersey Educational Facilities Authority                                      | CUSIP: 6460666C9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1189585.13   | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACHSE TX SPL ASSMNT REVENUE              | City of Sachse TX                                                                | CUSIP: 785756AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1179304.90   | 0.01%             | 2050-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAST GARRISON PUB FING AUTH CA            | East Garrison Public Finance Authority                                           | CUSIP: 272272BU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $333440.61    | 0.00%             | 2044-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447TFY4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    750000 | PA      | $771264.98    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13077EGT1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2763504.58   | 0.03%             | 2050-09-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ARBORWOOD FL CDD CAPITAL IMPT             | Arborwood Community Development District                                         | CUSIP: 038926AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $839444.80    | 0.01%             | 2036-05-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH             | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126KKG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2925000 | PA      | $2571877.91   | 0.03%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE            | Port Authority of New York & New Jersey                                          | CUSIP: 73358XGN6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2476452.09   | 0.03%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ERB4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   3080000 | PA      | $2476655.72   | 0.03%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65821DYF2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $779610.30    | 0.01%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364E8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7180000 | PA      | $7666818.36   | 0.10%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN             | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UGD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $2905978.02   | 0.04%             | 2057-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN            | Virginia Small Business Financing Authority                                      | CUSIP: 928106AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943333.40    | 0.01%             | 2048-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA            | Pennsylvania Higher Educational Facilities Authority                             | CUSIP: 709181CA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $384192.40    | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO            | Hempstead Town Local Development Corp                                            | CUSIP: 424682HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $894348.67    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45203H8Z8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $954454.60    | 0.01%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENAIR CA UNIF SCH DIST                   | Denair Unified School District                                                   | CUSIP: 248217DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1117973.01   | 0.01%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH            | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1685348.94   | 0.02%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMFA SPL FIN AGY CA ESSENTIAL             | CMFA Special Finance Agency                                                      | CUSIP: 12574WAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4465000 | PA      | $2933237.99   | 0.04%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUSQUEHANNA PA AREA REGL ARPTA            | Susquehanna Area Regional Airport Authority                                      | CUSIP: 86909RBH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2381768.83   | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                  | Iowa Finance Authority                                                           | CUSIP: 46246K6Y3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1337119.88   | 0.02%             | 2055-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH            | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NGU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1748976.00   | 0.02%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JONES DIST CMNTY AUTH BRD CO              | Jones District Community Authority Board                                         | CUSIP: 48020NAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7800000 | PA      | $6245695.56   | 0.08%             | 2050-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JUSTIN TX SPL ASSMNT REVENUE              | City of Justin TX                                                                | CUSIP: 482184AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1827812.48   | 0.02%             | 2047-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HAMMOCK RESERVE CDD FL SPL ASS            | Hammock Reserve Community Development District                                   | CUSIP: 408348AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $391698.77    | 0.00%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH EN            | New Jersey Economic Development Authority                                        | CUSIP: 64577QAF8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000120.50   | 0.01%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENEVILLE TN HLTH & EDUCTNL             | Greeneville Health & Educational Facilities Board                                | CUSIP: 396649EW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1144591.38   | 0.01%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BELMOND RESERVE CDD FL SPL ASS            | Belmond Reserve Community Development District                                   | CUSIP: 08015TAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $873473.18    | 0.01%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT CMNT            | Public Finance Authority                                                         | CUSIP: 74446CAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    765000 | PA      | $719761.42    | 0.01%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MCLENDON-CHISHOLM TX SPL ASSMN            | City of Mclendon-Chisholm TX                                                     | CUSIP: 582153BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $447826.98    | 0.01%             | 2041-09-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PALMETTO FL EDUCTNL FACS REVEN            | City of Palmetto FL                                                              | CUSIP: 697074AE2<br>LEI: 549300O5DRDBXPBU6I08 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1720463.50   | 0.02%             | 2057-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CDQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $199385.56    | 0.00%             | 2031-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461367N5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    935000 | PA      | $656832.36    | 0.01%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYJ5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     50000 | PA      | $36312.50     | 0.00%             | 2024-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN            | Public Authority for Colorado Energy                                             | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4920012.30   | 0.06%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SANTA FE NM RETMNT FAC REVENUE            | City of Santa Fe NM                                                              | CUSIP: 802170AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $421621.25    | 0.01%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A            | Palm Beach County Health Facilities Authority                                    | CUSIP: 69651ACD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1711149.79   | 0.02%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANDMINE ROAD CDD FL SPL ASSMN            | Sandmine Road Community Development District                                     | CUSIP: 800063AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $695510.01    | 0.01%             | 2050-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5307697.50   | 0.07%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                     | City of Sacramento CA                                                            | CUSIP: 786071RB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $927749.93    | 0.01%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH            | Military Installation Development Authority                                      | CUSIP: 599772AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1256519.10   | 0.02%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| W VLGS FL IMPT DIST                       | West Villages Improvement District                                               | CUSIP: 956454BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2177034.68   | 0.03%             | 2039-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FORT BEND CNTY TX INDL DEV COR            | Fort Bend County Industrial Development Corp                                     | CUSIP: 346786AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5685000 | PA      | $5548465.06   | 0.07%             | 2042-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934N7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    590000 | PA      | $604606.28    | 0.01%             | 2040-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC    | CDS STATE OF ILLINOIS                                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $-13687.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ESPLANADE LAKE CLUB CMNTY DEV             | Esplanade Lake Club Community Development District                               | CUSIP: 29665MAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $824296.07    | 0.01%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447TM26<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        | 216725000 | PA      | $18790144.19  | 0.24%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HOSPS & HGR ED            | Hospitals & Higher Education Facilities Authority of Philadelphia/The            | CUSIP: 717903L48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2092365.80   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP             | Arlington Higher Education Finance Corp                                          | CUSIP: 041806L65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $447226.14    | 0.01%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIDLOTHIAN TX SPL ASSMNT REVEN            | City of Midlothian TX                                                            | CUSIP: 59785RAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1272881.48   | 0.02%             | 2052-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505RD0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  61035000 | PA      | $64330774.03  | 0.81%             | 2046-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990G4Y5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $763238.93    | 0.01%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENETIAN PARC CDD FL SPL ASSMN            | Venetian Parc Community Development District                                     | CUSIP: 92265AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $332554.62    | 0.00%             | 2027-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $414582.00    | 0.01%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| YOSEMITE CA CMNTY CLG DIST                | Yosemite Community College District                                              | CUSIP: 987388DT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19135000 | PA      | $14738285.99  | 0.18%             | 2042-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH RETM            | Delaware State Economic Development Authority                                    | CUSIP: 246371AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1722134.98   | 0.02%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JUSTIN TX SPL ASSMNT REVENUE              | City of Justin TX                                                                | CUSIP: 482184AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135075.37    | 0.00%             | 2023-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| YONKERS NY ECON DEV CORP EDUCT            | Yonkers Economic Development Corp                                                | CUSIP: 98608MAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $673270.24    | 0.01%             | 2040-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENTANA FL CDD SPL ASSMNT REVE            | Ventana Community Development District                                           | CUSIP: 92277VAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4655000 | PA      | $4325617.79   | 0.05%             | 2049-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VERANO #1 CDD FL SPL ASSMMT               | Verano No 1 Community Development District                                       | CUSIP: 92337HAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $939778.49    | 0.01%             | 2046-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG            | Michigan Finance Authority                                                       | CUSIP: 594479FQ5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $439564.30    | 0.01%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GROVE CMNTY DEV DIST             | Southern Groves Community Development District No 5                              | CUSIP: 843021AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $310323.00    | 0.00%             | 2034-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AC70<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4435000 | PA      | $3910087.15   | 0.05%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUNTERS OVERLOOK METRO DIST #5            | Hunters Overlook Metropolitan District No 5                                      | CUSIP: 445788AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1764044.40   | 0.02%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YPW9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    950000 | PA      | $987212.64    | 0.01%             | 2039-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSBAY JT POWERS AUTH CA                | Transbay Joint Powers Authority                                                  | CUSIP: 89356CAT3<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1019865.95   | 0.01%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN GORGONIO CA MEMORIAL HLTHC            | San Gorgonio Memorial Health Care District                                       | CUSIP: 79781RGH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1466392.87   | 0.02%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEADOW POINTE FL IV CDD CAPITA            | Meadow Pointe IV Community Development District                                  | CUSIP: 58312PAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $117852.00    | 0.00%             | 2014-11-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| MANHATTAN KS HLTH CARE FAC REV            | City of Manhattan KS                                                             | CUSIP: 563017EF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $1461634.87   | 0.02%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD MI ECON DEV CORP                 | Kentwood Economic Development Corp                                               | CUSIP: 491740FB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1384107.57   | 0.02%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOPLIN MO INDL DEV AUTH SALES             | Joplin Industrial Development Authority                                          | CUSIP: 48068CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $483336.85    | 0.01%             | 2040-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AUSTIN CONVENTION ENTERPRISES             | Austin Convention Enterprises Inc                                                | CUSIP: 052409DL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1518940.13   | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152VL2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2677730.17   | 0.03%             | 2034-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW RIVER FL CDD CAPITAL IMPT             | New River Community Development District                                         | CUSIP: 648466AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $26609.08     | 0.00%             | 2031-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152T68<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9552917.85   | 0.12%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVE9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1619750.00   | 0.02%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L            | New York Liberty Development Corp                                                | CUSIP: 649519DG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1114099.75   | 0.01%             | 2069-09-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| LINCOLNSHIRE IL SPL SVC AREA #            | Village of Lincolnshire IL                                                       | CUSIP: 535065AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1658000 | PA      | $1537316.00   | 0.02%             | 2034-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH            | Military Installation Development Authority                                      | CUSIP: 599772AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1965622.50   | 0.02%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA            | Pennsylvania Higher Educational Facilities Authority                             | CUSIP: 70917R7G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5645000 | PA      | $4753079.84   | 0.06%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PFU4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1554591.10   | 0.02%             | 2045-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KES3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $966487.23    | 0.01%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EL DORADO CNTY CA SPL TAX                 | County of El Dorado CA                                                           | CUSIP: 283113KV9<br>LEI: 254900YWTZGSOPTH2R20 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1440390.49   | 0.02%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMDEN CT REVENUE                         | Town of Hamden CT                                                                | CUSIP: 406802AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6925000 | PA      | $7019187.62   | 0.09%             | 2053-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                    | City of Baltimore MD                                                             | CUSIP: 05923TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1491308.25   | 0.02%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PLP8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     85207 | PA      | $26414.21     | 0.00%             | 2048-12-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  54375000 | PA      | $57573620.25  | 0.72%             | 2044-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD FING AUTH T            | California Statewide Financing Authority                                         | CUSIP: 130923BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36600000 | PA      | $5273470.74   | 0.07%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE            | Oneida County Local Development Corp                                             | CUSIP: 682440CK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $344156.08    | 0.00%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIDTOWN MIAMI FL CDD SPL ASSMN            | Midtown Miami Community Development District                                     | CUSIP: 59807PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3434943.89   | 0.04%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAMMERSVILLE CA JT UNIF SCH DI            | Lammersville Joint Unified School District                                       | CUSIP: 513533BQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2777551.98   | 0.03%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152T84<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   7950000 | PA      | $7336163.01   | 0.09%             | 2037-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO            | Arizona Industrial Development Authority                                         | CUSIP: 04052TBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $177172.08    | 0.00%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTHS            | Chester County Industrial Development Authority                                  | CUSIP: 16559PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917588.30    | 0.01%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP             | Arlington Higher Education Finance Corp                                          | CUSIP: 041807AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5461968.60   | 0.07%             | 2062-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHINO CA PUBLIC FING AUTH REVE            | Chino Public Financing Authority                                                 | CUSIP: 169548EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $529220.84    | 0.01%             | 2044-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HERITAGE LANDING FL CDD SPL AS            | Heritage Landing Community Development District                                  | CUSIP: 42725YAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1937273.88   | 0.02%             | 2036-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL ACADEMY MI PUBLIC SC            | Universal Academy                                                                | CUSIP: 913359AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $885949.55    | 0.01%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM DESERT CA SPL TAX                    | City of Palm Desert CA                                                           | CUSIP: 696627EQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $483285.85    | 0.01%             | 2031-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                | City of Kyle TX                                                                  | CUSIP: 50156CAY6<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    501000 | PA      | $452663.27    | 0.01%             | 2041-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU            | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3721885.44   | 0.05%             | 2055-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE              | City of Austin TX                                                                | CUSIP: 052466BA6<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1136968.56   | 0.01%             | 2051-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                           | Tolomato Community Development District                                          | CUSIP: 889560DX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8310000 | PA      | $7440241.33   | 0.09%             | 2040-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                  | District of Columbia                                                             | CUSIP: 25483VWD2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1087373.56   | 0.01%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136EW7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11150000 | PA      | $7197695.18   | 0.09%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JUSTIN TX SPL ASSMNT REVENUE              | City of Justin TX                                                                | CUSIP: 482184AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2051000 | PA      | $1619138.16   | 0.02%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILLOWS CMNTY DEV DIST FL SPL             | Willows Community Development District                                           | CUSIP: 971264AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101450.35   | 0.01%             | 2052-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX REGL MOBILITY             | Hidalgo County Regional Mobility Authority                                       | CUSIP: 42934ACE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6760000 | PA      | $1112583.11   | 0.01%             | 2051-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| YONKERS NY ECON DEV CORP EDUCT            | Yonkers Economic Development Corp                                                | CUSIP: 98608MAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $435974.14    | 0.01%             | 2039-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERLY MET DIST #4 CO                   | Westerly Metropolitan District No 4                                              | CUSIP: 957568AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4238000 | PA      | $3650819.59   | 0.05%             | 2050-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN SKY MDD CO                       | Mountain Sky Metropolitan District                                               | CUSIP: 62427HAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $857200.51    | 0.01%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKESHORE VLGS LA MASTER CDD S            | Lakeshore Villages Master Community Development District                         | CUSIP: 512098AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1950751.44   | 0.02%             | 2048-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| K-BAR RANCH II CDD FL SPL ASSM            | K-Bar Ranch II Community Development District                                    | CUSIP: 48242QAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $1969723.34   | 0.02%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX FRESH WTR SPLY            | Kaufman County Fresh Water Supply District No 1-D                                | CUSIP: 48618TBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $265237.31    | 0.00%             | 2041-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO            | Hempstead Town Local Development Corp                                            | CUSIP: 424685BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5155000 | PA      | $4932759.70   | 0.06%             | 2057-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ESTANCIA AT WIREGRASS CDD FL C            | Estancia at Wiregrass Community Development District                             | CUSIP: 297321AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $858537.31    | 0.01%             | 2035-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL             | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592247J92<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  15690000 | PA      | $10280619.89  | 0.13%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CREEK TRANSIT MET DIST #            | Clear Creek Transit Metropolitan District No 2                                   | CUSIP: 184542AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $515352.74    | 0.01%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167501VH5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   6905000 | PA      | $4932660.63   | 0.06%             | 2030-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI CMNTY FACS DISTS            | Kauai County Community Facilities District                                       | CUSIP: 486121BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $672068.34    | 0.01%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOYLESTOWN PA HOSP AUTH                   | Doylestown Hospital Authority                                                    | CUSIP: 261333EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1850809.54   | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU            | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3757293.15   | 0.05%             | 2050-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505UL8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026737.20   | 0.01%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COPPER RIDGE MET DIST CO TAX I            | Copper Ridge Metropolitan District                                               | CUSIP: 217558AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1513039.68   | 0.02%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINDRED FL CDD II SPL ASSMNT R            | Kindred Community Development District II                                        | CUSIP: 494581AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $345357.83    | 0.00%             | 2050-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL             | Black Belt Energy Gas District                                                   | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5212103.50   | 0.07%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY NY TOBACCO ASSET SEC            | Erie Tobacco Asset Securitization Corp                                           | CUSIP: 295095BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  66000000 | PA      | $3446328.60   | 0.04%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA            | Pennsylvania Higher Educational Facilities Authority                             | CUSIP: 70917RKD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10850000 | PA      | $9590919.35   | 0.12%             | 2039-07-01      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO            | Arizona Industrial Development Authority                                         | CUSIP: 04052FAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1282302.00   | 0.02%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY PA INDL DEV A            | Northampton County Industrial Development Authority                              | CUSIP: 663549NU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1791784.68   | 0.02%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALEM VA ECON DEV AUTH EDUCTNL            | Salem Economic Development Authority                                             | CUSIP: 794565AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $605992.81    | 0.01%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL             | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DHJ4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1480920.05   | 0.02%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TWO RIVERS WEST CDD FL SPL ASS            | Two Rivers West Community Development District                                   | CUSIP: 90207HAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1588703.52   | 0.02%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N GLENN CO URBAN RENEWAL AUTH             | Northglenn Urban Renewal Authority                                               | CUSIP: 66644KAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $308830.72    | 0.00%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE            | City of Pilot Point TX                                                           | CUSIP: 721614AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $578972.58    | 0.01%             | 2042-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STONEYBROOK S AT CHAMPIONSGATE            | Stoneybrook South at Championsgate Community Development District                | CUSIP: 86203JAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $939420.02    | 0.01%             | 2049-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WATERFORD LANDING FL CDD CAPIT            | Waterford Landing Community Development District                                 | CUSIP: 941408AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3810000 | PA      | $3818783.96   | 0.05%             | 2044-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL             | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592247L40<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  11900000 | PA      | $5592111.07   | 0.07%             | 2038-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZX3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1383506.25   | 0.02%             | 2029-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                    | City of Baltimore MD                                                             | CUSIP: 05923TCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1249949.25   | 0.02%             | 2046-06-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| VERANO #1 CDD FL SPL ASSMMT               | Verano No 1 Community Development District                                       | CUSIP: 92337HAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1937002.91   | 0.02%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA INDL DEV AUT            | Allegheny County Industrial Development Authority                                | CUSIP: 017292XV0<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1019105.95   | 0.01%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $991955.63    | 0.01%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486E21<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   8765000 | PA      | $8493493.61   | 0.11%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HERITAGE HARBOUR FL N CDD SPLA            | Heritage Harbour North Community Development District                            | CUSIP: 42727LAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2066188.29   | 0.03%             | 2045-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HASLET TX SPL ASSMNT REVENUE              | City of Haslet TX                                                                | CUSIP: 418304AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1852000 | PA      | $1434619.02   | 0.02%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QD74<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5036850 | PA      | $3853190.25   | 0.05%             | 2021-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC            | California County Tobacco Securitization Agency                                  | CUSIP: 13016NJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12620000 | PA      | $2475246.42   | 0.03%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152YL9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4961096.00   | 0.06%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN MATHEMATICS & SCIENCE            | Michigan Mathematics & Science Initiative                                        | CUSIP: 59457QAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1292363.77   | 0.02%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CROSS CREEK N CDD FL SPL ASSMN            | Cross Creek North Community Development District                                 | CUSIP: 227521AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1392166.03   | 0.02%             | 2052-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MIRABELLE MET DIST #2 CO                  | Mirabelle Metropolitan District No 2                                             | CUSIP: 60458HAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1473000 | PA      | $1298946.78   | 0.02%             | 2049-12-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY            | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5058757.50   | 0.06%             | 2042-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TWO LAKES CDD FL SPL ASSMNT               | Two Lakes Community Development District                                         | CUSIP: 90207EAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5330000 | PA      | $4909016.88   | 0.06%             | 2047-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| K-BAR RANCH II CDD FL SPL ASSM            | K-Bar Ranch II Community Development District                                    | CUSIP: 48242QAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $681033.32    | 0.01%             | 2041-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008EST4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1840725.51   | 0.02%             | 2052-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CHARLESTON WV SPL DIST E            | City of South Charleston WV                                                      | CUSIP: 837323AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2094661.56   | 0.03%             | 2032-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP EDUCTNL            | Kentucky Bond Development Corp                                                   | CUSIP: 49120AAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $111609.37    | 0.00%             | 2049-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAST BONITA BEACH ROAD CMNTY D            | East Bonita Beach Road Community Development District                            | CUSIP: 271124AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918591.30    | 0.01%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65821DYG0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   5575000 | PA      | $3911073.79   | 0.05%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI            | Florida Higher Educational Facilities Financial Authority                        | CUSIP: 34073TLN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2272888.15   | 0.03%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD            | Michigan Strategic Fund                                                          | CUSIP: 594698QR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2442079.18   | 0.03%             | 2035-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SPARTANBURG SC REGL HLTH SVCS             | Spartanburg Regional Health Services District                                    | CUSIP: 847113DH7<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1416637.60   | 0.02%             | 2049-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WICHITA KS HLTH CARE FACS REVE            | City of Wichita KS                                                               | CUSIP: 967249QR7<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1175707.39   | 0.01%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT LTD OBLG REVENUE                | Territory of Guam                                                                | CUSIP: 40065HDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516892.30    | 0.01%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F            | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638RHJ9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   7300000 | PA      | $6169341.69   | 0.08%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LT RANCH CDD FL CAPITAL IMPT R            | LT Ranch Community Development District                                          | CUSIP: 54912EAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $2883155.76   | 0.04%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061ULP1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1527261.35   | 0.02%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIZCAYA IN KENDALL FL CDD SPLA            | Vizcaya in Kendall Community Development District                                | CUSIP: 92856EAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925490.30    | 0.01%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA            | Pennsylvania Higher Educational Facilities Authority                             | CUSIP: 709181BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $363750.46    | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TUCKERS POINTE CDD FL SPL ASSM            | Tuckers Pointe Community Development District                                    | CUSIP: 898691AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1050985.88   | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN            | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542RDY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $357762.71    | 0.00%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU            | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UKK9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $1582324.66   | 0.02%             | 2061-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NM             | Village of Los Ranchos de Albuquerque NM                                         | CUSIP: 545610BE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $381275.89    | 0.00%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STONE CREEK MET DIST CO                   | Stone Creek Metropolitan District                                                | CUSIP: 86162VAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1906111.40   | 0.02%             | 2047-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TISONS LANDING FL CDD                     | Tisons Landing Community Development District                                    | CUSIP: 88825RAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1228696.64   | 0.02%             | 2037-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE               | City of Houston TX Airport System Revenue                                        | CUSIP: 4423487W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8365000 | PA      | $8473646.29   | 0.11%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $914942.75    | 0.01%             | 2026-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MIAMI WORLD CENTER CDD FL SPL             | Miami World Center Community Development District                                | CUSIP: 593856AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3921968.80   | 0.05%             | 2039-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TMF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $490567.38    | 0.01%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | CDS STATE OF CALIFORNIA                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |         1 | NC      | $18419.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505UH7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046551.80   | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROMLEY PARK CO MET DIST #2               | Bromley Park Metropolitan District No 2                                          | CUSIP: 112206BH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949786.80    | 0.01%             | 2047-12-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CONCORDE ESTATES FL CDD                   | Concorde Estates Community Development District                                  | CUSIP: 20651XAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3980000 | PA      | $39.80        | 0.00%             | 2011-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST CONVENTION CENTE            | Washington State Convention Center Public Facilities District                    | CUSIP: 93976ABG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  47425000 | PA      | $47645502.54  | 0.60%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65820YRL2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1568158.52   | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAINDANCE MET DIST NO 2 CO                | Raindance Metropolitan District No 2                                             | CUSIP: 75087FAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9930000 | PA      | $8707381.66   | 0.11%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND OH ARPT SPL REVENUE             | City of Cleveland OH                                                             | CUSIP: 186347AC4<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |  22500000 | PA      | $22505440.50  | 0.28%             | 2027-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QD66<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | CORP              | US        |   5036850 | PA      | $3853190.25   | 0.05%             | 2021-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R            | Massachusetts Development Finance Agency                                         | CUSIP: 57584XAN1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1990683.24   | 0.02%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT            | Allentown Neighborhood Improvement Zone Development Authority                    | CUSIP: 018444BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974435.60    | 0.01%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4414123.53   | 0.06%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPISTRANO CA UNIF SCH DIST CM            | Capistrano Unified School District Community Facilities District                 | CUSIP: 139705JZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $4569106.50   | 0.06%             | 2033-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MESQUITE TX SPL ASSMNT REVENUE            | City of Mesquite TX                                                              | CUSIP: 590771AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2372722.01   | 0.03%             | 2039-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH              | E-470 Public Highway Authority                                                   | CUSIP: 26822LGV0<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1332070.80   | 0.02%             | 2039-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MANHATTAN KS HLTH CARE FAC REV            | City of Manhattan KS                                                             | CUSIP: 563017EB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $794456.18    | 0.01%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QD82<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1678950 | PA      | $1284396.75   | 0.02%             | 2022-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH            | Maricopa County Industrial Development Authority                                 | CUSIP: 56678RAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1844865.15   | 0.02%             | 2051-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH POWERLINE ROAD CDD FL SP            | North Powerline Road Community Development District                              | CUSIP: 66173PAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1698929.28   | 0.02%             | 2052-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE            | City of Crandall TX                                                              | CUSIP: 224384AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $767681.19    | 0.01%             | 2041-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65820YRN8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1072268.74   | 0.01%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVALON GROVES CDD FL SPL ASSMN            | Avalon Groves Community Development District                                     | CUSIP: 05344CAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $539190.56    | 0.01%             | 2049-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI            | Florida Higher Educational Facilities Financial Authority                        | CUSIP: 34073TKB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6060000 | PA      | $5972531.17   | 0.07%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROSSINGS CDD FL SPL ASSMNT               | Crossings Community Development District                                         | CUSIP: 22766NAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2252879.85   | 0.03%             | 2052-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC            | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60636AQJ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2502437.33   | 0.03%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GML3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    150000 | PA      | $140500.56    | 0.00%             | 2027-07-01      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| MEDITERRANEA FL CDD                       | Mediterranea Community Development District                                      | CUSIP: 58502CAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1562829.04   | 0.02%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R            | Massachusetts Development Finance Agency                                         | CUSIP: 57584YMJ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2388520.26   | 0.03%             | 2046-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH                 | Arizona Health Facilities Authority                                              | CUSIP: 040507HN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  43640000 | PA      | $40535341.30  | 0.51%             | 2037-01-01      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NM             | Village of Los Ranchos de Albuquerque NM                                         | CUSIP: 545610BF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301861.92    | 0.00%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE VLG KS SPL OBLIG TAX I            | City of Prairie Village KS                                                       | CUSIP: 73971FAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $740260.43    | 0.01%             | 2036-04-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TSR CDD FL SPL ASSMNT REVENUE             | TSR Community Development District                                               | CUSIP: 89854CAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1709790.91   | 0.02%             | 2049-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALCASIEU PARISH LA MEMORIAL H            | Calcasieu Parish Memorial Hospital Service District                              | CUSIP: 128423EY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2404485.39   | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204FSP1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1780852.68   | 0.02%             | 2052-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A            | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507VL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1238503.55   | 0.02%             | 2056-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QB92<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    747236 | PA      | $571635.54    | 0.01%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YMV4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    575000 | PA      | $587809.51    | 0.01%             | 2043-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65820YRS7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1169487.44   | 0.01%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADWAY PARK NORTH MET DIST #            | Broadway Park North Metropolitan District No 2                                   | CUSIP: 111561AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1166582.04   | 0.01%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLGS GLEN CREEK FL CDD CAPITAL            | Villages of Glen Creek Community Development District                            | CUSIP: 92716AAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1070895.64   | 0.01%             | 2053-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD            | Maryland Economic Development Corp                                               | CUSIP: 57420VRN5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1232616.98   | 0.02%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SANTA MONICA CA REDEV AGY                 | Santa Monica Redevelopment Agency                                                | CUSIP: 802447FE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004618.40   | 0.03%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMMOCK RESERVE CDD FL SPL ASS            | Hammock Reserve Community Development District                                   | CUSIP: 408348AL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $602229.10    | 0.01%             | 2042-05-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ARGYLE TX SPL ASSMNT REVENUE              | Town of Argyle TX                                                                | CUSIP: 04033EAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $259707.50    | 0.00%             | 2023-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136Y39<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2560662.60   | 0.03%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN            | City of Royse City TX                                                            | CUSIP: 780870AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $726258.06    | 0.01%             | 2039-09-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| STOREY PARK FL CDD SPL ASSMNT             | Storey Park Community Development District                                       | CUSIP: 86216RAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $373954.68    | 0.00%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| YONKERS NY ECON DEV CORP EDUCT            | Yonkers Economic Development Corp                                                | CUSIP: 98608MAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1161316.92   | 0.01%             | 2050-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARKLAND PRESERVE CDD FL SPL A            | Parkland Preserve Community Development District                                 | CUSIP: 701403AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235637.04    | 0.00%             | 2032-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZG0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     60000 | PA      | $42300.00     | 0.00%             | 2022-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204E7E2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1469644.80   | 0.02%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYV8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     80000 | PA      | $57600.00     | 0.00%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERLY MET DIST #4 CO                   | Westerly Metropolitan District No 4                                              | CUSIP: 957568AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1255351.20   | 0.02%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TJM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886987.90    | 0.01%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABERDEEN FL CDD SPL ASSMNT                | Aberdeen Community Development District                                          | CUSIP: 00301PAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $949475.34    | 0.01%             | 2049-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST #5 CO                    | Canyons Metropolitan District No 5                                               | CUSIP: 139071AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3796978.80   | 0.05%             | 2047-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV            | Colorado Health Facilities Authority                                             | CUSIP: 19648AJ30<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3077610.30   | 0.04%             | 2036-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BAYWINDS FL CDD SPL ASSMNT                | Baywinds Community Development District                                          | CUSIP: 07325RAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2721436.67   | 0.03%             | 2037-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WESTERN REGL OFF-TRACK BETTING            | Western Regional Off-Track Betting Corp                                          | CUSIP: 959321AB6<br>LEI: 549300OJK9LIIXQUYY95 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1288583.29   | 0.02%             | 2041-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY WV COMMISSION             | Monongalia County Commission Excise Tax District                                 | CUSIP: 61022CAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1424405.24   | 0.02%             | 2043-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL             | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KBN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1411323.90   | 0.02%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX REGL MOBILITY             | Hidalgo County Regional Mobility Authority                                       | CUSIP: 42934ACH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7300000 | PA      | $987095.05    | 0.01%             | 2054-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PINE ISLE CMNTY DEV DIST FL SP            | Pine Isle Community Development District                                         | CUSIP: 72265AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $726762.20    | 0.01%             | 2041-12-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8001614.00   | 0.10%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT            | Delaware State Economic Development Authority                                    | CUSIP: 246372AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1909366.43   | 0.02%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                | City of Kyle TX                                                                  | CUSIP: 50156CAF7<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1125493.01   | 0.01%             | 2044-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX FRESH WTR SPLY            | Kaufman County Fresh Water Supply District No 1-D                                | CUSIP: 48618TAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $137307.77    | 0.00%             | 2034-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TWO LAKES CDD FL SPL ASSMNT               | Two Lakes Community Development District                                         | CUSIP: 90207EAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3505000 | PA      | $2688667.98   | 0.03%             | 2049-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRE LAKE FL CDD SPL ASSMNT             | Centre Lake Community Development District                                       | CUSIP: 156309AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $915139.78    | 0.01%             | 2037-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW RIVER FL CDD CAPITAL IMPT             | New River Community Development District                                         | CUSIP: 648466AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $699967.40    | 0.01%             | 2038-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MCLENDON-CHISHOLM TX SPL ASSMN            | City of Mclendon-Chisholm TX                                                     | CUSIP: 582153BG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2313730.82   | 0.03%             | 2052-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R            | Veranda Community Development District II                                        | CUSIP: 92338HAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1227889.94   | 0.02%             | 2032-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN            | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542RDA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046442.00   | 0.01%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204FRX5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $973480.62    | 0.01%             | 2052-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANDMINE ROAD CDD FL SPL ASSMN            | Sandmine Road Community Development District                                     | CUSIP: 800063AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $649037.87    | 0.01%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EDGEWATER EAST CDD FL SPL ASSM            | Edgewater East Community Development District                                    | CUSIP: 280286AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1618449.89   | 0.02%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204FKR5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1634948.65   | 0.02%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC            | California County Tobacco Securitization Agency                                  | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $747461.75    | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDICAL SCH CAMPUS PUB INFRAST            | Medical School Campus Public Infrastructure District                             | CUSIP: 58468LAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10250000 | PA      | $8580543.55   | 0.11%             | 2050-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN             | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1019086.04   | 0.01%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F            | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 64579F7Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9700000 | PA      | $9695530.24   | 0.12%             | 2038-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061UGS1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    800000 | PA      | $628879.76    | 0.01%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROAM PUBLIC INFRASTRUCTURE DIS            | ROAM Public Infrastructure District No 1                                         | CUSIP: 76974AAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1199471.49   | 0.02%             | 2051-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA            | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XDV4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3206204.40   | 0.04%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN            | California Community Housing Agency                                              | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2372046.64   | 0.03%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING A            | Virginia Small Business Financing Authority                                      | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $490005.26    | 0.01%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL             | Philadelphia Authority for Industrial Development                                | CUSIP: 71780CBQ2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1533512.81   | 0.02%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWR9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     80000 | PA      | $57300.00     | 0.00%             | 2021-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXC1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $2253600.00   | 0.03%             | 2019-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL             | Philadelphia Authority for Industrial Development                                | CUSIP: 71780CAJ9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    310000 | PA      | $311431.24    | 0.00%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONCORDE ESTATES FL CDD                   | Concorde Estates Community Development District                                  | CUSIP: 20651XAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3305000 | PA      | $33.05        | 0.00%             | 2035-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MANOR TX SPL ASSMNT REVENUE               | City of Manor TX                                                                 | CUSIP: 564099AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $908503.65    | 0.01%             | 2051-09-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399PH3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    900000 | PA      | $849375.36    | 0.01%             | 2052-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SAN GORGONIO CA MEMORIAL HLTHC            | San Gorgonio Memorial Health Care District                                       | CUSIP: 79781RGJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1549202.53   | 0.02%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION             | Texas Municipal Gas Acquisition and Supply Corp I                                | CUSIP: 88256CAW9<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4054939.77   | 0.05%             | 2026-12-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| MIDLOTHIAN TX SPL ASSMNT REVEN            | City of Midlothian TX                                                            | CUSIP: 59785RAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $428673.21    | 0.01%             | 2051-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SANTA FE NM RETMNT FAC REVENUE            | City of Santa Fe NM                                                              | CUSIP: 802170AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $817281.30    | 0.01%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE             | County of Cuyahoga OH                                                            | CUSIP: 2322655P9<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6396179.38   | 0.08%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRING LAKE FL CDD SPL ASSESSM            | Spring Lake Community Development District                                       | CUSIP: 849703AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1690171.88   | 0.02%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIRADA II CMNTY DEV DIST FL CA            | Mirada II Community Development District                                         | CUSIP: 60463WAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1079752.04   | 0.01%             | 2042-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CENTRE LAKE FL CDD SPL ASSMNT             | Centre Lake Community Development District                                       | CUSIP: 156309AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481883.85    | 0.01%             | 2032-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AVIARY AT RUTLAND RANCH CDD FL            | Aviary at Rutland Ranch Community Development District                           | CUSIP: 05369FAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1391805.66   | 0.02%             | 2049-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                 | Municipal Electric Authority of Georgia                                          | CUSIP: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9819120.00   | 0.12%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GU91<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    925000 | PA      | $907591.96    | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SURFACE T            | Florida Development Finance Corp                                                 | CUSIP: 34061YAD2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  39795000 | PA      | $35516961.89  | 0.45%             | 2049-01-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510935F3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    900000 | PA      | $841467.51    | 0.01%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUTTO TX SPL ASSMNT REVENUE               | City of Hutto TX                                                                 | CUSIP: 448529AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2329000 | PA      | $1785263.74   | 0.02%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GU83<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    870000 | PA      | $857296.70    | 0.01%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CT                              | City of New Haven CT                                                             | CUSIP: 6450206A1<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    900000 | PA      | $981900.72    | 0.01%             | 2034-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRADITION CDD #9 FL SPL ASSMNT            | Tradition Community Development District No 9                                    | CUSIP: 89269NAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1188270.25   | 0.01%             | 2041-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SWM2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    375000 | PA      | $366382.80    | 0.00%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG              | Mississippi Development Bank                                                     | CUSIP: 60534XLT1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    700000 | PA      | $623348.39    | 0.01%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SKY RANCH CMNTY AUTH BRD CO               | Sky Ranch Community Authority Board                                              | CUSIP: 83086FAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1373622.02   | 0.02%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDLOTHIAN TX SPL ASSMNT REVEN            | City of Midlothian TX                                                            | CUSIP: 59785RAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $362898.10    | 0.00%             | 2041-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EDGEWATER EAST CDD FL SPL ASSM            | Edgewater East Community Development District                                    | CUSIP: 280286AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2024146.02   | 0.03%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ABERDEEN FL CDD SPL ASSMNT                | Aberdeen Community Development District                                          | CUSIP: 00301PAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $604637.25    | 0.01%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH FORK III CMNTY DEV DIST             | South Fork III Community Development District                                    | CUSIP: 83786TAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2395292.52   | 0.03%             | 2049-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SHENANDOAH TX SPL ASSMNT REVEN            | City of Shenandoah TX                                                            | CUSIP: 82313QAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2472228.93   | 0.03%             | 2047-09-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PSG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  12100000 | PA      | $8759332.78   | 0.11%             | 2056-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CREEK PRESV CMNTY DEV DIST FL             | Creek Preserve Community Development District                                    | CUSIP: 22550HAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2172763.76   | 0.03%             | 2049-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CASTLEVIEW MET DIST #1 CO                 | Castleview Metropolitan District No 1                                            | CUSIP: 14860EAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4220000 | PA      | $3263345.83   | 0.04%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT            | Triple Creek Community Development District                                      | CUSIP: 89677RAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $780878.44    | 0.01%             | 2029-11-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWM0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     65000 | PA      | $45825.00     | 0.00%             | 2017-07-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934D9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    465000 | PA      | $496117.34    | 0.01%             | 2031-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152U58<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4730000 | PA      | $4630541.34   | 0.06%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QA85<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   6190000 | PA      | $4642500.00   | 0.06%             | 2040-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VIRIDIAN TX MUNI MGMT DIST ASS            | Viridian Municipal Management District                                           | CUSIP: 92823UAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    424000 | PA      | $414063.09    | 0.01%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESTRELLA MOUNTAIN RANCH AZ CMN            | Estrella Mountain Ranch Community Facilities District                            | CUSIP: 29758RBY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $527062.66    | 0.01%             | 2034-07-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486ZN2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    735000 | PA      | $672145.45    | 0.01%             | 2042-01-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R            | Tobacco Settlement Financing Corp/RI                                             | CUSIP: 888809AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 124220000 | PA      | $16966141.51  | 0.21%             | 2052-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399PM2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    900000 | PA      | $840558.60    | 0.01%             | 2052-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SSE5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1232449.20   | 0.02%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTERNATIONAL ARPT AUTH              | Antonio B Won Pat International Airport Authority                                | CUSIP: 40064RFD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $215694.16    | 0.00%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRIGHTWATER CMNTY DEV DIST FL             | Brightwater Community Development District                                       | CUSIP: 10947YAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $720540.60    | 0.01%             | 2041-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PMU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $324473.98    | 0.00%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASTONIA CMNTY DEV DIST FL SPL             | Astonia Community Development District                                           | CUSIP: 04625DAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $365084.00    | 0.00%             | 2041-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PRESERVE AT S BRANCH CDD FL SP            | Preserve at South Branch Community Development District                          | CUSIP: 74082PAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $212789.30    | 0.00%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061UFK9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1491347.88   | 0.02%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUSQUEHANNA PA AREA REGL ARPTA            | Susquehanna Area Regional Airport Authority                                      | CUSIP: 86909RBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1141871.50   | 0.01%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM COAST PARK FL CDD SPL ASS            | Palm Coast Park Community Development District                                   | CUSIP: 69661TAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $943824.63    | 0.01%             | 2050-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ERS7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    590000 | PA      | $435675.82    | 0.01%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TALIS PARK CMNTY DEV DIST FL C            | Talis Park Community Development District                                        | CUSIP: 874249AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $759639.71    | 0.01%             | 2026-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT             | City of North Las Vegas NV                                                       | CUSIP: 66041HGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $511177.30    | 0.01%             | 2049-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TALIS PARK CMNTY DEV DIST FL C            | Talis Park Community Development District                                        | CUSIP: 874249AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1427263.72   | 0.02%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL ASSMNT REVEN            | City of Fort Worth TX                                                            | CUSIP: 349506AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1246094.13   | 0.02%             | 2037-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH               | Bucks County Industrial Development Authority                                    | CUSIP: 118612MV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1139268.09   | 0.01%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QKM3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    300000 | PA      | $212625.00    | 0.00%             | 2019-07-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| HAYS CNTY TX SPL ASSMNT REVENU            | County of Hays TX                                                                | CUSIP: 420894AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $927140.40    | 0.01%             | 2050-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BISCAYNE DRIVE ESTATES CDD FL             | Biscayne Drive Estates Community Development District                            | CUSIP: 09135PAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $898726.77    | 0.01%             | 2052-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HACKBERRY TX SPL ASSMNT CONTRA            | City of Hackberry TX                                                             | CUSIP: 404518AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1805488.11   | 0.02%             | 2038-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV            | Colorado Health Facilities Authority                                             | CUSIP: 19648FSV7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    950000 | PA      | $700585.10    | 0.01%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204FRW7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1134919.32   | 0.01%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HOSPS & HGR ED            | Hospitals & Higher Education Facilities Authority of Philadelphia/The            | CUSIP: 717903L30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525314.15    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT            | Triple Creek Community Development District                                      | CUSIP: 89677RAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1484729.02   | 0.02%             | 2038-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO            | Arizona Industrial Development Authority                                         | CUSIP: 04052TAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2031692.19   | 0.03%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13081CAC2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2141808.10   | 0.03%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX REGL MOBILITY             | Hidalgo County Regional Mobility Authority                                       | CUSIP: 42934ACC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6105000 | PA      | $1144328.53   | 0.01%             | 2049-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SILICON VLY CA TOBACCO SECURIT            | Silicon Valley Tobacco Securitization Authority                                  | CUSIP: 82706TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  27250000 | PA      | $2142381.38   | 0.03%             | 2056-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TIMBERLEAF MET DIST CO                    | Timberleaf Metropolitan District                                                 | CUSIP: 88714TAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1621097.54   | 0.02%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL             | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $723439.44    | 0.01%             | 2026-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ELMENDORF TX SPL ASSMNT REVENU            | City of Elmendorf TX                                                             | CUSIP: 28938TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1071000 | PA      | $821876.30    | 0.01%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV            | City of Woodbury MN                                                              | CUSIP: 979134AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $351351.50    | 0.00%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL CMNTY REDEV AGY TAX            | Orlando Community Redevelopment Agency                                           | CUSIP: 686430GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1005669.13   | 0.01%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV             | Latrobe Industrial Development Authority                                         | CUSIP: 518324AU2<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    625000 | PA      | $503043.50    | 0.01%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT            | Triple Creek Community Development District                                      | CUSIP: 89677RAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $948523.73    | 0.01%             | 2027-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ERA6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2446150.61   | 0.03%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                 | City of Venice FL                                                                | CUSIP: 922687AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1513049.08   | 0.02%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAYS CNTY TX SPL ASSMNT REVENU            | County of Hays TX                                                                | CUSIP: 420894AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $631876.80    | 0.01%             | 2040-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PFT7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2692981.72   | 0.03%             | 2037-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GROVE CMNTY DEV DIST             | Southern Groves Community Development District No 5                              | CUSIP: 843021AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $153019.39    | 0.00%             | 2046-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING             | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70869PNK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1830913.43   | 0.02%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CREEK STATION MET DIST N            | Clear Creek Station Metropolitan District No 2                                   | CUSIP: 184539AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    762000 | PA      | $704031.23    | 0.01%             | 2032-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH            | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NEW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1158108.53   | 0.01%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HICKORY CREEK TX SPL ASSMNT RE            | Town of Hickory Creek TX                                                         | CUSIP: 428870AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $462537.62    | 0.01%             | 2037-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                      | State of Ohio                                                                    | CUSIP: 67756CDM7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4323403.50   | 0.05%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAYTON TX SPL ASSMNT REVENUE              | City of Dayton TX                                                                | CUSIP: 240094AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1364000 | PA      | $1313232.47   | 0.02%             | 2052-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STOREY CREEK CDD FL                       | Storey Creek Community Development District                                      | CUSIP: 86216CAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $554615.96    | 0.01%             | 2042-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TPP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1160292.93   | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SADDLE CREEK PRESERVE OF POLK             | Saddle Creek Preserve of Polk County Community Development District              | CUSIP: 786230AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $991867.02    | 0.01%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13077EKC3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    595000 | PA      | $499499.23    | 0.01%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N RANGE CO MET DIST #2                    | North Range Metropolitan District No 2                                           | CUSIP: 66176MAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5380000 | PA      | $5312768.29   | 0.07%             | 2047-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $500430.30    | 0.01%             | 2050-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| HICKORY CREEK TX SPL ASSMNT RE            | Town of Hickory Creek TX                                                         | CUSIP: 428870AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $567008.88    | 0.01%             | 2032-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BROOKSTONE CDD FL SPL ASSMNT R            | Brookstone Community Development District                                        | CUSIP: 114534AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1454031.00   | 0.02%             | 2052-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RIDGE AT APOPKA CDD FL SPL ASS            | Ridge at Apopka Community Development District                                   | CUSIP: 76571AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $818028.10    | 0.01%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BELLAGIO CDD FL SPL ASSMNT                | Bellagio Community Development District                                          | CUSIP: 07821BAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3265826.48   | 0.04%             | 2043-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST                      | Chicago Park District                                                            | CUSIP: 167615XX6<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   2585000 | PA      | $2432327.83   | 0.03%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL             | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DTX0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2330212.10   | 0.03%             | 2052-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65820YLD6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2071789.40   | 0.03%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELLA MESA MET DIST CO                    | Bella Mesa Metropolitan District                                                 | CUSIP: 07819PAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1584248.41   | 0.02%             | 2049-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CT                              | City of New Haven CT                                                             | CUSIP: 6450206D5<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    400000 | PA      | $430296.80    | 0.01%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAKESHORE VLGS LA MASTER CDD S            | Lakeshore Villages Master Community Development District                         | CUSIP: 512098AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1381738.24   | 0.02%             | 2052-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT            | Utah Charter School Finance Authority                                            | CUSIP: 91754TM83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $861254.36    | 0.01%             | 2051-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QEX6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    130000 | PA      | $94412.50     | 0.00%             | 2030-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE            | City of Fate TX                                                                  | CUSIP: 31189RCF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $840655.20    | 0.01%             | 2052-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E            | Ohio Air Quality Development Authority                                           | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |  18110000 | PA      | $15841711.63  | 0.20%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A            | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507US9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $1797196.14   | 0.02%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH            | Maricopa County Industrial Development Authority                                 | CUSIP: 56678RAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1840212.78   | 0.02%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI WORLD CENTER CDD FL SPL             | Miami World Center Community Development District                                | CUSIP: 593856AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $603257.28    | 0.01%             | 2027-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH S            | Kansas City Industrial Development Authority                                     | CUSIP: 48503VAH5<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911988.10    | 0.01%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPPER IL RIVER VLY DEV AUTH               | Upper Illinois River Valley Development Authority                                | CUSIP: 91588XAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $730391.22    | 0.01%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HACKBERRY TX SPL ASSMNT CONTRA            | City of Hackberry TX                                                             | CUSIP: 404518AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $909684.49    | 0.01%             | 2032-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE               | City of Houston TX Airport System Revenue                                        | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10096559.55  | 0.13%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &             | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160TV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9400000 | PA      | $8675042.86   | 0.11%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TOUCHSTONE CMNTY DEV DIST FL S            | Touchstone Community Development District                                        | CUSIP: 89154GAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1452032.71   | 0.02%             | 2038-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510935M8<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1016461.84   | 0.01%             | 2027-04-01      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| VLGS AT JOHNSTOWN MET DIST #3             | Villages at Johnstown Metropolitan District No 3                                 | CUSIP: 927133AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $526301.51    | 0.01%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COPPERLEAF MET DIST #3 CO                 | Copperleaf Metropolitan District No 3                                            | CUSIP: 217659AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    506000 | PA      | $521180.00    | 0.01%             | 2047-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK            | Port Beaumont Navigation District                                                | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   3675000 | PA      | $2406345.53   | 0.03%             | 2041-01-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE             | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682RM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  69020000 | PA      | $73713325.49  | 0.92%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Developm            | New York City Housing Development Corp                                           | CUSIP: 64966TFJ8<br>LEI: 549300SQWVHKBRF8D702 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1962277.00   | 0.02%             | 2048-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH REVEN            | Maryland Stadium Authority                                                       | CUSIP: 574296DU0<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |  10125000 | PA      | $2316613.16   | 0.03%             | 2054-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR            | Inland Empire Tobacco Securitization Corp                                        | CUSIP: 45734TAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 290580000 | PA      | $19106245.22  | 0.24%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F            | Capital Trust Agency Inc                                                         | CUSIP: 14054CDF3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    750000 | PA      | $724914.83    | 0.01%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TRD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $689177.15    | 0.01%             | 2056-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1654977.25   | 0.02%             | 2045-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NORMAN OK REGL HOSP AUTH HOSP             | Norman Regional Hospital Authority                                               | CUSIP: 656178EK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $910825.79    | 0.01%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F            | Capital Trust Agency Inc                                                         | CUSIP: 14054CDE6<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    275000 | PA      | $277134.33    | 0.00%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRACY CA CMNTY FACS DIST                  | Tracy Community Facilities District/CA                                           | CUSIP: 892376SD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $410295.54    | 0.01%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81            | City of Las Vegas NV Special Improvement District No 814                         | CUSIP: 51778UAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $427659.86    | 0.01%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COPPER CREEK FL CDD SPL ASSMNT            | Copper Creek Community Development District                                      | CUSIP: 21749LAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $258754.72    | 0.00%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN             | Alameda Corridor Transportation Authority                                        | CUSIP: 010869JM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $885271.25    | 0.01%             | 2047-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS            | New York Counties Tobacco Trust IV                                               | CUSIP: 62947YAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 178305000 | PA      | $8821818.18   | 0.11%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE            | California Municipal Finance Authority                                           | CUSIP: 13048VDV7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306104.88    | 0.00%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GROVE CMNTY DEV DIST             | Southern Groves Community Development District No 5                              | CUSIP: 843021AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $369756.84    | 0.00%             | 2040-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                     | City of Sacramento CA                                                            | CUSIP: 786071LZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $293487.04    | 0.00%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAPEL CROSSINGS CDD FL CAPITA            | Chapel Crossings Community Development District                                  | CUSIP: 15942YAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1358849.02   | 0.02%             | 2040-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505KE5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1383569.46   | 0.02%             | 2023-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EPPERSON N CDD FL CAPITAL IMPT            | Epperson North Community Development District                                    | CUSIP: 29429VAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $318145.27    | 0.00%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE            | Village Community Development District No 13                                     | CUSIP: 92708HAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9615000 | PA      | $7039794.36   | 0.09%             | 2050-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN            | City of Royse City TX                                                            | CUSIP: 780870BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1166000 | PA      | $1165870.92   | 0.01%             | 2052-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA            | Chicago O'Hare International Airport                                             | CUSIP: 167593Y22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12311433.60  | 0.15%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AJP3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    740000 | PA      | $766609.14    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R            | Massachusetts Development Finance Agency                                         | CUSIP: 57584YMG1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045175.10   | 0.01%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A            | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $500290.56    | 0.01%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HACKBERRY TX SPL ASSMNT CONTRA            | City of Hackberry TX                                                             | CUSIP: 404518AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1312331.72   | 0.02%             | 2032-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH            | Minnesota Higher Education Facilities Authority                                  | CUSIP: 60416JCX6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    650000 | PA      | $589748.64    | 0.01%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS            | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DXL5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   4790000 | PA      | $4324065.20   | 0.05%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIDGELINE VISTA MET DIST CO               | Ridgeline Vista Metropolitan District                                            | CUSIP: 766089AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925900.70    | 0.01%             | 2060-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447PZP9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2232990.29   | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        | 106985536 | PA      | $76733225.29  | 0.96%             | 2044-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT            | Port of Greater Cincinnati Development Authority                                 | CUSIP: 73421LAA9<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2529393.08   | 0.03%             | 2056-06-15      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA            | Uptown Development Authority                                                     | CUSIP: 916856HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $481444.06    | 0.01%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PATRIOT PARK MET DIST #2 CO               | Patriot Park Metropolitan District No 2                                          | CUSIP: 70339MAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1029000 | PA      | $766507.66    | 0.01%             | 2050-12-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999865.60   | 0.03%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU            | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UBH6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5366202.60   | 0.07%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SENIOR LIVI            | Public Finance Authority                                                         | CUSIP: 74443UCD3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  12080000 | PA      | $9367436.00   | 0.12%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN             | Alameda Corridor Transportation Authority                                        | CUSIP: 010869JP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1096223.70   | 0.01%             | 2049-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TWO LAKES CDD FL SPL ASSMNT               | Two Lakes Community Development District                                         | CUSIP: 90207EAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993783.60    | 0.01%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM GLADES FL CDD                        | Palm Glades Community Development District                                       | CUSIP: 696638BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $381043.04    | 0.00%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650110AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $9744697.20   | 0.12%             | 2053-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152Y70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5280000 | PA      | $5177065.87   | 0.06%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG CDD #10 FL SPL ASSMNT REVE            | Village Community Development District No 10                                     | CUSIP: 92707CAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3905000 | PA      | $3918470.30   | 0.05%             | 2044-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ASTONIA CMNTY DEV DIST FL SPL             | Astonia Community Development District                                           | CUSIP: 04625DAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $565698.93    | 0.01%             | 2041-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| HACIENDA LAKES CDD FL SPL ASSM            | Hacienda Lakes Community Development District                                    | CUSIP: 40450UAF1<br>LEI: 5493004FIGRL2HHJIT44 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1410805.42   | 0.02%             | 2036-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIMESA CA SPL TAX                       | City of Calimesa CA                                                              | CUSIP: 13083UDQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $754908.60    | 0.01%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| W VLGS FL IMPT DIST                       | West Villages Improvement District                                               | CUSIP: 956454BK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3790000 | PA      | $3454176.06   | 0.04%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT             | Lakes of Sarasota Community Development District                                 | CUSIP: 51206YAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $259286.92    | 0.00%             | 2051-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  21849454 | PA      | $16380245.07  | 0.21%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RED BRIDGE PUBLIC INFRASTRUCTU            | Red Bridge Public Infrastructure District No 1                                   | CUSIP: 756423AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $476760.06    | 0.01%             | 2051-08-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WILLOWS CMNTY DEV DIST FL SPL             | Willows Community Development District                                           | CUSIP: 971264AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1863654.00   | 0.02%             | 2050-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO            | Hempstead Town Local Development Corp                                            | CUSIP: 424682HW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $837301.58    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS            | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DJ80<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1853875.44   | 0.02%             | 2047-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EEF3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    385000 | PA      | $359583.61    | 0.00%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204E7F9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1248455.55   | 0.02%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH             | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126PGX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10030000 | PA      | $9789410.39   | 0.12%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH LEASE            | Arizona Industrial Development Authority                                         | CUSIP: 04052HBK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $15929185.30  | 0.20%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E            | Ohio Air Quality Development Authority                                           | CUSIP: 67754AAD6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2662217.28   | 0.03%             | 2038-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PALISADE PARK WEST METRO DIST             | Palisade Park West Metropolitan District                                         | CUSIP: 69640PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1345951.80   | 0.02%             | 2049-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3             | Prairie Center Metropolitan District No 3                                        | CUSIP: 739476AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2774860.50   | 0.03%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELLAGIO CDD FL SPL ASSMNT                | Bellagio Community Development District                                          | CUSIP: 07821BAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $463468.75    | 0.01%             | 2031-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TPK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $939906.22    | 0.01%             | 2062-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CORAL BAY LEE CNTY CMNTY DEV D            | Coral Bay Lee County Community Development District                              | CUSIP: 217761AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $486579.80    | 0.01%             | 2052-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WESTERLY MET DIST #4 CO                   | Westerly Metropolitan District No 4                                              | CUSIP: 957568AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $632376.40    | 0.01%             | 2050-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TX DEV AUTH CONTRA            | Travis County Development Authority                                              | CUSIP: 89441AAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1105965.58   | 0.01%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV            | Colorado Health Facilities Authority                                             | CUSIP: 19648FVS0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  33381200 | PA      | $26391871.04  | 0.33%             | 2057-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YPY5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1593280.12   | 0.02%             | 2049-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP             | Arlington Higher Education Finance Corp                                          | CUSIP: 041806L73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $614345.55    | 0.01%             | 2046-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE            | City of Fate TX                                                                  | CUSIP: 31189RCK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2274273.82   | 0.03%             | 2052-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX FRESH WTR SPLY            | Kaufman County Fresh Water Supply District No 1-D                                | CUSIP: 48618TBA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $269696.57    | 0.00%             | 2036-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH S            | Kansas City Industrial Development Authority                                     | CUSIP: 48503VAJ1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $978640.11    | 0.01%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING             | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1346331.80   | 0.02%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FARMVILLE VA INDL DEV AUTH FAC            | Farmville Industrial Development Authority                                       | CUSIP: 311617BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4481117.50   | 0.06%             | 2059-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL HLTH FACS AUT            | Escambia County Health Facilities Authority                                      | CUSIP: 296110GD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12710000 | PA      | $11058432.10  | 0.14%             | 2045-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505PS9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   9025000 | PA      | $8259341.56   | 0.10%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GARY CHICAGO INTERNATIONAL ARP            | Gary Chicago International Airport Authority                                     | CUSIP: 367066AF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1314372.80   | 0.02%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG            | Public Finance Authority                                                         | CUSIP: 74439YBY6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1614954.24   | 0.02%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSR CDD FL SPL ASSMNT REVENUE             | TSR Community Development District                                               | CUSIP: 89854CAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3160000 | PA      | $2943649.65   | 0.04%             | 2037-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D            | Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | CUSIP: 592643BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  37100000 | PA      | $41295605.61  | 0.52%             | 2044-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT HOTEL OCCUPANCY TAX             | Territory of Guam                                                                | CUSIP: 40065KAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042099.60   | 0.01%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SECOND CREEK FARM MET DIST #3             | Second Creek Farm Metropolitan District No 3                                     | CUSIP: 81321CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5022893.19   | 0.06%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTERNATIONAL ARPT AUTH              | Antonio B Won Pat International Airport Authority                                | CUSIP: 40064RFE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $496028.55    | 0.01%             | 2036-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST STHRN ST UNIV AUXI            | Missouri Southern State University                                               | CUSIP: 60629QAS6<br>LEI: 5493006A7RZIOMVEPD54 | Long             | DBT              | MUN               | US        |    400000 | PA      | $307889.24    | 0.00%             | 2044-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHAMBERS HIGHPOINT MET DIST #2            | Chambers Highpoint Metropolitan District No 2                                    | CUSIP: 157817AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $698679.57    | 0.01%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HERITAGE LANDING FL CDD SPL AS            | Heritage Landing Community Development District                                  | CUSIP: 42725YAQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2177762.67   | 0.03%             | 2031-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI            | Indiana Finance Authority                                                        | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965146.80    | 0.01%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TSR CDD FL SPL ASSMNT REVENUE             | TSR Community Development District                                               | CUSIP: 89854CAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4031100.51   | 0.05%             | 2048-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUEBLO CO URBAN RENEWAL AUTH T            | Pueblo Urban Renewal Authority                                                   | CUSIP: 744826AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $4330808.64   | 0.05%             | 2045-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MESQUITE TX SPL ASSMNT REVENUE            | City of Mesquite TX                                                              | CUSIP: 590771AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5200000 | PA      | $4874250.68   | 0.06%             | 2048-09-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TOLEDO-LUCAS CNTY OH PORT AUTH            | Toledo-Lucas County Port Authority                                               | CUSIP: 889259AK3<br>LEI: 549300H1LURZO4MT2Q75 | Long             | DBT              | MUN               | US        |    950000 | PA      | $714754.83    | 0.01%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CA UNIF SCH DIST                | New Haven Unified School District                                                | CUSIP: 645002XH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5550000 | PA      | $4309694.33   | 0.05%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN            | City of Royse City TX                                                            | CUSIP: 780870BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $987345.21    | 0.01%             | 2040-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV AGY               | Riverside County Redevelopment Successor Agency                                  | CUSIP: 769123LU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $1318570.33   | 0.02%             | 2035-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SETTLER'S CROSSING MET DIST NO            | Settler's Crossing Metropolitan District No 1                                    | CUSIP: 81782QAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892912.40    | 0.01%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARTISAN LAKES EAST CDD FL CAPI            | Artisan Lakes East Community Development District                                | CUSIP: 04316FAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1795057.33   | 0.02%             | 2039-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BALM GROVE CMNTY DEV DIST FL S            | Balm Grove Community Development District                                        | CUSIP: 05874FAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1271586.02   | 0.02%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HLTHCARE FA            | Public Finance Authority                                                         | CUSIP: 74444KBK9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1335128.29   | 0.02%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KINDRED FL CDD SPL ASSMNT REVE            | Kindred Community Development District                                           | CUSIP: 49457RAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1838622.40   | 0.02%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POWAY CA UNIF SCH DIST                    | Poway Unified School District                                                    | CUSIP: 738850RF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $588004.30    | 0.01%             | 2040-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PALMETTO FL EDUCTNL FACS REVEN            | City of Palmetto FL                                                              | CUSIP: 697074AD4<br>LEI: 549300O5DRDBXPBU6I08 | Long             | DBT              | MUN               | US        |    975000 | PA      | $955735.46    | 0.01%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PINON PINES MET DIST #2 CO                | Pinon Pines Metropolitan District No 2                                           | CUSIP: 72352VAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1031494.68   | 0.01%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                          | Commonwealth of Massachusetts                                                    | CUSIP: 57582PJQ4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1018803.24   | 0.01%             | 2037-05-01      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TRN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1825224.66   | 0.02%             | 2062-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SPENCER CREEK CMNTY DEV DIST F            | Spencer Creek Community Development District                                     | CUSIP: 847880AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $417457.40    | 0.01%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C            | Duluth Economic Development Authority                                            | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18575000 | PA      | $18669548.61  | 0.23%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JAY GROVE MET DIST CO                     | Jay Grove Metropolitan District                                                  | CUSIP: 472043AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $885571.73    | 0.01%             | 2051-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS            | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DJ98<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $2997850.34   | 0.04%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WIREGRASS II CDD FL CAPITAL IM            | Wiregrass II Community Development District                                      | CUSIP: 97655GAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1259469.69   | 0.02%             | 2040-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TSR CDD FL SPL ASSMNT REVENUE             | TSR Community Development District                                               | CUSIP: 89854CAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2790000 | PA      | $2444383.45   | 0.03%             | 2047-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934E7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    495000 | PA      | $526890.52    | 0.01%             | 2032-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT            | Port of Greater Cincinnati Development Authority                                 | CUSIP: 734195BR0<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   2095000 | PA      | $1580577.57   | 0.02%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU            | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10040000 | PA      | $9575818.67   | 0.12%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEADOW VIEW AT TWIN CREEKS CDD            | Meadow View at Twin Creeks Community Development District                        | CUSIP: 583188BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $675466.65    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH            | West Virginia Hospital Finance Authority                                         | CUSIP: 956622T87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1695096.15   | 0.02%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKESHORE VLGS LA MASTER CDD S            | Lakeshore Villages Master Community Development District                         | CUSIP: 512098AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1398826.10   | 0.02%             | 2041-06-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| EVERGREEN CDD FL SPL ASSMNT RE            | Evergreen Community Development District                                         | CUSIP: 30022DAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1663224.48   | 0.02%             | 2049-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HAWKSTONE CMNTY DEV DIST FL SP            | Hawkstone Community Development District                                         | CUSIP: 42034RAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $397251.30    | 0.00%             | 2051-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WEST PORT CDD FL SPL ASSMNT               | West Port Community Development District                                         | CUSIP: 95549GAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $508277.39    | 0.01%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  29865000 | PA      | $29021818.47  | 0.36%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GUAM INTERNATIONAL ARPT AUTH              | Antonio B Won Pat International Airport Authority                                | CUSIP: 40064RFC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $599562.17    | 0.01%             | 2034-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204E4R6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1181259.23   | 0.01%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   9415000 | PA      | $7951635.02   | 0.10%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEE CAVE TX SPL ASSMNT REVENUE            | City of Bee Cave TX                                                              | CUSIP: 076561AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1382741.05   | 0.02%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST PORT CDD FL SPL ASSMNT               | West Port Community Development District                                         | CUSIP: 95549GAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $437635.74    | 0.01%             | 2041-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SERENITY RIDGE CO MET DIST #2             | Serenity Ridge Metropolitan District No 2                                        | CUSIP: 817504AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $575972.93    | 0.01%             | 2037-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NORTH RICHLAND HILLS TX SPL AS            | City of North Richland Hills TX                                                  | CUSIP: 661846AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $344372.51    | 0.00%             | 2040-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| KINDRED FL CDD II SPL ASSMNT R            | Kindred Community Development District II                                        | CUSIP: 494581AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $225449.22    | 0.00%             | 2040-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T            | Chino Community Facilities District                                              | CUSIP: 169511XB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2767420.89   | 0.03%             | 2052-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LOCHBUIE STATION RSDL MET DIST            | Lochbuie Station Residential Metropolitan District                               | CUSIP: 53958UAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1109931.84   | 0.01%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN            | California Pollution Control Financing Authority                                 | CUSIP: 130536RF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5765000 | PA      | $4113363.82   | 0.05%             | 2028-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TOWER HEALTH                              | Tower Health                                                                     | CUSIP: 891792AA1<br>LEI: 549300SLJK3XUAQHFO63 | Long             | DBT              | CORP              | US        |  10354000 | PA      | $4975707.89   | 0.06%             | 2050-02-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MEADOW POINTE FL IV CDD CAPITA            | Meadow Pointe IV Community Development District                                  | CUSIP: 58312PAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509635.55    | 0.01%             | 2035-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CARROLL CNTY KY ENVRNMNTL FACS            | County of Carroll KY                                                             | CUSIP: 14483RAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1528197.20   | 0.02%             | 2034-10-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| CENTURY PARK SOUTH CDD FL SPL             | Century Park South Community Development District                                | CUSIP: 156657AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $505568.26    | 0.01%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHINO CA PUBLIC FING AUTH REVE            | Chino Public Financing Authority                                                 | CUSIP: 169548EM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $160170.93    | 0.00%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BRIXTON PARK ASSOC NO 1                   | Brixton Park Improvement Association No 1                                        | CUSIP: 11121HAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  27165373 | PA      | $22942787.56  | 0.29%             | 2051-12-01      | Fixed         | 6.88%                 | No            |                  3 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ESU1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1760043.57   | 0.02%             | 2057-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136U82<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  21100000 | PA      | $21243024.24  | 0.27%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5815000 | PA      | $5598511.62   | 0.07%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN            | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542QCK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8205000 | PA      | $5763560.40   | 0.07%             | 2056-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81            | City of Las Vegas NV Special Improvement District No 813                         | CUSIP: 51778EAT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $435394.69    | 0.01%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    562000 | PA      | $479140.46    | 0.01%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| PORTLAND ME ARPT REVENUE                  | City of Portland ME General Airport Revenue                                      | CUSIP: 736564EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $753337.12    | 0.01%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS-SHELBY CNTY TN INDL DE            | Memphis-Shelby County Industrial Development Board                               | CUSIP: 58611YAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $82718.82     | 0.00%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LYNWOOD CMNTY DEV DIST FL SP A            | Lynwood Community Development District                                           | CUSIP: 55180PAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1491078.19   | 0.02%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEWALK CDD FL SPL ASSMNT              | Bridgewalk Community Development District                                        | CUSIP: 108620AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1238341.01   | 0.02%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCRANTON PA REDEV AUTH GTD LEA            | Scranton Redevelopment Authority                                                 | CUSIP: 81080LAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2047928.54   | 0.03%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG AT DRY CREEK MET DIST NO 2            | Village at Dry Creek Metropolitan District No 2/The                              | CUSIP: 92705AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1057000 | PA      | $862412.64    | 0.01%             | 2044-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C            | City & County of San Francisco CA Community Facilities District No 2016-1        | CUSIP: 79773JBH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $798641.58    | 0.01%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRACEWATER SARASOTA CDD CAPITA            | Gracewater Sarasota Community Development District                               | CUSIP: 38410UAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1050832.72   | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKLYN ARENA NY LOCAL DEV CO            | Brooklyn Arena Local Development Corp                                            | CUSIP: 113807BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2159820.25   | 0.03%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3760000 | PA      | $3655997.27   | 0.05%             | 2048-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| SWEETWATER CREEK FL CDD CAPITA            | Sweetwater Creek Community Development District                                  | CUSIP: 870526AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1405831.15   | 0.02%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV LOCAL IMPT DISTS             | Henderson Local Improvement Districts                                            | CUSIP: 425208QG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $1894456.33   | 0.02%             | 2025-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486PG8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   6615000 | PA      | $5567739.66   | 0.07%             | 2042-01-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152U41<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1601134.92   | 0.02%             | 2041-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MIRADA II CMNTY DEV DIST FL CA            | Mirada II Community Development District                                         | CUSIP: 60463WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2455000 | PA      | $1856303.57   | 0.02%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE                 | County of Baltimore MD                                                           | CUSIP: 059151DK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3840000 | PA      | $3377390.59   | 0.04%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A            | South Carolina Public Service Authority                                          | CUSIP: 837151U56<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9208495.80   | 0.12%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TRE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1408065.14   | 0.02%             | 2062-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F            | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 645790DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072932.70   | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO INDL DEV AUTH T            | Industrial Development Authority of the City of St Louis Missouri/The            | CUSIP: 85233LAH6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2472369.59   | 0.03%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN            | City of Royse City TX                                                            | CUSIP: 780870AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $2782305.73   | 0.03%             | 2049-09-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU            | New Jersey Turnpike Authority                                                    | CUSIP: 646140EU3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5441584.56   | 0.07%             | 2052-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TKQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $534279.78    | 0.01%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWS7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    100000 | PA      | $71625.00     | 0.00%             | 2022-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F            | Capital Trust Agency Inc                                                         | CUSIP: 14054CCR8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $938729.45    | 0.01%             | 2054-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE            | Public Finance Authority                                                         | CUSIP: 744396FR8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    520000 | PA      | $474124.72    | 0.01%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR            | Dutchess County Local Development Corp                                           | CUSIP: 267045NK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7650000 | PA      | $6929777.75   | 0.09%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA            | Iowa Finance Authority                                                           | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $12560174.55  | 0.16%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KDK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1336869.06   | 0.02%             | 2037-05-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YPX7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1105263.68   | 0.01%             | 2044-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD            | Michigan Strategic Fund                                                          | CUSIP: 594698RS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1287824.30   | 0.02%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOGGY BRANCH CMNTY DEV DIST FL            | Boggy Branch Community Development District                                      | CUSIP: 09720PAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $874734.77    | 0.01%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL             | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DDX7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2743460.65   | 0.03%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D            | Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | CUSIP: 592643DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $943204.36    | 0.01%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486DR7<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  11545000 | PA      | $7765866.63   | 0.10%             | 2032-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RHODINE ROAD NORTH CDD FL SPL             | Rhodine Road North Community Development District                                | CUSIP: 762402AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $750594.80    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH            | Military Installation Development Authority                                      | CUSIP: 599772AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $634498.48    | 0.01%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINDWARD CDD FL SPL ASSMNT REV            | Windward Community Development District                                          | CUSIP: 97382FAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $540290.50    | 0.01%             | 2040-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SHELL POINT CMNTY DEV DIST FL             | Shell Point Community Development District                                       | CUSIP: 822666AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2690709.87   | 0.03%             | 2049-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PALOMAR POMERADO HLTH CA                  | Palomar Health                                                                   | CUSIP: 69753RCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10750000 | PA      | $12423836.28  | 0.16%             | 2038-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RIDGE AT APOPKA CDD FL SPL ASS            | Ridge at Apopka Community Development District                                   | CUSIP: 76571AAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2047270.85   | 0.03%             | 2052-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116DX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $841941.02    | 0.01%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG            | Public Finance Authority                                                         | CUSIP: 74439YBW0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2069279.81   | 0.03%             | 2049-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SOUTH FORK III CMNTY DEV DIST             | South Fork III Community Development District                                    | CUSIP: 83786TAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2041045.65   | 0.03%             | 2039-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152T43<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2569207.03   | 0.03%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934J6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    345000 | PA      | $360094.61    | 0.00%             | 2036-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BENLOCH RANCH IMPROV                      | Benloch Ranch Improvement Association No 1                                       | CUSIP: 082148AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6283773 | PA      | $5866530.12   | 0.07%             | 2039-12-01      | Fixed         | 9.75%                 | No            |                  3 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE               | Indiana Finance Authority                                                        | CUSIP: 45506D5B7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    400000 | PA      | $333297.84    | 0.00%             | 2049-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EJK7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1533374.54   | 0.02%             | 2062-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI            | Indiana Finance Authority                                                        | CUSIP: 45470CAE9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884380.60    | 0.01%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GREEN OH LOCAL SCH DIST SUMMIT            | Green Local School District/Summit County                                        | CUSIP: 393190GS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4205000 | PA      | $4579488.47   | 0.06%             | 2059-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DEL WEBB BEXLEY CDD FL                    | Del Webb Bexley Community Development District                                   | CUSIP: 245508AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2547717.03   | 0.03%             | 2049-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BRIDGEWATER NORTH CMNTY DEV DI            | Bridgewater North Community Development District                                 | CUSIP: 10865PAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1208633.76   | 0.02%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX SPL ASSMNT REVEN            | City of Fort Worth TX                                                            | CUSIP: 349506AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $863046.89    | 0.01%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY NJ IMPT AUTH SOL WS            | Union County Improvement Authority                                               | CUSIP: 906352AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10055000 | PA      | $8339208.77   | 0.10%             | 2041-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL CMNTY REDEV AGY TAX            | Orlando Community Redevelopment Agency                                           | CUSIP: 686430GA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1681633.13   | 0.02%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486SV2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   7255000 | PA      | $7198946.42   | 0.09%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STOREY CREEK CDD FL                       | Storey Creek Community Development District                                      | CUSIP: 86216CAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $354969.64    | 0.00%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65820YRK4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1214412.90   | 0.02%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  15600000 | PA      | $11388000.00  | 0.14%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT            | Allegheny County Hospital Development Authority                                  | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |  32000000 | PA      | $29058019.20  | 0.36%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A            | Greater Orlando Aviation Authority                                               | CUSIP: 392274X43<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3585295.36   | 0.04%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261APL5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    650000 | PA      | $265491.92    | 0.00%             | 2040-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WATERSET CENTRAL CDD FL SPL AS            | Waterset Central Community Development District                                  | CUSIP: 94186PAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1604406.92   | 0.02%             | 2038-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $382938.80    | 0.00%             | 2039-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A            | California Community College Financing Authority                                 | CUSIP: 13012TAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5775000 | PA      | $5422125.56   | 0.07%             | 2060-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG            | Michigan Finance Authority                                                       | CUSIP: 594479GT8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1172113.17   | 0.01%             | 2039-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WINROCK TOWN CENTER NM TAX INC            | Winrock Town Center Tax Increment Development District No 1                      | CUSIP: 97535RAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1833397.43   | 0.02%             | 2040-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| STONEYBROOK FL CDD SPL ASSMNT             | Stoneybrook Community Development District                                       | CUSIP: 86202TAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1595261.50   | 0.02%             | 2052-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| GUAM PORT AUTH PORT REVENUE               | Port Authority of Guam                                                           | CUSIP: 400652AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2539269.75   | 0.03%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIVE OAK LAKE FL CMNTY DEV DIS            | Live Oak Lake Community Development District                                     | CUSIP: 538092AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1418834.88   | 0.02%             | 2040-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D            | Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | CUSIP: 592643DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2143218.90   | 0.03%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ESS6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   6125000 | PA      | $6038530.93   | 0.08%             | 2042-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUMTER CNTY AL INDL DEV AUTH E            | Sumter County Industrial Development Authority/AL                                | CUSIP: 86651LAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12400000 | PA      | $11258893.72  | 0.14%             | 2052-07-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13077EEK2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    750000 | PA      | $775057.35    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV            | Illinois Finance Authority                                                       | CUSIP: 452031AQ0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    950000 | PA      | $799782.39    | 0.01%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    812000 | PA      | $587651.30    | 0.01%             | 2042-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9918930.00   | 0.12%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODINE ROAD NORTH CDD FL SPL             | Rhodine Road North Community Development District                                | CUSIP: 762402AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $738580.34    | 0.01%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TERN BAY CDD FL SPL ASSMNT                | Tern Bay Community Development District                                          | CUSIP: 88088EAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2661834.50   | 0.03%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON TX REDEV AUTH TAX            | Lake Houston Redevelopment Authority                                             | CUSIP: 51001QAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $422632.93    | 0.01%             | 2044-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N E OHIO MED UNIV GEN RECPTS              | Northeast Ohio Medical University                                                | CUSIP: 66433RBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $348117.17    | 0.00%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CARLTON LAKES CMNTY DEV DIST              | Carlton Lakes Community Development District                                     | CUSIP: 143024AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $488448.18    | 0.01%             | 2038-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT            | Triple Creek Community Development District                                      | CUSIP: 89677RAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915889.40    | 0.01%             | 2039-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MIAMI FL SPL OBLG                         | City of Miami FL                                                                 | CUSIP: 593490ML6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1168223.67   | 0.01%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS CNTY FL INDL DEV AUTH            | Pinellas County Industrial Development Authority                                 | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957304.80    | 0.01%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TURNBULL CREEK FL CDD SPL ASSM            | Turnbull Creek Community Development District                                    | CUSIP: 900218AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2246863.13   | 0.03%             | 2035-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SCENIC TERRACE SOUTH CDD FL SP            | Scenic Terrace South Community Development District                              | CUSIP: 806205AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1386088.05   | 0.02%             | 2042-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL             | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DDY5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2619439.90   | 0.03%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                | City of Kyle TX                                                                  | CUSIP: 50156CAW0<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    212000 | PA      | $203640.35    | 0.00%             | 2027-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CT                              | City of New Haven CT                                                             | CUSIP: 6450206C7<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    420000 | PA      | $453766.19    | 0.01%             | 2036-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY CA CMNTY FACS DIST            | Orange County Community Facilities District                                      | CUSIP: 68423PWC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2925000 | PA      | $2967623.69   | 0.04%             | 2045-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DOYLESTOWN PA HOSP AUTH                   | Doylestown Hospital Authority                                                    | CUSIP: 261333ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4020000 | PA      | $3915902.50   | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL             | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5990000 | PA      | $5731403.31   | 0.07%             | 2046-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CCF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $1919892.97   | 0.02%             | 2049-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061ULJ5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2478250.23   | 0.03%             | 2052-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MIDCITY IMPT DIST AL SPL ASSMN            | MidCity Improvement District                                                     | CUSIP: 59564KAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $761577.70    | 0.01%             | 2049-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| STONEWATER CMNTY DEV DIST FL S            | Stonewater Community Development District                                        | CUSIP: 861886AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $678979.80    | 0.01%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CREEKWALK MARKETPLACE BUSINESS            | Creekwalk Marketplace Business Improvement District                              | CUSIP: 225515AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10900000 | PA      | $9200719.43   | 0.12%             | 2049-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE            | City of Pilot Point TX                                                           | CUSIP: 721614AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1492330.18   | 0.02%             | 2052-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 1675012W4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2475474.82   | 0.03%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VILLAMAR CDD FL SPL ASSMNT                | Villamar Community Development District                                          | CUSIP: 92715KAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1194488.33   | 0.01%             | 2050-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SENIOR LI            | New Hampshire Business Finance Authority                                         | CUSIP: 63608SAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12450000 | PA      | $9680015.69   | 0.12%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FAIRFIELD CA COPS                         | City of Fairfield CA                                                             | CUSIP: 304198FV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4180000 | PA      | $3364432.26   | 0.04%             | 2029-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| W VLGS FL IMPT DIST                       | West Villages Improvement District                                               | CUSIP: 956454CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1294239.87   | 0.02%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TREVESTA CDD FL SPL ASSMNT                | Trevesta Community Development District                                          | CUSIP: 89532FAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $567098.85    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE            | City of Fate TX                                                                  | CUSIP: 31189RBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1144815.63   | 0.01%             | 2049-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE            | Public Finance Authority                                                         | CUSIP: 744396FT4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1571080.88   | 0.02%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &             | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160TW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9400000 | PA      | $8553052.48   | 0.11%             | 2027-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY AZ INDL DEV AUTH R            | La Paz County Industrial Development Authority                                   | CUSIP: 50376JAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $1860000.00   | 0.02%             | 2028-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEER RUN FL CDD SPL ASSMNT                | Deer Run Community Development District                                          | CUSIP: 244188AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2563012.38   | 0.03%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESTSIDE HAINES CITY CDD SPL A            | Westside Haines City Community Development District                              | CUSIP: 96150AAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1235317.38   | 0.02%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167501VG7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   9125000 | PA      | $6841311.80   | 0.09%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH            | West Virginia Hospital Finance Authority                                         | CUSIP: 956622S47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6120000 | PA      | $6171016.32   | 0.08%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061ULA4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4295152.00   | 0.05%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY TX TOLL ROAD A            | Montgomery County Toll Road Authority                                            | CUSIP: 61371DAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1858291.15   | 0.02%             | 2043-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CREEKWALK MARKETPLACE BUSINESS            | Creekwalk Marketplace Business Improvement District                              | CUSIP: 225515AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5790000 | PA      | $4851406.84   | 0.06%             | 2049-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MARBLE FALLS TX SPL ASSMNT REV            | City of Marble Falls TX                                                          | CUSIP: 566035AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $466382.23    | 0.01%             | 2051-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VERANO #2 CDD FL SPL ASSMNT               | Verano No 2 Community Development District                                       | CUSIP: 92337JAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1325155.29   | 0.02%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A            | St Johns County Industrial Development Authority                                 | CUSIP: 790417AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7475000 | PA      | $6478936.82   | 0.08%             | 2055-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST #5 CO                    | Canyons Metropolitan District No 5                                               | CUSIP: 139071AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1676784.90   | 0.02%             | 2037-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP             | Arlington Higher Education Finance Corp                                          | CUSIP: 0418063B4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2221936.01   | 0.03%             | 2056-06-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81            | City of Las Vegas NV Special Improvement District No 814                         | CUSIP: 51778UAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1121754.04   | 0.01%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MERCED CA UNION HIGH SCH DIST             | Merced Union High School District                                                | CUSIP: 587635EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3760000 | PA      | $2335677.41   | 0.03%             | 2035-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV            | County of Hamilton OH                                                            | CUSIP: 40727RBD9<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1843200.40   | 0.02%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST PORT CDD FL SPL ASSMNT               | West Port Community Development District                                         | CUSIP: 95549GAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1072719.74   | 0.01%             | 2041-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| NORTH PARK ISLE CMNTY DEV DIST            | North Park Isle Community Development District                                   | CUSIP: 661416AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $890578.92    | 0.01%             | 2041-11-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2377799.82   | 0.03%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE               | Indiana Finance Authority                                                        | CUSIP: 45506EAC7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    865000 | PA      | $768897.38    | 0.01%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEDINA CNTY TX SPL ASSMNT REVE            | County of Medina TX                                                              | CUSIP: 584735AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $825860.64    | 0.01%             | 2041-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH            | West Virginia Economic Development Authority                                     | CUSIP: 95648VBF5<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   9300000 | PA      | $9276300.81   | 0.12%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH            | Seminole County Industrial Development Authority                                 | CUSIP: 816686AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $267018.10    | 0.00%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204EEG9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512419.35    | 0.01%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204E4P0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    715000 | PA      | $745129.89    | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA            | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XDZ5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   5945000 | PA      | $6221265.93   | 0.08%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY NJ PORT CORP                 | South Jersey Port Corp                                                           | CUSIP: 838530RH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  27340000 | PA      | $26422923.44  | 0.33%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONCORD STATION FL CDD CAPITAL            | Concord Station Community Development District                                   | CUSIP: 206494AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1510717.78   | 0.02%             | 2046-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO            | New York State Dormitory Authority                                               | CUSIP: 64990FYL2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1613969.00   | 0.02%             | 2043-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH PARKWAY MUNI MGMT DIST #            | North Parkway Municipal Management District No 1                                 | CUSIP: 661441AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4311645.58   | 0.05%             | 2041-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE            | California Municipal Finance Authority                                           | CUSIP: 13048VPX0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $964074.04    | 0.01%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWKSTONE CMNTY DEV DIST FL SP            | Hawkstone Community Development District                                         | CUSIP: 42034RAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $529562.24    | 0.01%             | 2039-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HACKBERRY TX SPL ASSMNT REVENU            | City of Hackberry TX                                                             | CUSIP: 404521AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2315591.74   | 0.03%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA INDL DEV AUT            | Allegheny County Industrial Development Authority                                | CUSIP: 017292XW8<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |    975000 | PA      | $685915.82    | 0.01%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUMMER WOODS CDD FL SPL ASSMNT            | Summer Woods Community Development District                                      | CUSIP: 865657AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $707762.42    | 0.01%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV             | Latrobe Industrial Development Authority                                         | CUSIP: 518324AV0<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    675000 | PA      | $523023.28    | 0.01%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2213574.02   | 0.03%             | 2047-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A            | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507VM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7075000 | PA      | $6855076.46   | 0.09%             | 2027-07-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| CAMPBELL CNTY WY SOL WST FACS             | County of Campbell WY                                                            | CUSIP: 134340AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28040000 | PA      | $24491846.44  | 0.31%             | 2039-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PALISADE CO MET DIST #2 LIMITE            | Palisade Metropolitan District No 2                                              | CUSIP: 696392AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4711000 | PA      | $4185923.25   | 0.05%             | 2049-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EDINBURG TX ECON DEV CORP SALE            | Edinburg Economic Development Corp                                               | CUSIP: 28078PAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1033699.81   | 0.01%             | 2035-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LANTERNS MET DIST #1 CO                   | Lanterns Metropolitan District No 1                                              | CUSIP: 51654AAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    683000 | PA      | $616832.80    | 0.01%             | 2049-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENETIAN PARC CDD FL SPL ASSMN            | Venetian Parc Community Development District                                     | CUSIP: 92265AAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2207516.47   | 0.03%             | 2043-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CDN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $380754.14    | 0.00%             | 2041-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    446000 | PA      | $410037.91    | 0.01%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD VLG TX SPL ASSMNT REV            | Town of Lakewood Village TX                                                      | CUSIP: 51270AAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2069353.91   | 0.03%             | 2052-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399CM6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |  12725000 | PA      | $12096171.22  | 0.15%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GROVE CMNTY DEV DIST             | Southern Groves Community Development District No 5                              | CUSIP: 843021AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $641502.85    | 0.01%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LUCERNE PARK CMNTY DEV DIST FL            | Lucerne Park Community Development District                                      | CUSIP: 549469AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $783085.44    | 0.01%             | 2039-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ACADEMICAL VLG CDD FL SPL ASSM            | Academical Village Community Development District                                | CUSIP: 00401TAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1233065.97   | 0.02%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870XR2<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    770000 | PA      | $820537.56    | 0.01%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WATERSET CENTRAL CDD FL SPL AS            | Waterset Central Community Development District                                  | CUSIP: 94186PAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2634977.24   | 0.03%             | 2049-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RAMPART RANGE CO MET DIST #5              | Rampart Range Metropolitan District No 5                                         | CUSIP: 75157WAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1179333.23   | 0.01%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN JUAN CA UNIF SCH DIST                 | San Juan Unified School District                                                 | CUSIP: 798306CT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1478007.23   | 0.02%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION     | CDS STATE OF CALIFORNIA                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              | CORP              | US        |         1 | NC      | $8186.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LTC RANCH WEST RSDL CMNTY DEV             | LTC Ranch West Residential Community Development District                        | CUSIP: 50218SAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $630099.60    | 0.01%             | 2041-05-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13077EMT4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4448748.60   | 0.06%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA SPL TAX                         | City of Irvine CA                                                                | CUSIP: 46360TFX6<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1217626.21   | 0.02%             | 2051-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CCD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1686000 | PA      | $1698787.80   | 0.02%             | 2047-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  93059000 | PA      | $84491057.87  | 1.06%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTSIDE FL CDD SPL ASSMNT REV            | Westside Community Development District                                          | CUSIP: 96149TAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $695037.34    | 0.01%             | 2038-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A            | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $546104.44    | 0.01%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                | Port of Seattle WA                                                               | CUSIP: 735389W20<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2406151.11   | 0.03%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3710000 | PA      | $3767364.76   | 0.05%             | 2045-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL            | Berks County Industrial Development Authority                                    | CUSIP: 08451PAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8745000 | PA      | $5768146.91   | 0.07%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY HILL TX SPL ASSMNT REV            | City of Liberty Hill TX                                                          | CUSIP: 530575AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $209003.09    | 0.00%             | 2027-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MOODY RIVER ESTATES FL CDD SPL            | Moody River Estates Community Development District                               | CUSIP: 61534VAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1423670.68   | 0.02%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA            | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712D6D3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $988548.88    | 0.01%             | 2042-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH COP            | Denver Health & Hospital Authority                                               | CUSIP: 24918TAR8<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1692294.18   | 0.02%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH            | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NEV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $619997.35    | 0.01%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZEPHYR LAKES CDD FL CAPITAL IM            | Zephyr Lakes Community Development District                                      | CUSIP: 98944TAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $689339.65    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLES COVE CDD SPL ASSMNT DI            | Charles Cove Community Development District                                      | CUSIP: 15987CAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1227632.27   | 0.02%             | 2050-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HICKORY CREEK TX SPL ASSMNT RE            | Town of Hickory Creek TX                                                         | CUSIP: 428870AS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1249260.69   | 0.02%             | 2039-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EKP4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1353285.22   | 0.02%             | 2057-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $667569.63    | 0.01%             | 2042-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7050000 | PA      | $7072078.49   | 0.09%             | 2031-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510935N6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    950000 | PA      | $823732.56    | 0.01%             | 2028-04-01      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| CEDAR BAYOU TX NAVIGATION DIST            | Cedar Bayou Navigation District                                                  | CUSIP: 15005CAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9415000 | PA      | $7612935.11   | 0.10%             | 2051-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DAVIE FL EDUCTNL FACS REVENUE             | Town of Davie FL                                                                 | CUSIP: 23867PBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10062295.00  | 0.13%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F            | Capital Trust Agency Inc                                                         | CUSIP: 14054CEW5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2210000 | PA      | $1639681.65   | 0.02%             | 2056-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAPESTRY CDD SPL ASSMNT REVENU            | Tapestry Community Development District                                          | CUSIP: 876029AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1065249.35   | 0.01%             | 2036-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY PA REDEV AUTH             | Redevelopment Authority of The County of Washington                              | CUSIP: 938618AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964872.00    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINDSHIRE PARK CO MET DIST #2             | Windshire Park Metropolitan District No 2                                        | CUSIP: 97349UAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1435830.15   | 0.02%             | 2047-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI            | Washington State Housing Finance Commission                                      | CUSIP: 939783ZB5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $2900589.78   | 0.04%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LITTLE ELM TX SPL ASSMNT REVEN            | Town of Little Elm TX                                                            | CUSIP: 537098BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1343000 | PA      | $1371260.48   | 0.02%             | 2047-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SPENCER CREEK CMNTY DEV DIST F            | Spencer Creek Community Development District                                     | CUSIP: 847880AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1650890.50   | 0.02%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH CHR            | California Public Finance Authority                                              | CUSIP: 13057HAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $897992.83    | 0.01%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD            | Maryland Economic Development Corp                                               | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2134098.80   | 0.03%             | 2058-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH             | Kentucky Economic Development Finance Authority                                  | CUSIP: 49127KBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $841754.88    | 0.01%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUMMER WOODS CDD FL SPL ASSMNT            | Summer Woods Community Development District                                      | CUSIP: 865657AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $902476.45    | 0.01%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIERA E FL CDD                            | Viera East Community Development District                                        | CUSIP: 926703CL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1339230.75   | 0.02%             | 2034-05-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| CONESTOGA MET DIST #2 CO                  | Conestoga Metropolitan District No 2                                             | CUSIP: 207020AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $724231.45    | 0.01%             | 2051-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH             | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126KKB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1876266.60   | 0.02%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST            | California Municipal Finance Authority                                           | CUSIP: 13049YEC1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    950000 | PA      | $914578.21    | 0.01%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A            | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507UR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $1759466.47   | 0.02%             | 2053-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH CHR            | California Public Finance Authority                                              | CUSIP: 13057HAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1364067.78   | 0.02%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI            | Washington State Housing Finance Commission                                      | CUSIP: 939783ZA7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1059578.01   | 0.01%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | CDS STATE OF CALIFORNIA                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |         1 | NC      | $88385.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CYPRESS PARK ESTATES CDD FL SP            | Cypress Park Estates Community Development District                              | CUSIP: 23280FAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $914919.48    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TREVESTA CDD FL SPL ASSMNT                | Trevesta Community Development District                                          | CUSIP: 89532FAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $931690.79    | 0.01%             | 2049-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1449000 | PA      | $1147026.95   | 0.01%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364G3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6070000 | PA      | $6383877.27   | 0.08%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOSCANA ISLES CMNTY DEV DIST F            | Toscana Isles Community Development District                                     | CUSIP: 89149CAF5<br>LEI: 549300KT0ZEEJZO5TM34 | Long             | DBT              | MUN               | US        |   5390000 | PA      | $5244057.13   | 0.07%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TALIS PARK CMNTY DEV DIST FL C            | Talis Park Community Development District                                        | CUSIP: 874249AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1367897.76   | 0.02%             | 2034-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EAST BONITA BEACH ROAD CMNTY D            | East Bonita Beach Road Community Development District                            | CUSIP: 271124AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $717259.26    | 0.01%             | 2041-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $786683.48    | 0.01%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KCE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $474022.46    | 0.01%             | 2039-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| VENETIAN PARC CDD FL SPL ASSMN            | Venetian Parc Community Development District                                     | CUSIP: 92265AAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2362396.81   | 0.03%             | 2044-11-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CITYPLACE FL CDD SPL ASSMNT RE            | Cityplace Community Development District                                         | CUSIP: 17877SAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25620000 | PA      | $23386276.75  | 0.29%             | 2046-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR            | George L Smith II Congress Center Authority                                      | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3844862.00   | 0.05%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R            | Veranda Community Development District II                                        | CUSIP: 92338HAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966670.10    | 0.01%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                  | District of Columbia                                                             | CUSIP: 25483VWC4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    655000 | PA      | $567967.53    | 0.01%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136EY3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        | 114955000 | PA      | $64255166.33  | 0.81%             | 2035-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TRC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $976276.22    | 0.01%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LITTLE ELM TX SPL ASSMNT REVEN            | Town of Little Elm TX                                                            | CUSIP: 537098AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1317951.88   | 0.02%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVALON PARK WEST CDD FL SPL AS            | Avalon Park West Community Development District                                  | CUSIP: 05346TAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $763409.57    | 0.01%             | 2052-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934M9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    555000 | PA      | $571094.45    | 0.01%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L            | New York Liberty Development Corp                                                | CUSIP: 649519DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2270912.16   | 0.03%             | 2034-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| LONG LAKE RESERVE CMNTY DEV DI            | Long Lake Reserve Community Development District                                 | CUSIP: 54278LAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $915716.28    | 0.01%             | 2048-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  25798336 | PA      | $11286772.09  | 0.14%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| AVALON GROVES CDD FL SPL ASSMN            | Avalon Groves Community Development District                                     | CUSIP: 05344CAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1847730.90   | 0.02%             | 2048-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STONE CANYON MO CMNTY IMPT DIS            | Stone Canyon Community Improvement District                                      | CUSIP: 861585AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $325000.00    | 0.00%             | 2027-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE            | Chicago Board of Education                                                       | CUSIP: 167510AA4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  16000000 | PA      | $16591275.20  | 0.21%             | 2046-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONCORDE ESTATES FL CDD                   | Concorde Estates Community Development District                                  | CUSIP: 20651XAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2939931 | PA      | $1558163.43   | 0.02%             | 2017-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG              | Mississippi Development Bank                                                     | CUSIP: 60534XLS3<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    850000 | PA      | $766679.77    | 0.01%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH            | Seminole County Industrial Development Authority                                 | CUSIP: 816686AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $878507.72    | 0.01%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REUNION E FL CDD SPL ASSMNT               | Reunion East Community Development District                                      | CUSIP: 761311AS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6820000 | PA      | $6877568.98   | 0.09%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHL            | Louisiana Public Facilities Authority                                            | CUSIP: 54639TCV2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3225000 | PA      | $3261628.91   | 0.04%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOREST BROOKE FL CMNTY DEV DIS            | Forest Brooke Community Development District                                     | CUSIP: 345533AX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $191932.88    | 0.00%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503636.25   | 0.03%             | 2037-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE                | City of Lavon TX                                                                 | CUSIP: 51946PBC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2045212.06   | 0.03%             | 2049-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136Y54<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5075000 | PA      | $5109752.08   | 0.06%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST PORT CDD FL SPL ASSMNT               | West Port Community Development District                                         | CUSIP: 95549GAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1169059.94   | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY TX TOLL ROAD A            | Montgomery County Toll Road Authority                                            | CUSIP: 61371DAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2803829.28   | 0.04%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO HIGHWAY & TRANSPRT            | Puerto Rico Highway & Transportation Authority                                   | CUSIP: 745190MS4<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215000.00    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE                | City of Lavon TX                                                                 | CUSIP: 51946PBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2123000 | PA      | $1738299.45   | 0.02%             | 2042-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAUFMAN TX SPL ASSMNT REVENUE             | City of Kaufman TX                                                               | CUSIP: 486238AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $629954.78    | 0.01%             | 2052-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STONEYBROOK FL S CDD SPL ASSMN            | Stoneybrook South Community Development District                                 | CUSIP: 86202RAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1759788.28   | 0.02%             | 2034-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BAY LAUREL CENTER FL CDD                  | Bay Laurel Center Community Development District                                 | CUSIP: 07244PAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $848479.94    | 0.01%             | 2031-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FOUR CORNERS BUSINESS IMPT DIS            | Four Corners Business Improvement District                                       | CUSIP: 35084NAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2212297.00   | 0.03%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VERANDA CDD II FL SPL ASSMNT R            | Veranda Community Development District II                                        | CUSIP: 92338HAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $266740.29    | 0.00%             | 2041-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRA            | South Jersey Transportation Authority                                            | CUSIP: 838536MP2<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1413473.55   | 0.02%             | 2047-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JAMES CITY CNTY VA ECON DEV AU            | James City County Economic Development Authority                                 | CUSIP: 47029WDQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $444759.14    | 0.01%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCENIC TERRACE SOUTH CDD FL SP            | Scenic Terrace South Community Development District                              | CUSIP: 806205AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3155000 | PA      | $2639105.44   | 0.03%             | 2053-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STOREY DRIVE CDD FL SPL ASSMNT            | Storey Drive Community Development District                                      | CUSIP: 86216HAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $755253.70    | 0.01%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX FRESH WTR SPLY            | Kaufman County Fresh Water Supply District No 1-D                                | CUSIP: 48618TBD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $347414.24    | 0.00%             | 2046-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY D            | City & County of San Francisco CA Special Tax District No 2020-1                 | CUSIP: 79771HAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1190424.75   | 0.01%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    959000 | PA      | $828552.03    | 0.01%             | 2041-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK            | Port Beaumont Navigation District                                                | CUSIP: 73360CAL8<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1170875.97   | 0.01%             | 2036-01-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CDJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $345764.68    | 0.00%             | 2040-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OROVILLE CA REVENUE                       | City of Oroville CA                                                              | CUSIP: 687241AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1967252.21   | 0.02%             | 2034-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LITTLE ELM TX SPL ASSMNT REVEN            | Town of Little Elm TX                                                            | CUSIP: 537098BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $316366.05    | 0.00%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486ZQ5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   7350000 | PA      | $7370389.64   | 0.09%             | 2044-01-01      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| CFM FL CDD REVENUE                        | CFM Community Development District                                               | CUSIP: 15721RAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $880893.55    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QWU2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    126000 | PA      | $91980.00     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI DOWNTOWN DEV AUTH T            | Detroit Downtown Development Authority                                           | CUSIP: 251135GS2<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10019022.00  | 0.13%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GMK5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    150000 | PA      | $141586.28    | 0.00%             | 2026-07-01      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| DAUPHIN CNTY PA GEN AUTH UNIV             | Dauphin County General Authority                                                 | CUSIP: 23825JAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17325000 | PA      | $17331254.33  | 0.22%             | 2053-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL            | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 57421CAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $873343.90    | 0.01%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING             | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4959114.00   | 0.06%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EJJ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1556119.55   | 0.02%             | 2057-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE              | City of Austin TX                                                                | CUSIP: 052466AU3<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4030570.89   | 0.05%             | 2033-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QUW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1452500.00   | 0.02%             | 2020-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YRZ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1618646.64   | 0.02%             | 2051-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH              | Cumberland County Municipal Authority                                            | CUSIP: 230614SL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $749198.89    | 0.01%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMMER WOODS CDD FL SPL ASSMNT            | Summer Woods Community Development District                                      | CUSIP: 865657AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $694401.39    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BELLEVILLE IL TAX INCREMENT &             | City of Belleville IL Sales Tax Revenue                                          | CUSIP: 078876AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $714226.03    | 0.01%             | 2041-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MANOR TX SPL ASSMNT REVENUE               | City of Manor TX                                                                 | CUSIP: 564099AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $706761.36    | 0.01%             | 2051-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| E HOMESTEAD FL CDD SPL ASSMNTR            | East Homestead Community Development District                                    | CUSIP: 273106AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $847347.42    | 0.01%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL             | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DHH8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1070220.94   | 0.01%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTRADA CMNTY DEV DIST FL CAPI            | Entrada Community Development District                                           | CUSIP: 29384HAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $825960.08    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  12254090 | PA      | $6624078.24   | 0.08%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS CHRT TWP MI                  | Grand Rapids Charter Township Economic Development Corp                          | CUSIP: 386211BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3060688.32   | 0.04%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A            | California Community College Financing Authority                                 | CUSIP: 13012RAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2755000 | PA      | $2675899.27   | 0.03%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH            | West Virginia Hospital Finance Authority                                         | CUSIP: 956622T95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1569592.07   | 0.02%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT            | Denver Health & Hospital Authority                                               | CUSIP: 24918EEB2<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4308109.44   | 0.05%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESPLANADE LAKE CLUB CMNTY DEV             | Esplanade Lake Club Community Development District                               | CUSIP: 29665MAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $87869.12     | 0.00%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH REVENU            | Duluth Economic Development Authority                                            | CUSIP: 26444VAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1182761.58   | 0.01%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                               | City of New York NY                                                              | CUSIP: 64966QC73<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4127244.09   | 0.05%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV LOCAL IMPT DISTS             | Henderson Local Improvement Districts                                            | CUSIP: 425208WE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $488167.19    | 0.01%             | 2045-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                | City of Kyle TX                                                                  | CUSIP: 50156CAC4<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1305095.09   | 0.02%             | 2039-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167501XG5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  22095000 | PA      | $15012726.15  | 0.19%             | 2031-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UHLAND TX SPL ASSMNT REVENUE              | City of Uhland TX                                                                | CUSIP: 90352SAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065994.80   | 0.03%             | 2052-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DE            | Cape Girardeau County Industrial Development Authority                           | CUSIP: 139404HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $798040.57    | 0.01%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERS EDGE III CDD FL CAPITAL            | Rivers Edge III Community Development District                                   | CUSIP: 76882NAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $684299.28    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5295000 | PA      | $3080118.97   | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061UFL7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2196860.31   | 0.03%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNBRIDGE STEWARDSHIP DIST FL             | Sunbridge Stewardship District                                                   | CUSIP: 86709HAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938464.90    | 0.01%             | 2042-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECON DEV A            | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704EAA2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2286462.37   | 0.03%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN            | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542QBK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1333368.29   | 0.02%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A            | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507VJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1379847.15   | 0.02%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA DEV            | Gainesville & Hall County Development Authority                                  | CUSIP: 36274PAD9<br>LEI: 549300L0GMYXTK7H5359 | Long             | DBT              | MUN               | US        |    900000 | PA      | $644141.25    | 0.01%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $849593.08    | 0.01%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH CONVENTION FA            | Franklin County Convention Facilities Authority                                  | CUSIP: 35317DAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10975000 | PA      | $10556883.23  | 0.13%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRING LAKE FL CDD SPL ASSESSM            | Spring Lake Community Development District                                       | CUSIP: 849703AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1225235.63   | 0.02%             | 2037-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FISHHAWK FL CDD II SPL ASSMNT             | Fishhawk Community Development District II                                       | CUSIP: 33804RAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1465956.35   | 0.02%             | 2034-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A            | River Islands Public Financing Authority                                         | CUSIP: 76827QGZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2801147.44   | 0.04%             | 2047-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHINO CA PUBLIC FING AUTH REVE            | Chino Public Financing Authority                                                 | CUSIP: 169548EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $153427.13    | 0.00%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SETTLER'S CROSSING MET DIST NO            | Settler's Crossing Metropolitan District No 1                                    | CUSIP: 81782QAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1386745.26   | 0.02%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU            | Montgomery County Industrial Development Authority/PA                            | CUSIP: 61360PCM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2274490.74   | 0.03%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV            | Colorado Health Facilities Authority                                             | CUSIP: 19648FVR2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2000437.70   | 0.03%             | 2031-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TIMBER CREEK SOUTHWEST CDD FL             | Timber Creek Southwest Community Development District                            | CUSIP: 88707RAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1503638.31   | 0.02%             | 2041-12-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CENTURY PARK FL CDD SPL ASSESS            | Century Parc Community Development District                                      | CUSIP: 156649AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1706192.82   | 0.02%             | 2031-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOTANIKO CMNTY DEV DIST FL SPL            | Botaniko Community Development District                                          | CUSIP: 101239AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $441709.66    | 0.01%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE               | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $847326.10    | 0.01%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                      | City of Roseville CA                                                             | CUSIP: 777870G83<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511692.25    | 0.01%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKESHORE VLGS LA MASTER CDD S            | Lakeshore Villages Master Community Development District                         | CUSIP: 512098AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1670563.03   | 0.02%             | 2039-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP EDUCTNL            | Kentucky Bond Development Corp                                                   | CUSIP: 49120ABN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $614673.92    | 0.01%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45203H8X3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1585506.60   | 0.02%             | 2027-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KINGMAN GATE CDD FL SPL ASSMNT            | Kingman Gate Community Development District                                      | CUSIP: 495742AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $812146.35    | 0.01%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LORETTO HEIGHTS CMNTY AUTH CO             | Loretto Heights Community Authority                                              | CUSIP: 544084AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3388557.15   | 0.04%             | 2051-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TAHOE-DOUGLAS VISITORS AUTH NV            | Tahoe-Douglas Visitors Authority                                                 | CUSIP: 873816AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2726254.95   | 0.03%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINDING CYPRESS FL CDD SPL ASS            | Winding Cypress Community Development District                                   | CUSIP: 973386AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1648250.73   | 0.02%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH HLTH             | Arkansas Development Finance Authority                                           | CUSIP: 04108VBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $391511.10    | 0.00%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934K3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    365000 | PA      | $378380.46    | 0.00%             | 2037-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SSJ4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1819224.38   | 0.02%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                     | City of Sacramento CA                                                            | CUSIP: 786071MB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1766263.00   | 0.02%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CDR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $351389.81    | 0.00%             | 2041-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRIGHTON CO CROSSING MET DIST#            | Brighton Crossing Metropolitan District No 4                                     | CUSIP: 109330AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $599749.56    | 0.01%             | 2047-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXT4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $1789650.00   | 0.02%             | 2040-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC             | Public Finance Authority                                                         | CUSIP: 74444VAW0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7110000 | PA      | $6120265.25   | 0.08%             | 2055-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY SC ASSMNT REVEN            | County of Lancaster SC                                                           | CUSIP: 514088AA1<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2691341.50   | 0.03%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC            | California County Tobacco Securitization Agency                                  | CUSIP: 13016NFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $486466.64    | 0.01%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FALLSCHASE CMNTY DEV DIST FL S            | Fallschase Community Development District                                        | CUSIP: 306748AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6645000 | PA      | $5019027.64   | 0.06%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT DEPT OF EDU COPS                | Guam Department of Education                                                     | CUSIP: 40065AAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6240000 | PA      | $6095761.15   | 0.08%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAZA CO MET DIST #1 REVENUE              | Plaza Metropolitan District No 1                                                 | CUSIP: 72818QAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939653.90    | 0.01%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALO ALTO CA IMPT BOND ACT 191            | City of Palo Alto CA                                                             | CUSIP: 697373CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $541822.28    | 0.01%             | 2030-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANDMINE ROAD CDD FL SPL ASSMN            | Sandmine Road Community Development District                                     | CUSIP: 800063AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $766151.26    | 0.01%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061UHH4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2580000 | PA      | $1711801.36   | 0.02%             | 2056-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV            | County of Hamilton OH                                                            | CUSIP: 40727RBE7<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1447568.55   | 0.02%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SPL FACS            | City & County of Denver CO                                                       | CUSIP: 249271GV3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |  25035000 | PA      | $24616557.50  | 0.31%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EEE6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $234651.63    | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL             | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250CK8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  66700000 | PA      | $10628351.52  | 0.13%             | 2056-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES            | New York State Dormitory Authority                                               | CUSIP: 64990GZQ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4160000 | PA      | $3467776.42   | 0.04%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZT2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    115000 | PA      | $83662.50     | 0.00%             | 2040-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE              | New Hampshire Business Finance Authority                                         | CUSIP: 63607YAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2203883.30   | 0.03%             | 2043-07-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE             | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682QZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6144384.60   | 0.08%             | 2042-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HACKBERRY TX SPL ASSMNT REVENU            | City of Hackberry TX                                                             | CUSIP: 404521AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4345000 | PA      | $4104439.51   | 0.05%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2023489.91   | 0.03%             | 2039-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400BA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    126000 | PA      | $103734.60    | 0.00%             | 2040-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VERANO #2 CDD FL SPL ASSMNT               | Verano No 2 Community Development District                                       | CUSIP: 92337JAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $309604.09    | 0.00%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV             | Latrobe Industrial Development Authority                                         | CUSIP: 518324AP3<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    275000 | PA      | $242168.60    | 0.00%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYK2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    210000 | PA      | $152512.50    | 0.00%             | 2025-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2128253.97   | 0.03%             | 2049-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS FL CDD SPL ASSMNT               | Highlands Community Development District                                         | CUSIP: 431009BD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949602.50    | 0.01%             | 2038-12-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204E6Z6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1358967.15   | 0.02%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHERWOOD MANOR CDD FL SPL ASSM            | Sherwood Manor Community Development District                                    | CUSIP: 824391AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3567330.18   | 0.04%             | 2049-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE            | Tempe Industrial Development Authority                                           | CUSIP: 87972MBE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1553118.90   | 0.02%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL            | Berks County Industrial Development Authority                                    | CUSIP: 08451PAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $808831.81    | 0.01%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASEO FL CDD CAPITAL IMPT REVE            | Paseo Community Development District                                             | CUSIP: 702590AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3190000 | PA      | $3105553.68   | 0.04%             | 2036-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ROWLETT TX SPL ASSMNT REVENUE             | City of Rowlett TX                                                               | CUSIP: 779719AA1<br>LEI: 549300XN25SMDVQJM820 | Long             | DBT              | MUN               | US        |    175000 | PA      | $169896.84    | 0.00%             | 2036-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA            | New Hampshire Health and Education Facilities Authority Act                      | CUSIP: 64461XDW2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   7290000 | PA      | $7741178.10   | 0.10%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRD OF MANAGERS TX JT GUADALUP            | Board of Managers Joint Guadalupe County-City of Seguin Hospital                 | CUSIP: 09659MAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1976680.88   | 0.02%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TALIS PARK CMNTY DEV DIST FL C            | Talis Park Community Development District                                        | CUSIP: 874249AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2362018.14   | 0.03%             | 2044-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MOODY RIVER ESTATES FL CDD SPL            | Moody River Estates Community Development District                               | CUSIP: 61534VAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1806871.89   | 0.02%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN MARCOS TX SPL ASSMNT REVEN            | City of San Marcos TX                                                            | CUSIP: 798801AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1454683.50   | 0.02%             | 2050-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CONROE TX LOCAL GOVT CORP HOTE            | Conroe Local Government Corp                                                     | CUSIP: 20841CAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $524679.34    | 0.01%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MANOR TX SPL ASSMNT REVENUE               | City of Manor TX                                                                 | CUSIP: 564099AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $692557.73    | 0.01%             | 2041-09-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MIDLOTHIAN TX SPL ASSMNT REVEN            | City of Midlothian TX                                                            | CUSIP: 59785RAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2145356.37   | 0.03%             | 2052-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PINE RIDGE PLANTATION FL CDD C            | Pine Ridge Plantation Community Development District                             | CUSIP: 722768AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $575324.89    | 0.01%             | 2037-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| STAR INTERNATIONAL ACADEMY MI             | Star International Academy                                                       | CUSIP: 855138AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3580000 | PA      | $3662753.13   | 0.05%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT            | Denver Health & Hospital Authority                                               | CUSIP: 24918EEC0<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4245087.84   | 0.05%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N GLENN CO URBAN RENEWAL AUTH             | Northglenn Urban Renewal Authority                                               | CUSIP: 66644KAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $320410.60    | 0.00%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV NEW CONVENTION &             | Las Vegas Convention & Visitors Authority                                        | CUSIP: 517704GX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1474484.38   | 0.02%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A            | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $350246.33    | 0.00%             | 2046-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EEG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    495000 | PA      | $438712.66    | 0.01%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152U33<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $8456158.05   | 0.11%             | 2040-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA TRANSPRTN CO            | Riverside County Transportation Commission                                       | CUSIP: 76912DAB4<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023396.40   | 0.03%             | 2048-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13078YNH4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2216980.58   | 0.03%             | 2038-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM CORDOVA CA UNIF SCH DIS            | Folsom Cordova Unified School District School Facilities Improvement Dist No 4   | CUSIP: 34440TBA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3460000 | PA      | $2435354.91   | 0.03%             | 2032-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   7839196 | PA      | $6797050.93   | 0.09%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR            | New York State Environmental Facilities Corp                                     | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   2905000 | PA      | $2735630.08   | 0.03%             | 2050-09-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136XD8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $10384953.60  | 0.13%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORTICO FL CDD SPL ASSMNT REVE            | Portico Community Development District                                           | CUSIP: 73641TAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $431296.33    | 0.01%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO            | Arizona Industrial Development Authority                                         | CUSIP: 04052TBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $382810.55    | 0.00%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GROVE CMNTY DEV DIST             | Southern Groves Community Development District No 5                              | CUSIP: 843021AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $486405.96    | 0.01%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GEORGETOWN TX SPL ASSMNT REVEN            | City of Georgetown TX                                                            | CUSIP: 373057AD0<br>LEI: 549300BSO7ULYERIVM97 | Long             | DBT              | MUN               | US        |    617000 | PA      | $520061.03    | 0.01%             | 2047-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1847016.75   | 0.02%             | 2051-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN            | M-S-R Energy Authority                                                           | CUSIP: 55374SAG5<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   8855000 | PA      | $9800664.41   | 0.12%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PARKDALE CMNTY AUTH CO                    | Parkdale Community Authority                                                     | CUSIP: 700890AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $2889122.84   | 0.04%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204E7D4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1713350.60   | 0.02%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST            | Tulsa Airports Improvement Trust                                                 | CUSIP: 899661EK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24300000 | PA      | $24232006.17  | 0.30%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L            | New York Liberty Development Corp                                                | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28870000 | PA      | $26191989.93  | 0.33%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST TOBACCO SETTLEMENT            | Michigan Tobacco Settlement Finance Authority                                    | CUSIP: 594751AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 227965000 | PA      | $8916235.47   | 0.11%             | 2058-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARTISAN LAKES EAST CDD FL CAPI            | Artisan Lakes East Community Development District                                | CUSIP: 04316FAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $225374.45    | 0.00%             | 2031-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| COPPERSPRING CDD SPL ASSMNT               | Copperspring Community Development District                                      | CUSIP: 21766MAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $361587.79    | 0.00%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESPLANADE LAKE CLUB CMNTY DEV             | Esplanade Lake Club Community Development District                               | CUSIP: 29665MAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1263790.78   | 0.02%             | 2050-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SIX MILE CREEK FL CDD CAPITAL             | Six Mile Creek Community Development District                                    | CUSIP: 83005TBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $992391.61    | 0.01%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU            | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UGH1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    550000 | PA      | $414912.85    | 0.01%             | 2061-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CORAL KEYS HOMES CMNTY DEV                | Coral Keys Homes Community Development District                                  | CUSIP: 217898AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $447300.71    | 0.01%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHELL POINT CMNTY DEV DIST FL             | Shell Point Community Development District                                       | CUSIP: 822666AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2156373.78   | 0.03%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG              | Mississippi Development Bank                                                     | CUSIP: 60534XLV6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2473858.20   | 0.03%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136ET4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  24445000 | PA      | $17887073.85  | 0.22%             | 2030-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SADDLE CREEK PRESERVE OF POLK             | Saddle Creek Preserve of Polk County Community Development District              | CUSIP: 786230AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $596849.92    | 0.01%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V            | Tobacco Settlement Financing Corp/VA                                             | CUSIP: 88880NAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  34250000 | PA      | $7919874.10   | 0.10%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE            | California Municipal Finance Authority                                           | CUSIP: 13048TS20<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  13875000 | PA      | $14221467.08  | 0.18%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV            | Colorado Health Facilities Authority                                             | CUSIP: 19648FPY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2162429.95   | 0.03%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SILICON VLY CA TOBACCO SECURIT            | Silicon Valley Tobacco Securitization Authority                                  | CUSIP: 82706TAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  91400000 | PA      | $7911830.78   | 0.10%             | 2056-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALCASIEU PARISH LA MEMORIAL H            | Calcasieu Parish Memorial Hospital Service District                              | CUSIP: 128423EX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2210680.21   | 0.03%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                    | City of Baltimore MD                                                             | CUSIP: 05923TCY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $232956.39    | 0.00%             | 2046-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RIVERS EDGE II CMNTY DEV DIST             | Rivers Edge II Community Development District                                    | CUSIP: 76882LAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $780879.11    | 0.01%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  87426000 | PA      | $78756671.73  | 0.99%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY PA REDEV AUTH             | Redevelopment Authority of The County of Washington                              | CUSIP: 938618AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992427.50    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N            | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30000000 | PA      | $28644714.00  | 0.36%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DINOSAUR RIDGE MET DIST CO SPL            | Dinosaur Ridge Metropolitan District                                             | CUSIP: 254457AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3133510.81   | 0.04%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX FRESH WTR SPLY            | Kaufman County Fresh Water Supply District No 1-D                                | CUSIP: 48618TBE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $805102.04    | 0.01%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN HILL MET DIST #3 CO                | Morgan Hill Metropolitan District No 3                                           | CUSIP: 61740BAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2133483.89   | 0.03%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH HOLLY MET DIST CO                   | North Holly Metropolitan District                                                | CUSIP: 659890AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1181526.95   | 0.01%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROLLING OAKS FL CDD SPL ASSMNT            | Rolling Oaks Community Development District                                      | CUSIP: 77571RAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1673602.39   | 0.02%             | 2038-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SUMMERSTONE CMNTY DEV DIST FL             | Summerstone Community Development District                                       | CUSIP: 865711AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $564201.63    | 0.01%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN MATHEMATICS & SCIENCE            | Michigan Mathematics & Science Initiative                                        | CUSIP: 59457QAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $928233.61    | 0.01%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 4521527H8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1282902.15   | 0.02%             | 2045-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA            | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712D6E1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    435000 | PA      | $386337.90    | 0.00%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO CNTY WV CNTY COMMISSION S            | County of Ohio WV Special District Excise Tax Revenue                            | CUSIP: 67732PED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $809377.11    | 0.01%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC             | Public Finance Authority                                                         | CUSIP: 74444VAR1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1126202.97   | 0.01%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE                 | County of Baltimore MD                                                           | CUSIP: 059151DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2811989.40   | 0.04%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOSCANA ISLES CMNTY DEV DIST F            | Toscana Isles Community Development District                                     | CUSIP: 89149CAB4<br>LEI: 549300KT0ZEEJZO5TM34 | Long             | DBT              | MUN               | US        |   1955000 | PA      | $2032420.74   | 0.03%             | 2044-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PARRISH PLANTATION CMNTY DEV D            | Parrish Plantation Community Development District                                | CUSIP: 701830AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $613640.31    | 0.01%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT            | Triple Creek Community Development District                                      | CUSIP: 89677RAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2067472.81   | 0.03%             | 2048-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO            | Arizona Industrial Development Authority                                         | CUSIP: 04052TBV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $603455.27    | 0.01%             | 2054-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    933000 | PA      | $741931.02    | 0.01%             | 2051-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TUSTIN CA CMNTY FACS DIST SPLT            | Tustin Community Facilities District                                             | CUSIP: 901047FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760084.88    | 0.01%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIPLE CREEK FL CDD SPL ASSMNT            | Triple Creek Community Development District                                      | CUSIP: 89677RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1723877.51   | 0.02%             | 2050-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SACHSE TX SPL ASSMNT REVENUE              | City of Sachse TX                                                                | CUSIP: 785756AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    613000 | PA      | $618955.79    | 0.01%             | 2042-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EJA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3925000 | PA      | $3275022.75   | 0.04%             | 2057-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOYLESTOWN PA HOSP AUTH                   | Doylestown Hospital Authority                                                    | CUSIP: 261333EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1035338.42   | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BABCOCK RANCH CMNTY INDEP SPL             | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $703182.13    | 0.01%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE                | City of Lavon TX                                                                 | CUSIP: 51946PBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $510744.00    | 0.01%             | 2039-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BELLAGIO CDD FL SPL ASSMNT                | Bellagio Community Development District                                          | CUSIP: 07821BAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1287843.08   | 0.02%             | 2046-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CDS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478159.10    | 0.01%             | 2050-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061UHG6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    830000 | PA      | $595961.58    | 0.01%             | 2046-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN            | City of Celina TX                                                                | CUSIP: 15114CER1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3549000 | PA      | $2753892.69   | 0.03%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYT3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4980000 | PA      | $3635400.00   | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION PARK EAST CMNTY DEV DIST            | Union Park East Community Development District                                   | CUSIP: 907874AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2363171.93   | 0.03%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PVU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    900000 | PA      | $716256.99    | 0.01%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC             | Public Finance Authority                                                         | CUSIP: 74444VAV2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2761170.31   | 0.03%             | 2045-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116FV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $943955.61    | 0.01%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D            | City of Rancho Cordova CA                                                        | CUSIP: 75211RGU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501710.70    | 0.01%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLUE LAKE CMNTY DEV DIST FL SP            | Blue Lake Community Development District                                         | CUSIP: 095678AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $790011.63    | 0.01%             | 2039-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE             | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682RL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8300000 | PA      | $8849341.31   | 0.11%             | 2042-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008EKS4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058860.30   | 0.01%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399NM4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1214839.35   | 0.02%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKSTONE CDD FL SPL ASSMNT R            | Brookstone Community Development District                                        | CUSIP: 114534AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976781.80    | 0.01%             | 2042-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REUNION MET DIST CO SPL REVENU            | Reunion Metropolitan District                                                    | CUSIP: 76133UAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2207710 | PA      | $1576411.08   | 0.02%             | 2044-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EJP6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1516865.29   | 0.02%             | 2052-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESTSIDE FL CDD SPL ASSMNT REV            | Westside Community Development District                                          | CUSIP: 96149TAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $906730.51    | 0.01%             | 2039-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD            | Michigan Strategic Fund                                                          | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4534904.51   | 0.06%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHAPEL CREEK FL CDD                       | Chapel Creek Community Development District                                      | CUSIP: 15942MAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $794286.08    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE MET DIST CO                       | Village Metropolitan District/The                                                | CUSIP: 92708CAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1586818.45   | 0.02%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMVILLE VA INDL DEV AUTH FAC            | Farmville Industrial Development Authority                                       | CUSIP: 311617BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4604442.50   | 0.06%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTANCIA AT WIREGRASS CDD FL C            | Estancia at Wiregrass Community Development District                             | CUSIP: 297321AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3230000 | PA      | $3407489.79   | 0.04%             | 2045-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CAMPO BELLO CDD FL                        | Campo Bello Community Development District                                       | CUSIP: 134623AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1036319.67   | 0.01%             | 2049-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S KENDALL FL CDD SPL ASSMNT               | South Kendall Community Development District                                     | CUSIP: 83854TAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $299239.05    | 0.00%             | 2040-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE                 | County of Baltimore MD                                                           | CUSIP: 059151DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6830000 | PA      | $6136226.36   | 0.08%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRAZORIA CNTY TX INDL DEV CORP            | Brazoria County Industrial Development Corp                                      | CUSIP: 10604PAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6466521.60   | 0.08%             | 2042-06-01      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYH9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     60000 | PA      | $43575.00     | 0.00%             | 2023-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT             | Lakes of Sarasota Community Development District                                 | CUSIP: 51206YAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $828931.05    | 0.01%             | 2031-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R            | Arizona Industrial Development Authority                                         | CUSIP: 04052BMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $1569757.65   | 0.02%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT            | New Jersey Educational Facilities Authority                                      | CUSIP: 6460666J4<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1736750.90   | 0.02%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA INDL DEV AUT            | Allegheny County Industrial Development Authority                                | CUSIP: 01730PAB5<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2544874.25   | 0.03%             | 2030-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| POWHATON CMNTY AUTH CO LTD TAX            | Powhaton Community Authority                                                     | CUSIP: 73938BAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5460000 | PA      | $4446349.91   | 0.06%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE            | California Municipal Finance Authority                                           | CUSIP: 13048VDS4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258565.20    | 0.00%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT             | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  73690000 | PA      | $63962956.85  | 0.80%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT            | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $197367.98    | 0.00%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59259Y3A5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992506.00    | 0.01%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILDWING CO MET DIST #5                   | Wildwing Metropolitan District No 5                                              | CUSIP: 96813CAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3174020.18   | 0.04%             | 2048-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CLAIRTON PA MUNI AUTH SWR REVE            | Clairton Municipal Authority                                                     | CUSIP: 179630CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000422.40   | 0.01%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TKA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3265094.25   | 0.04%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  17849175 | PA      | $7809014.06   | 0.10%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81            | City of Las Vegas NV Special Improvement District No 813                         | CUSIP: 51778EAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $385870.90    | 0.00%             | 2042-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG            | Public Finance Authority                                                         | CUSIP: 74439YDX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   8815000 | PA      | $6158733.74   | 0.08%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLS MINNEOLA CMNTY DEV DIST             | Hills of Minneola Community Development District                                 | CUSIP: 431688AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $890769.83    | 0.01%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CREEK PRESV CMNTY DEV DIST FL             | Creek Preserve Community Development District                                    | CUSIP: 22550HAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1455944.37   | 0.02%             | 2039-11-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CANYON PINES MET DIST CO SPL I            | Canyon Pines Metropolitan District Special Improvement District No 1             | CUSIP: 138871AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $9087836.40   | 0.11%             | 2040-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HOSPS & HGR ED            | Hospitals & Higher Education Facilities Authority of Philadelphia/The            | CUSIP: 717903L55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076761.00   | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR            | New York State Environmental Facilities Corp                                     | CUSIP: 649852AQ3<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1454524.18   | 0.02%             | 2044-12-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    975000 | PA      | $864400.58    | 0.01%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81            | City of Las Vegas NV Special Improvement District No 814                         | CUSIP: 51778UAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1089208.69   | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HGR EDU FACS AUT            | Washington Higher Education Facilities Authority                                 | CUSIP: 9397813Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1000015.43   | 0.01%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STAR INTERNATIONAL ACADEMY MI             | Star International Academy                                                       | CUSIP: 855138AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2155512.24   | 0.03%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRANDE PINES CDD FL SPL ASSMNT            | Grande Pines Community Development District                                      | CUSIP: 38656NAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $567098.85    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TIMNATH RANCH MET DIST NO 4               | Timnath Ranch Metropolitan District No 4                                         | CUSIP: 887431AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $660806.42    | 0.01%             | 2037-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| POWHATON ROAD MET DIST #2 CO              | Powhaton Road Metropolitan District No 2                                         | CUSIP: 73939RAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2103330.80   | 0.03%             | 2048-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GEISINGER PA AUTH HLTH SYS REV            | Geisinger Authority                                                              | CUSIP: 368497FC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  52950000 | PA      | $46753663.92  | 0.59%             | 2037-05-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TAKODA CO MET DIST                        | Takoda Metropolitan District                                                     | CUSIP: 874067AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8479561.60   | 0.11%             | 2050-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE            | City of Crandall TX                                                              | CUSIP: 224384AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    261000 | PA      | $239018.84    | 0.00%             | 2031-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AVIARY AT RUTLAND RANCH CDD FL            | Aviary at Rutland Ranch Community Development District                           | CUSIP: 05369FAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $815145.03    | 0.01%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AZY6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1605322.61   | 0.02%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COPPERLEAF CO MET DIST #6                 | Copperleaf Metropolitan District No 6                                            | CUSIP: 21765PAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $676453.42    | 0.01%             | 2041-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152Y88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5280000 | PA      | $5161028.40   | 0.06%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTERNATIONAL ARPT AUTH              | Antonio B Won Pat International Airport Authority                                | CUSIP: 40064REK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1220161.95   | 0.02%             | 2036-10-01      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE            | City of Pilot Point TX                                                           | CUSIP: 721614AL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1300879.04   | 0.02%             | 2052-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV            | Colorado Health Facilities Authority                                             | CUSIP: 19648FKU7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2135000 | PA      | $1511020.42   | 0.02%             | 2049-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| S VLG FL CDD CAPITAL IMPT REVE            | South Village Community Development District                                     | CUSIP: 84060HAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $745992.79    | 0.01%             | 2032-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AVALON GROVES CDD FL SPL ASSMN            | Avalon Groves Community Development District                                     | CUSIP: 05344CAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $738951.64    | 0.01%             | 2048-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STONEYBROOK FL S CDD SPL ASSMN            | Stoneybrook South Community Development District                                 | CUSIP: 86202RAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3495000 | PA      | $3461898.86   | 0.04%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLEN MET DIST #3 CO                       | Glen Metropolitan District No 3/The                                              | CUSIP: 37767RAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2370000 | PA      | $1686865.51   | 0.02%             | 2051-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON             | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375054.68    | 0.00%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIRADA II CMNTY DEV DIST FL CA            | Mirada II Community Development District                                         | CUSIP: 60463WAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1407834.94   | 0.02%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399PJ9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1728810.20   | 0.02%             | 2062-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HIGHLAND MEADOWS WEST CDD FL S            | Highland Meadows West Community Development District                             | CUSIP: 43038HAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $144700.87    | 0.00%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EDGEWATER EAST CDD FL SPL ASSM            | Edgewater East Community Development District                                    | CUSIP: 280286AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1107760.66   | 0.01%             | 2041-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE FOUND                    | Prime Healthcare Foundation Inc                                                  | CUSIP: 74166AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16525000 | PA      | $16200093.71  | 0.20%             | 2027-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QYM8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     65000 | PA      | $47206.25     | 0.00%             | 2027-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL CT FIN AUTH                | Mohegan Tribal Finance Authority                                                 | CUSIP: 608327AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20100000 | PA      | $20127973.17  | 0.25%             | 2045-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO CA UNIF SCH DIST             | Mount Diablo Unified School District/CA                                          | CUSIP: 621196XD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7502834.50   | 0.09%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061UFF0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    830000 | PA      | $747684.58    | 0.01%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRIDIAN TX MUNI MGMT DIST ASS            | Viridian Municipal Management District                                           | CUSIP: 92823UAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    786000 | PA      | $565095.88    | 0.01%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLL CONTROLC            | Maricopa County Pollution Control Corp                                           | CUSIP: 566854EM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $3567742.27   | 0.04%             | 2035-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BELMONT FL CDD CAPITAL IMPT DI            | Belmont Community Development District                                           | CUSIP: 080228AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $808846.58    | 0.01%             | 2033-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061UFG8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1554740.00   | 0.02%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| 1ST CREEK VLG MET DIST CO                 | First Creek Village Metropolitan District                                        | CUSIP: 319617AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1433122.88   | 0.02%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SABELL MET DIST CO                        | Sabell Metropolitan District                                                     | CUSIP: 78517NAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $886798.92    | 0.01%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       391 | PA      | $391.00       | 0.00%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIDDLERS CREEK FL CDD #2 SPL A            | Fiddlers Creek Community Development District No 2                               | CUSIP: 31573QAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2450688.41   | 0.03%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT            | Allentown Neighborhood Improvement Zone Development Authority                    | CUSIP: 018444BB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987824.20    | 0.01%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TX SPL ASSMNT REVENU            | City of Princeton TX                                                             | CUSIP: 742400BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1921333.80   | 0.02%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN            | CSCDA Community Improvement Authority                                            | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $618472.08    | 0.01%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC            | California County Tobacco Securitization Agency                                  | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 102910000 | PA      | $18945484.02  | 0.24%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934Q0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1940000 | PA      | $1952372.54   | 0.02%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CORKSCREW FARMS CMNTY DEV DIST            | Corkscrew Farms Community Development District                                   | CUSIP: 21888RAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2012167.16   | 0.03%             | 2050-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TQP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4605000 | PA      | $4535907.04   | 0.06%             | 2062-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE            | Village Community Development District No 13                                     | CUSIP: 92708HAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4135000 | PA      | $3088739.56   | 0.04%             | 2040-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3939000 | PA      | $3715916.31   | 0.05%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WIREGRASS FL CDD CAPITAL IMPT             | Wiregrass Community Development District                                         | CUSIP: 97654RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1332148.82   | 0.02%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399NN2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $765143.07    | 0.01%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY             | New York City Industrial Development Agency                                      | CUSIP: 64971PLK9<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   5025000 | PA      | $3742804.42   | 0.05%             | 2046-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LTC RANCH WEST RSDL CMNTY DEV             | LTC Ranch West Residential Community Development District                        | CUSIP: 50218SAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2306149.78   | 0.03%             | 2031-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    950000 | PA      | $874043.23    | 0.01%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV            | Delaware State Health Facilities Authority                                       | CUSIP: 246388SR4<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $2979159.98   | 0.04%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTSIDE FL CDD SPL ASSMNT REV            | Westside Community Development District                                          | CUSIP: 96149TAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $467765.62    | 0.01%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL            | Berks County Industrial Development Authority                                    | CUSIP: 08451PAP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1101115.03   | 0.01%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIZCAYA IN KENDALL FL CDD SPLA            | Vizcaya in Kendall Community Development District                                | CUSIP: 92856EAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935810.40    | 0.01%             | 2031-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VILLAMAR CDD FL SPL ASSMNT                | Villamar Community Development District                                          | CUSIP: 92715KAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $756131.80    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU            | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72177MTE7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    250000 | PA      | $230305.03    | 0.00%             | 2040-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARBLE FALLS TX SPL ASSMNT REV            | City of Marble Falls TX                                                          | CUSIP: 566035AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $758098.71    | 0.01%             | 2041-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HLTH CARE FAC            | County of Franklin OH                                                            | CUSIP: 353180LL4<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   8280000 | PA      | $7140060.11   | 0.09%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ANNA TX SPL ASSMNT REVENUE                | City of Anna TX                                                                  | CUSIP: 035713AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2234723.09   | 0.03%             | 2048-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BELMONT II CDD FL SPL ASSMNT R            | Belmont II Community Development District                                        | CUSIP: 080382AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1008608.45   | 0.01%             | 2040-12-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TRANSBAY JT POWERS AUTH CA                | Transbay Joint Powers Authority                                                  | CUSIP: 89356CAU0<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1057153.98   | 0.01%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WIREGRASS II CDD FL CAPITAL IM            | Wiregrass II Community Development District                                      | CUSIP: 97655GAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1441457.70   | 0.02%             | 2050-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BRIDGEWATER FL CDD                        | Bridgewater Community Development District                                       | CUSIP: 108624AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6360000 | PA      | $6473778.49   | 0.08%             | 2035-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364R9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5675000 | PA      | $6029877.05   | 0.08%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU            | Miami-Dade County Industrial Development Authority                               | CUSIP: 59334GAN7<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1713577.60   | 0.02%             | 2061-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP            | New Jersey Economic Development Authority                                        | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5022468.50   | 0.06%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH               | New Jersey Economic Development Authority                                        | CUSIP: 64578EKB2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2495340.97   | 0.03%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAPLES RESERVE CDD FL SPL ASSM            | Naples Reserve Community Development District                                    | CUSIP: 630606AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $742795.35    | 0.01%             | 2035-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST             | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461364K4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5275000 | PA      | $5138244.57   | 0.06%             | 2038-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KYLE TX SPL ASSMNT REVENUE                | City of Kyle TX                                                                  | CUSIP: 50156CAR1<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $539300.16    | 0.01%             | 2041-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CORNERSTAR MET DIST CO                    | Cornerstar Metropolitan District                                                 | CUSIP: 21923JAD0<br>LEI: 549300E33QX68QTOF873 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1938043.59   | 0.02%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE            | City of Fate TX                                                                  | CUSIP: 31189RCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1656000 | PA      | $1306703.23   | 0.02%             | 2051-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANTHEM PARK FL CDD SPL ASSMNT             | Anthem Park Community Development District                                       | CUSIP: 03674SAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1643557.73   | 0.02%             | 2031-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $438559.47    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HIGHLAND MEADOWS II FL CDD SPL            | Highlands Meadows II Community Development District                              | CUSIP: 43037TBD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $479408.87    | 0.01%             | 2050-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TMG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $523186.58    | 0.01%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV AGY               | Riverside County Redevelopment Successor Agency                                  | CUSIP: 769123KD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6360000 | PA      | $2507380.39   | 0.03%             | 2042-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DURBIN CROSSING FL CDD SPL ASS            | Durbin Crossing Community Development District                                   | CUSIP: 266601AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3090000 | PA      | $3124256.36   | 0.04%             | 2034-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4711167.00   | 0.06%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HTA CL 6 TRUST                            | HTA CL 6 Trust                                                                   | CUSIP: 40440SAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2981635 | PA      | $2942023.98   | 0.04%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KCK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $588504.07    | 0.01%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SIX MILE CREEK FL CDD CAPITAL             | Six Mile Creek Community Development District                                    | CUSIP: 83005TAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $263003.50    | 0.00%             | 2040-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VERANO #2 CDD FL SPL ASSMNT               | Verano No 2 Community Development District                                       | CUSIP: 92337JAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $1534590.75   | 0.02%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RED BRIDGE PUBLIC INFRASTRUCTU            | Red Bridge Public Infrastructure District No 1                                   | CUSIP: 756423AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $935019.96    | 0.01%             | 2035-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TOLEDO-LUCAS CNTY OH PORT AUTH            | Toledo-Lucas County Port Authority                                               | CUSIP: 889259AH0<br>LEI: 549300H1LURZO4MT2Q75 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1199404.22   | 0.02%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWKSTONE CMNTY DEV DIST FL SP            | Hawkstone Community Development District                                         | CUSIP: 42034RAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $170660.48    | 0.00%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BELMONT FL CDD CAPITAL IMPT DI            | Belmont Community Development District                                           | CUSIP: 080228AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057709.40   | 0.01%             | 2043-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ARBORWOOD FL CDD CAPITAL IMPT             | Arborwood Community Development District                                         | CUSIP: 038926AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3305000 | PA      | $3281859.38   | 0.04%             | 2036-05-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL             | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20775DDW9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $848773.45    | 0.01%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PRJ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4470000 | PA      | $3830485.15   | 0.05%             | 2031-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST STHRN ST UNIV AUXI            | Missouri Southern State University                                               | CUSIP: 60629QAT4<br>LEI: 5493006A7RZIOMVEPD54 | Long             | DBT              | MUN               | US        |    500000 | PA      | $370444.90    | 0.00%             | 2049-10-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R            | Massachusetts Development Finance Agency                                         | CUSIP: 57584YWH8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    280000 | PA      | $285132.71    | 0.00%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  42730000 | PA      | $37771063.86  | 0.47%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| E HOMESTEAD FL CDD SPL ASSMNTR            | East Homestead Community Development District                                    | CUSIP: 273106AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465380.60    | 0.01%             | 2039-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TERN BAY CDD FL SPL ASSMNT                | Tern Bay Community Development District                                          | CUSIP: 88088EAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4500930.60   | 0.06%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QD90<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1678950 | PA      | $1284396.75   | 0.02%             | 2022-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TOWNE PARK CMNTY DEV DIST FL S            | Towne Park Community Development District                                        | CUSIP: 89215RAY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $756131.80    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CASCADE RIDGE MET DIST CO                 | Cascade Ridge Metropolitan District                                              | CUSIP: 147351AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2014002.50   | 0.03%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOUCHSTONE CMNTY DEV DIST FL S            | Touchstone Community Development District                                        | CUSIP: 89154GAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $461945.72    | 0.01%             | 2040-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC            | California County Tobacco Securitization Agency                                  | CUSIP: 13016NGB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1332085.91   | 0.02%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MITCHELL CNTY TX HOSP DIST                | Mitchell County Hospital District                                                | CUSIP: 606590BA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $594574.34    | 0.01%             | 2051-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRIDIAN TX MUNI MGMT DIST ASS            | Viridian Municipal Management District                                           | CUSIP: 92823UAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $308136.08    | 0.00%             | 2035-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| W VLGS FL IMPT DIST                       | West Villages Improvement District                                               | CUSIP: 956454CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $463259.71    | 0.01%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE            | Public Finance Authority                                                         | CUSIP: 744396FS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $631126.09    | 0.01%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399PN0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1707157.25   | 0.02%             | 2062-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECON DEV A            | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704EAB0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    910000 | PA      | $946471.25    | 0.01%             | 2025-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN             | Alameda Corridor Transportation Authority                                        | CUSIP: 010869JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $653326.99    | 0.01%             | 2050-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HLTH            | Lee County Industrial Development Authority/FL                                   | CUSIP: 52349EEL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3597253.13   | 0.05%             | 2057-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HLTH CARE & I            | County of Cuyahoga OH                                                            | CUSIP: 23226MAH4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1746218.52   | 0.02%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI            | Florida Higher Educational Facilities Financial Authority                        | CUSIP: 34073TKW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1519071.58   | 0.02%             | 2038-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BAYWINDS FL CDD SPL ASSMNT                | Baywinds Community Development District                                          | CUSIP: 07325RAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1619242.37   | 0.02%             | 2031-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BRIDGEVILLE DE SPL OBLIG                  | Town of Bridgeville DE                                                           | CUSIP: 108588AM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5171000 | PA      | $4886627.06   | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG                    | City of Baltimore MD                                                             | CUSIP: 05923TDB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1352431.10   | 0.02%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANDMINE ROAD CDD FL SPL ASSMN            | Sandmine Road Community Development District                                     | CUSIP: 800063AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $527837.94    | 0.01%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BARTRAM PARK FL CDD SPL ASSMNT            | Bartram Park Community Development District                                      | CUSIP: 069686AX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $896036.07    | 0.01%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV            | Build NYC Resource Corp                                                          | CUSIP: 12008ESV9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1835779.62   | 0.02%             | 2032-07-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3447000 | PA      | $3162339.50   | 0.04%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                               | State of Illinois                                                                | CUSIP: 452152X55<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $355037.59    | 0.00%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST            | Tulsa Airports Improvement Trust                                                 | CUSIP: 899661EL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9070000 | PA      | $9091364.39   | 0.11%             | 2035-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV NEW CONVENTION &             | Las Vegas Convention & Visitors Authority                                        | CUSIP: 517704GG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $679491.66    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL             | Philadelphia Authority for Industrial Development                                | CUSIP: 71781XGA5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $1959794.24   | 0.02%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALVORD CA UNIF SCH DIST                   | Alvord Unified School District                                                   | CUSIP: 022555UK0<br>LEI: 549300Q9J0UCO75DL276 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1004652.12   | 0.01%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXS6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $885600.00    | 0.01%             | 2017-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZEPHYR LAKES CDD FL CAPITAL IM            | Zephyr Lakes Community Development District                                      | CUSIP: 98944TAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $426308.80    | 0.01%             | 2041-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LONG LAKE RESERVE CMNTY DEV DI            | Long Lake Reserve Community Development District                                 | CUSIP: 54278LAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1643397.95   | 0.02%             | 2049-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV LOCAL IMPT DISTS             | Henderson Local Improvement Districts                                            | CUSIP: 425208WF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $358440.47    | 0.00%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HLTH CARE SYS R            | City of Grand Forks ND                                                           | CUSIP: 38546WDR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1362086.88   | 0.02%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN            | M-S-R Energy Authority                                                           | CUSIP: 55374SAJ9<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |  21765000 | PA      | $26040322.89  | 0.33%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP             | Arlington Higher Education Finance Corp                                          | CUSIP: 041806L57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $258408.08    | 0.00%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARMSTRONG CDD FL SPL ASSMNT RE            | Armstrong Community Development District                                         | CUSIP: 04232CAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3155000 | PA      | $2398953.78   | 0.03%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH SOLID            | Vermont Economic Development Authority                                           | CUSIP: 924157AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2235859.20   | 0.03%             | 2052-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH              | Ohio Air Quality Development Authority                                           | CUSIP: 677525WB9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1833473.20   | 0.02%             | 2029-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST CONVENTION CENTE            | Washington State Convention Center Public Facilities District                    | CUSIP: 93976ABH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  37700000 | PA      | $30960167.42  | 0.39%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HIGHLAND MEADOWS WEST CDD FL S            | Highland Meadows West Community Development District                             | CUSIP: 43038HAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $93814.44     | 0.00%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D            | City of Rancho Cordova CA                                                        | CUSIP: 75211RGY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $667116.83    | 0.01%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399PR1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    930000 | PA      | $889139.80    | 0.01%             | 2052-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CMFA SPL FIN AGY VIII CA ESSEN            | CMFA Special Finance Agency VIII                                                 | CUSIP: 12574VAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $3519024.85   | 0.04%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                        | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1908379 | PA      | $1952677.82   | 0.02%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP            | California Municipal Finance Authority                                           | CUSIP: 13051AEK0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5161111.73   | 0.06%             | 2057-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTOFINO ISLES FL CDD                    | Portofino Isles Community Development District                                   | CUSIP: 736891BW1<br>LEI: 549300T614ROWEZO8469 | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2797852.30   | 0.04%             | 2033-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7050000 | PA      | $7183866.11   | 0.09%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7580000 | PA      | $7538751.16   | 0.09%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $206396.98    | 0.00%             | 2039-05-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN            | Florida Development Finance Corp                                                 | CUSIP: 34061ULN6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3350268.18   | 0.04%             | 2052-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE            | Public Finance Authority                                                         | CUSIP: 744396GH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    900000 | PA      | $755448.48    | 0.01%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399NG7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $1829666.58   | 0.02%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510935B2<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $849515.30    | 0.01%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH PARK ISLE CMNTY DEV DIST            | North Park Isle Community Development District                                   | CUSIP: 661416AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $1772054.16   | 0.02%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE            | City of Fate TX                                                                  | CUSIP: 31189RBT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    692000 | PA      | $555550.19    | 0.01%             | 2040-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KCJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $541101.11    | 0.01%             | 2039-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| TREVESTA CDD FL SPL ASSMNT                | Trevesta Community Development District                                          | CUSIP: 89532FAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $690970.00    | 0.01%             | 2040-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ACADEMICAL VLG CDD FL SPL ASSM            | Academical Village Community Development District                                | CUSIP: 00401TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5755000 | PA      | $4268444.37   | 0.05%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMMOCK RESERVE CDD FL SPL ASS            | Hammock Reserve Community Development District                                   | CUSIP: 408348AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $652281.19    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                | City of Detroit MI                                                               | CUSIP: 2510934H0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    300000 | PA      | $315024.93    | 0.00%             | 2035-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM            | North Carolina Medical Care Commission                                           | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    365000 | PA      | $293836.46    | 0.00%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4710000 | PA      | $4730939.25   | 0.06%             | 2043-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WIREGRASS FL CDD CAPITAL IMPTR            | Wiregrass Community Development District                                         | CUSIP: 97654RAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $382658.67    | 0.00%             | 2035-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN             | Alameda Corridor Transportation Authority                                        | CUSIP: 010869JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3225000 | PA      | $1540773.42   | 0.02%             | 2051-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARBLE FALLS TX SPL ASSMNT REV            | City of Marble Falls TX                                                          | CUSIP: 566035AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $135004.50    | 0.00%             | 2031-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WESTVIEW NORTH CDD FL SPL ASSM            | Westview North Community Development District                                    | CUSIP: 961557AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1148373.10   | 0.01%             | 2052-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAN GORGONIO CA MEMORIAL HLTHC            | San Gorgonio Memorial Health Care District                                       | CUSIP: 79781RGF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1231708.91   | 0.02%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R            | Massachusetts Development Finance Agency                                         | CUSIP: 57584YMH9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    900000 | PA      | $920170.80    | 0.01%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORNERSTAR MET DIST CO                    | Cornerstar Metropolitan District                                                 | CUSIP: 21923JAC2<br>LEI: 549300E33QX68QTOF873 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957369.00    | 0.01%             | 2037-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE              | Illinois Finance Authority                                                       | CUSIP: 45204FRD9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2200952.70   | 0.03%             | 2047-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTUR            | Black Desert Public Infrastructure District                                      | CUSIP: 09204PAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1567014.49   | 0.02%             | 2041-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN            | Public Finance Authority                                                         | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  32525000 | PA      | $30556674.82  | 0.38%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU            | Louisiana Public Facilities Authority                                            | CUSIP: 546399PS9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1258299.37   | 0.02%             | 2062-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEVA            | California Statewide Communities Development Authority                           | CUSIP: 13077EKQ2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2224660.43   | 0.03%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA            | Irvine Unified School District                                                   | CUSIP: 463612LT6<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |   6525000 | PA      | $6555705.35   | 0.08%             | 2057-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUBLIN CA CMNTY FACS DIST IMPT            | Dublin Community Facilities District No 2015-1                                   | CUSIP: 26362PAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2347726.22   | 0.03%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARBLE FALLS TX SPL ASSMNT REV            | City of Marble Falls TX                                                          | CUSIP: 566035AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $142121.82    | 0.00%             | 2026-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN            | M-S-R Energy Authority                                                           | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |  14850000 | PA      | $17767001.84  | 0.22%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LEMOORE CA REDEV AGY TAX ALLOC            | Lemoore Redevelopment Agency Successor Agency                                    | CUSIP: 525720CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145354.61    | 0.00%             | 2024-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BOGGY BRANCH CMNTY DEV DIST FL            | Boggy Branch Community Development District                                      | CUSIP: 09720PAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1028339.25   | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TJL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1182763.27   | 0.01%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE             | Metropolitan Transportation Authority                                            | CUSIP: 59261AJ81<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4705000 | PA      | $4862926.15   | 0.06%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F            | Capital Trust Agency Inc                                                         | CUSIP: 14054CCQ0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1025478.07   | 0.01%             | 2049-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRIDIAN TX MUNI MGMT DIST ASS            | Viridian Municipal Management District                                           | CUSIP: 92823UAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    457000 | PA      | $344647.05    | 0.00%             | 2040-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MANOR TX SPL ASSMNT REVENUE               | City of Manor TX                                                                 | CUSIP: 564099AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $454143.27    | 0.01%             | 2049-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT CMNT            | Public Finance Authority                                                         | CUSIP: 74446CAA8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    565000 | PA      | $541761.27    | 0.01%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN            | City of Royse City TX                                                            | CUSIP: 780870AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $544530.72    | 0.01%             | 2050-09-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HLTH CARE & I            | County of Cuyahoga OH                                                            | CUSIP: 23226MAJ0<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2666118.16   | 0.03%             | 2037-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE CNTY FL INDL DEV AUT            | Charlotte County Industrial Development Authority/FL                             | CUSIP: 16080TAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5421860.46   | 0.07%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDLOTHIAN TX SPL ASSMNT REVEN            | City of Midlothian TX                                                            | CUSIP: 59785RAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1227593.75   | 0.02%             | 2051-09-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WILDGRASS AT ROCKRIMMON MET DI            | Wildgrass at Rockrimmon Metropolitan District                                    | CUSIP: 96811KAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $841682.10    | 0.01%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM GLADES FL CDD                        | Palm Glades Community Development District                                       | CUSIP: 696638BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3290000 | PA      | $3044198.84   | 0.04%             | 2048-11-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WATERVIEW II MET DIST CO                  | Waterview II Metropolitan District                                               | CUSIP: 94222GAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1671975.00   | 0.02%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                | City of Chicago IL                                                               | CUSIP: 167486P86<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2287315.28   | 0.03%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAWKS POINT FL CDD SPL ASSMNT             | Hawks Point Community Development District                                       | CUSIP: 420332AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1740533.11   | 0.02%             | 2039-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DE            | Cape Girardeau County Industrial Development Authority                           | CUSIP: 139404HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $1879434.08   | 0.02%             | 2046-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HARBOR BAY FL CDD CAPITAL IMPT            | Harbor Bay Community Development District                                        | CUSIP: 411466AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1669575.95   | 0.02%             | 2039-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OSCEOLA CHAIN LAKES CDD FL CAP            | Osceola Chain Lakes Community Development District                               | CUSIP: 688017AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $703124.52    | 0.01%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH                | Industrial Development Authority of the County of Pima/The                       | CUSIP: 721901JW7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   3390000 | PA      | $3390512.91   | 0.04%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE              | Michigan Finance Authority                                                       | CUSIP: 59447TVE0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1397579.98   | 0.02%             | 2050-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINDLER PUB IMPT AUTH CO LTD T            | Windler Public Improvement Authority                                             | CUSIP: 973405AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12250000 | PA      | $8259514.73   | 0.10%             | 2051-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1145504.09   | 0.01%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOUCHSTONE CMNTY DEV DIST FL S            | Touchstone Community Development District                                        | CUSIP: 89154GAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2147352.74   | 0.03%             | 2048-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017730.60   | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 1675012V6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   8965000 | PA      | $9577866.23   | 0.12%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $2857614.82   | 0.04%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY PA INDL DEV AUTH            | Franklin County Industrial Development Authority/PA                              | CUSIP: 353273BY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $728977.05    | 0.01%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FATE TX SPL ASSESSMENT REVENUE            | City of Fate TX                                                                  | CUSIP: 31189RAX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $815995.09    | 0.01%             | 2039-08-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE               | City of Houston TX Airport System Revenue                                        | CUSIP: 442349DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2789990.78   | 0.03%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT            | Delaware State Economic Development Authority                                    | CUSIP: 246372BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $794953.15    | 0.01%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HLTHCARE FA            | Public Finance Authority                                                         | CUSIP: 74444KBJ2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1269971.69   | 0.02%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH            | Military Installation Development Authority                                      | CUSIP: 599772AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13950000 | PA      | $10192713.98  | 0.13%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE            | Industrial Development Authority of the City of Phoenix/The                      | CUSIP: 71885DDH2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980474.10    | 0.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLOWER MOUND TX SPL ASSMNT REV            | Town of Flower Mound TX                                                          | CUSIP: 34348RAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1232215.35   | 0.02%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JUSTIN TX SPL ASSMNT REVENUE              | City of Justin TX                                                                | CUSIP: 482184AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $789263.41    | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS PUBLIC FIN AUTH            | Virgin Islands Public Finance Authority                                          | CUSIP: 927676TM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9850000 | PA      | $8231863.67   | 0.10%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTERNATIONAL ARPT AUTH              | Antonio B Won Pat International Airport Authority                                | CUSIP: 40064REL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1499999.46   | 0.02%             | 2043-10-01      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE            | Public Finance Authority                                                         | CUSIP: 74442EKN9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1402663.01   | 0.02%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VERANO #3 CMNTY DEV DIST FL SP            | Verano No 3 Community Development District                                       | CUSIP: 92337NAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025264.60   | 0.01%             | 2052-11-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PALM GLADES FL CDD                        | Palm Glades Community Development District                                       | CUSIP: 696638AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3155000 | PA      | $3092355.58   | 0.04%             | 2031-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE            | Public Finance Authority                                                         | CUSIP: 744396FG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1650036.77   | 0.02%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505QP4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  20125000 | PA      | $20136624.20  | 0.25%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI            | Foothill-Eastern Transportation Corridor Agency                                  | CUSIP: 345105JH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2308431.50   | 0.03%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN GORGONIO CA MEMORIAL HLTHC            | San Gorgonio Memorial Health Care District                                       | CUSIP: 79781RGG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1384760.68   | 0.02%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PLANO IL SPL SVC AREA #5 SPL T            | Plano Special Service Area No 5                                                  | CUSIP: 72714RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1538000 | PA      | $1490920.90   | 0.02%             | 2036-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR            | Florida Development Finance Corp                                                 | CUSIP: 34061WBN3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $795692.91    | 0.01%             | 2055-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR            | Dutchess County Local Development Corp                                           | CUSIP: 267045NJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4290000 | PA      | $3994153.02   | 0.05%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARKVIEW AT LONG LAKE RANCH CD            | Parkview at Long Lake Ranch Community Development District                       | CUSIP: 70149AAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $604905.44    | 0.01%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV             | California Statewide Communities Development Authority                           | CUSIP: 13077ELS7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1517108.43   | 0.02%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GARY CHICAGO INTERNATIONAL ARP            | Gary Chicago International Airport Authority                                     | CUSIP: 367066AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508106.60   | 0.02%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCE             | Public Finance Authority                                                         | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2125598.65   | 0.03%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE            | City of Pilot Point TX                                                           | CUSIP: 721614AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3701000 | PA      | $3699714.64   | 0.05%             | 2052-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV             | Latrobe Industrial Development Authority                                         | CUSIP: 518324AR9<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    335000 | PA      | $287900.57    | 0.00%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP             | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KCF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1357762.96   | 0.02%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST                | San Diego Unified School District/CA                                             | CUSIP: 797355Q23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7879490.00   | 0.10%             | 2030-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE FL IMPT DIST UTILS RE            | Seminole Improvement District                                                    | CUSIP: 816751AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $886823.46    | 0.01%             | 2037-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| WARM SPRINGS OR RESERVATION CO            | Warm Springs Reservation Confederated Tribe                                      | CUSIP: 934312AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $924697.71    | 0.01%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD PARK CDD FL                      | Lakewood Park Community Development District                                     | CUSIP: 512650AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $248603.10    | 0.00%             | 2041-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC             | Public Finance Authority                                                         | CUSIP: 74444VAS9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1031907.07   | 0.01%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMMER WOODS CDD FL SPL ASSMNT            | Summer Woods Community Development District                                      | CUSIP: 865657AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $223058.88    | 0.00%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIDLOTHIAN TX SPL ASSMNT REVEN            | City of Midlothian TX                                                            | CUSIP: 59785RAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $117639.85    | 0.00%             | 2031-09-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MEDICAL SCH CAMPUS PUB INFRAST            | Medical School Campus Public Infrastructure District                             | CUSIP: 58468LAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1954000 | PA      | $1616561.00   | 0.02%             | 2050-08-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH            | California Municipal Finance Authority                                           | CUSIP: 13048DDG0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $824255.47    | 0.01%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                | Public Finance Authority                                                         | CUSIP: 74442PMT9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $986497.08    | 0.01%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                      | State of Ohio                                                                    | CUSIP: 67756CDK1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1048830.20   | 0.01%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH PARKWAY MUNI MGMT DIST #            | North Parkway Municipal Management District No 1                                 | CUSIP: 661441AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6110000 | PA      | $5523798.66   | 0.07%             | 2051-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO            | Arizona Industrial Development Authority                                         | CUSIP: 04052TAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $3028892.48   | 0.04%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5565000 | PA      | $5111547.11   | 0.06%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR            | Cleveland-Cuyahoga County Port Authority                                         | CUSIP: 18611HAA3<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $803422.66    | 0.01%             | 2055-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLEAR CREEK TRANSIT MET DIST #            | Clear Creek Transit Metropolitan District No 2                                   | CUSIP: 184542AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $835751.10    | 0.01%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVALON GROVES CDD FL SPL ASSMN            | Avalon Groves Community Development District                                     | CUSIP: 05344CAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $463530.54    | 0.01%             | 2041-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R            | Arizona Industrial Development Authority                                         | CUSIP: 04052BMG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10845000 | PA      | $9810265.54   | 0.12%             | 2053-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QPQ9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1245055.75   | 0.02%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB            | Iowa Tobacco Settlement Authority                                                | CUSIP: 888805CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2504901.60   | 0.03%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUBREY TX SPL ASSMNT                      | City of Aubrey TX                                                                | CUSIP: 050197AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1632062.84   | 0.02%             | 2045-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW BRAUNFELS TX SPL ASSMNT RE            | City of New Braunfels TX                                                         | CUSIP: 642573AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1124192.42   | 0.01%             | 2051-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                     | Chicago Board of Education                                                       | CUSIP: 167505UF1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1313215.13   | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SMJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4462063.94   | 0.06%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                           | Tolomato Community Development District                                          | CUSIP: 889560DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1055058.74   | 0.01%             | 2037-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COPPER CREEK FL CDD SPL ASSMNT            | Copper Creek Community Development District                                      | CUSIP: 21749LAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468287.30    | 0.01%             | 2038-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG            | Public Finance Authority                                                         | CUSIP: 74439YBX8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1312150.32   | 0.02%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HERITAGE HARBOUR FL N CDD SPLA            | Heritage Harbour North Community Development District                            | CUSIP: 42727LAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700190.40    | 0.01%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT            | Utah Charter School Finance Authority                                            | CUSIP: 91754TM42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $4306293.42   | 0.05%             | 2061-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCE             | Public Finance Authority                                                         | CUSIP: 74445QDX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1372647.19   | 0.02%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP            | New York Transportation Development Corp                                         | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1278339.35   | 0.02%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DARKE CNTY OH HOSP FACS REVENU            | County of Darke OH                                                               | CUSIP: 237242AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $474566.57    | 0.01%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL ETOWAH CNTY SOL WST DIS            | Central Etowah County Solid Waste Disposal Authority                             | CUSIP: 15343TAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2880000 | PA      | $3047831.71   | 0.04%             | 2028-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TSR CDD FL SPL ASSMNT REVENUE             | TSR Community Development District                                               | CUSIP: 89854CAZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $683804.70    | 0.01%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR             | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QA93<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    715000 | PA      | $538037.50    | 0.01%             | 2030-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| OAK POINT TX SPL ASSMNT REVENU            | City of Oak Point TX                                                             | CUSIP: 67176TAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $461464.86    | 0.01%             | 2049-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NORTH RICHLAND HILLS TX SPL AS            | City of North Richland Hills TX                                                  | CUSIP: 661846AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    932000 | PA      | $878287.54    | 0.01%             | 2050-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R            | Arizona Industrial Development Authority                                         | CUSIP: 04052BLJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $592885.87    | 0.01%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PARKWAY CTR FL CDD SPL ASSMNT             | Parkway Center Community Development District                                    | CUSIP: 701542BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $783692.00    | 0.01%             | 2031-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BROOKLYN ARENA NY LOCAL DEV CO            | Brooklyn Arena Local Development Corp                                            | CUSIP: 113807AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $296386.00    | 0.00%             | 2046-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE MET DIST CO                       | Village Metropolitan District/The                                                | CUSIP: 92708CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1030053.42   | 0.01%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIVE OAK LAKE FL CMNTY DEV DIS            | Live Oak Lake Community Development District                                     | CUSIP: 538092AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2840000 | PA      | $2382635.89   | 0.03%             | 2051-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT            | California Statewide Communities Development Authority                           | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |  10030000 | PA      | $9928711.04   | 0.12%             | 2056-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WILLIAM S HART CA UNION HIGH S            | William S Hart Union High School District                                        | CUSIP: 969268AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8360000 | PA      | $5401676.90   | 0.07%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STONEYBROOK FL S CDD SPL ASSMN            | Stoneybrook South Community Development District                                 | CUSIP: 86202RAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1094434.65   | 0.01%             | 2050-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LANDMARK AT DORAL FL CMNTY DIS            | Landmark at Doral Community Development District                                 | CUSIP: 51504NAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $578481.86    | 0.01%             | 2030-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR            | California School Finance Authority                                              | CUSIP: 13058TKK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $746774.49    | 0.01%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WIND MEADOWS SOUTH CMNTY DEV D            | Wind Meadows South Community Development District                                | CUSIP: 97316TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $882077.44    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NAPLES RESERVE CDD FL SPL ASSM            | Naples Reserve Community Development District                                    | CUSIP: 630606AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1113298.49   | 0.01%             | 2048-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Goldman Sachs Trust

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President Assistant Treasurer